URDG

ICC announces new rules for demand guarantees

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ICC today announced a revised version of the Uniform Rules for Demand Guarantees (URDG) destined to apply to hundreds of billions of dollars of demand guarantees securing monetary and performance obligations in a wide array of international and domestic contracts.

ICC unveils Guide to the uniform Rules for Demand Guarantees

ICC Dispute Resolution Library

The International Chamber of Commerce (ICC) has published the comprehensive ICC Guide to Uniform Rules for Demand Guarantees (URDG) to serve as a practical tool for users of the rules, which are rapidly gaining recognition as the main international standards for demand guarantee practice.

ICC unveils new rules for demand guarantees

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In an effort to provide greater financial security following the global recession, the International Chamber of Commerce (ICC) today unveiled an extensively revised version of the Uniform Rules for Demand Guarantees (URDG).

ICC to revise its Uniform Rules for Demand Guarantees

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The ICC Banking Commission has given the go-ahead to begin a revision of the ICC Uniform Rules on Demand Guarantees (URDG). The rules, approved by ICC in 1991, have as their objective to balance the conflicting interests of applicants, beneficiaries and guarantors. In simplifying the drafting of demand guarantees, they serve as a model for guarantee practice worldwide.