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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:-