The ICC Uniform Rules for Demand Guarantees (URDG), first adopted in 1991, reflect international standard practice in the use of demand guarantees while at the same time balancing the legitimate interests of all parties. In the years since their adoption, the URDG have gained increasingly broad international acceptance and official recognition and use by bankers, traders, industry associations and international organizations including UNCITRAL, FIDIC and the World Bank.
More than an update of the existing rules, the revised URDG 758 are a new set of rules for the twenty-first century, rules that are clearer, more precise and more comprehensive. The new rules contain significant changes practitioners will need to know, including:
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