Description
The International Standard Demand Guarantee Practice for URDG 758 (ISDGP) is the indispensable companion to the ICC Uniform Rules for Demand Guarantees 758 (URDG). It represents international best practice in demand guarantees. It supplements, but does not amend, the URDG.
The 215 international standard practices in this publication have been collected through a decade of the application of the URDG. They record best practice in demand guarantees throughout the lifecycle of the guarantee: the drafting and issue of guarantees and counter- guarantees, presentations, examinations and payments, rejections and expiry, transfers and assignments, and more.
The ISDGP demonstrates how the principles and content of URDG 758 should be integrated into day-to-day demand guarantee practice, in all types of demand guarantees, international or domestic, in all sectors of trade and industry, regardless of when or where the guarantee or counter-guarantee is issued.
Insights and best practices are combined in this first edition of the ISDGP for the benefit of instructing parties/applicants, beneficiaries, guarantors and counter- guarantors. Compliance with the ISDGP may avoid mishaps that lead to unintended consequences, costly payment delays, and disputes.
This publication should always be read in conjunction with URDG 758.
