URDG 758: ICC Uniform Rules for Demand Guarantees including Model Forms 2010 Revision
Published: February 2010
Publisher: International Chamber of Commerce
Country of Publication: UK
Format: Booklet (47 Pages)
The ICC Uniform Rules for Demand Guarantees (URDG) reflect international standard practice in the use of demand guarantees and balance the legitimate interests of all parties.
Since their first adoption in 1991, ICC's URDG have gained international acceptance and official recognition by bankers, traders, industry associations and international organizations including UNCITRAL, FIDIC and the World Bank.
More than an update of the existing rules, the revised URDG 758 are a new set of rules for the twenty-first century that came into effect on 1 July 2010. URDG 758 contain significant changes practitioners will need to know, including:-
- New definitions and interpretation rules for greater clarity and precision;
- The treatment of non-documentary conditions, incomplete presentations, and many other contentious practices;
- A comprehensive coverage of advice of guarantees, amendments, electronic documents, transfers and more;
- A provision on force majeure that triggers an extension of a guarantee for thirty calendar days;
- The replacement of “reasonable time” with fixed periods for the examination of demands, the extension of guarantees and the suspension of payments
- A clear layout of the examination process for demands;
- A step-by-step roadmap for handling extend or pay demands;
- A checklist of drafting recommendations;
- Ready-to-use model forms.