The newly revised Uniform Rules for Demand Guarantees have been published and are now available for purchase from the ICC bookstore, giving practitioners a chance to familiarize themselves with the extensive changes before they come into effect on 1 July.
The revision, the first in 16 years and formally called URDG 758, replaces URDG 458 and was agreed to after a two-and-a-half year revision process that produced five comprehensive drafts based on 600 comments from 52 countries.
“This collective effort has borne fruit; it has produced rules that reflect a broad consensus among bankers, users, and all members of the guarantee community,” wrote ICC Secretary General Jean Rozwadowski in an introduction to the book.
The revised rules 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.
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