Guide to ICC Uniform Rules for Demand Guarantees URDG 758 Chroniques et points de vue: With its clear and comprehensive commentary on the rules and the accompanying model forms, this Guide to ICC URDG 758 provides the key to a successful guarantee practice in all sectors and jurisdictions. URDG 758 came into effect on 1 July 2010 and was officially endorsed by the UN Commission on International Trade Law (UNCITRAL) at its 44th annual session in Vienna in July 2011.
The authors have put the essence of their experience in researching, practising and teaching the law and practice of demand guarantees over a period of twenty years into this work. They also give deeper insight into the revision process leading to URDG 758, revealing the background of each policy choice and drafting decision they took while drafting the rules. Case studies throughout the Guide support and enliven the comprehensive analytical commentary on the rules.
This Guide debunks the many myths about international guarantee practice and identifies pitfalls to avoid. Further, it tracks in detail the seven key stages of a URDG guarantee's lifecycle:
- Drafting
- Issuance
- Changing of terms
- Making a presentation
- Examining the presentation
- Making payment
- Termination of the guarantee and counter-guarantee.
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