URDG758 - Why it Matters

URDG758 – Why It Matters

The new Uniform Rules for Demand Guarantees (URDG758) approved by the International Chamber of Commerce (ICC) entered into force on 1 July 2010.
 
Even banks that do not intend to issue subject to URDG need to be familiar with these new rules. Many banks will be requested to take counter guarantees that are subject to URDG758 and to issue local guarantees subject to the rules.

In creating URDG758, aspects of the new rules derive from UCP600 and ISP98. In other instances, the drafters relied on other rule-making strategies.    To help specialists make sense of the new rules, the Institute has developed "URDG758 Compared with ISP & UCP Rules for Guarantees & Standbys". This comprehensive 7.5 hour programme features presentation slides and an objective audio analysis by a lawyer who is intimately familiar with guarantee & standby practice. For more information, click here .