URDGUniform Rules for Demand Guarantees (International Chamber of Commerce)
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with a standard form given in Appendix to URDG 758.
Federation; 2) requirements of URDG 758 can be applied to any guarantee
O'Brien updated participants with the obligations of the bank under the new URDG 758 and its various articles that set out the liabilities and responsibilities of the parties at each key stage of the lifecycle of the guarantee.
The question was not whether the URDG needed to be revised.
And thus the URDG revision process began, an historic opportunity, not only to promote and propagate widespread acceptance and usage of the URDG worldwide, but also to establish "international standard demand guarantee practice," to align the URDG with UCP 600 and, where appropriate, to seek inspiration from the relevant provisions of ISP98 and the UN Convention on Independent Guarantees and Standby Letters of Credit.
Delegates welcomed URDG 758 and praised the text for its intelligibility and pedagogic style.
ICC Bahrain contributed significantly to the drafting of the new rules through ICC Bahrain board member and chairman of ICC Bahrain Trade Finance Forum Pradeep Taneja, who was selected by the ICC as a member of the URDG Drafting Group.
The delegates, who will be finalising the revision of URDG, will come out with a series of recommendations on reducing the effects of the current financial situation," said Hamad Buamim, Director General of the Dubai Chamber.
Summary: A major ICC Banking Commission Conference entitled '2009 -- Crossroads for Trade and Technology', opens in Dubai today (Tuesday) with a challenging agenda of finalising the latest revision of the international rules for demand guarantees known as the URDG.
In the order of preference, these are the International Standby Practices (International Chamber of Commerce publication 590, or "ISP98"), the Uniform Customs and Practice for Documentary Credits (ICC publication 600, or "UCP600") and the Uniform Rules for Demand Guarantees (ICC publication 458, or "URDG").
The ISP seeks to assure for standby practice the same integrity from these self-standing rules as is provided for commercial credits under the UCP and independent guarantees under the Uniform Rules and Demand Guarantees (URDG).