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ICC Uniform Rules for Demand Guarantees (URDG 758) Article 1 Application Of URDG a) The Uniform Rules for Demand Guarantees ("URDG") apply to any demand guarantee or counter-guarantee that expressly indicates it is subject to them. They are binding on all parties
[Quote the following Form of Demand Guarantee under URDG 758, provide brief details of the guarantee or use your own guarantee text as appropriate] – TYPE OF GUARANTEE: [Specify tender guarantee, advance payment guarantee, performance guarantee, payment guarantee, retention money guarantee, warranty guarantee, etc.]
Guarantees (URCG 325), URDG 458 reflected the reality of the international demand guarantee market and struck the most reasonable balance between the interests of all of the parties involved. By choosing to instruct a guarantor to issue a URDG guarantee (as opposed to an accessory suretyship), applicants renounced their
This publication explains the terminology, rules and practices for bank guarantees in international trade. The information provided is based on our acquired expertise in this field, as well as the ICC Uniform Rules for Demand Guarantees, ICC Publication No. 758 (URDG 758). This publication will consider the bank guarantee from two perspectives.
the guarantee. URDG 758 ICC Opinions - 470/TA.745 We have seen demand guarantees subject to URDG 758 that include clauses such as: •1. This guarantee will expire upon Final Acceptance. •2. This guarantee is valid until completion of the contract. •3. This guarantee is valid until released by the beneficiary.
URDG 758. Used at all stages of a transaction between an exporter and an importer, international bank guarantees are a fundamental instrument of international trade. International guarantees enable secure business operations, to reassure foreign partners and more easily win new markets.
The International Standard Demand Guarantee Practice for URDG 758 (ISDGP) is a companion document to the ICC Uniform Rules for Demand Guarantees 758 (URDG). It supplements the URDG by identifying and recording best practice in relation to the URDG rules and beyond.
