ICC Uniform Rules for Demand Guarantees (URDG) Including Model Forms
Guarantees are used extensively in international transactions to provide an assurance of payment or compensation in the event of default by a commercial partner. The ICC Uniform Rules for Demand Guarantees were first published in 1992 and have become the go-to guarantee rules for many major businesses, banks and government agencies.
URDG 758 contains a comprehensive update of the ICC rules, including clearer definitions, step-by-step procedures and model forms. The result is a comprehensive and easy-to-use package to regulate international guarantee practice.
URDG 758 was officially endorsed by the UN Commission on International Trade Law (UNCITRAL) in July 2011.