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.
Product Code: 758E