URDG 758- Rules for demand guaranties updated by ICC

URDG 458 have been revised by ICC. Below you can find the official announcement from the ICC website.

URDG 758 – Revised Uniform Rules for Demand Guarantees

The revised ICC Uniform Rules for Demand Guarantees (URDG) were adopted by the ICC Executive Board at its meeting of 3 December 2009 in New Delhi. The revision was meticulously prepared over a period of more than two years and is the result of a collective effort by a number of ICC constituent groups, including ICC National Committees and the ICC network.

It is particularly significant that the present revision of URDG does not merely update the existing rules first published in 1992, but is the result of an ambitious project to create a new set of rules for the twenty-first century that is clearer, more precise and more comprehensive. They contain new definitions and interpretation rules to provide greater clarity and precision as well as the solution to non-documentary conditions, asymmetrical guarantees and counter-guarantees.

In addition, practitioners will find comprehensive coverage of advice of guarantees, amendments, electronic documents, transfers and other aspects in guarantee practice.

The new book includes a clear layout of the examination of the demand process and a check list of drafting recommendations and ready-to-use model forms.

The revision of the rules that were first published in 1991 was developed as a joint project by The ICC Banking Commission and the ICC Commission on Commercial Law and Practice.
Source: http://www.iccwbo.org/policy/banking/id34400/index.html


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