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.
International Standard Demand Guarantee Practice (ISDGP) for URDG 758 e-Book
€18,00 excl. VAT and Transport costs
Description
Code ISBN :978-92-842-0590-5
Number of pages :60
Publishing date :2021
Language :English
Format in cm :13.5*23
INTERNATIONAL STANDARD DEMAND GUARANTEE PRACTICE
Table of contents
INTRODUCTION… 6
- APPLICATION OF ISDGP… 8
- DEFINITIONS… 9
Applicant… 9
Application… 9
Authenticated… 10
Beneficiary… 10
Business day/business hours…11
Charges… 12
Complying presentation…. 12
Counter-guarantee… 12
Demand… 13
Guarantor… 13
Guarantor’s own records… 14
Instructing party…. 14
Presenter… 14
Signed… 15
Other terms not defined in the URDG… 15
- DRAFTING THE GUARANTEE… 16
General drafting considerations… 16
Reference to the underlying relationship… 16
Use of generic terms to describe an issuer of a document…. 17
Expiry terms…. 17
Governing law… 18
Jurisdiction… 19
Exclusions… 19
- ISSUING THE GUARANTEE…. 20
When is a guarantee ‘issued’?…. 20
- ADVISING A GUARANTEE… 21
- AMENDMENTS… 22
- PRESENTATION… 22
Premature presentation….. 22
To whom presentations may be made?… 23
Presentations in electronic/digital form… 23
Original/Copy of a document…. 24
INTERNATIONAL STANDARD DEMAND GUARANTEE PRACTICE
Identification of guarantee under which a presentation
is made… 26
Documents to be issued or countersigned by an applicant… 26
- DEMANDS 26
Supporting statement(s) under article 15(a) or (b)… 26
Form and content of demand… 27
Date of demand… 28
Partial demand and multiple demands; amount…. 28
Corrected Presentations, including demands…. 29
- EXTEND OR PAY DEMAND 30
Examination and suspension… 31
Repeating a demand during the suspension period… 31
Suspension period by counter-guarantor… 32
No need to repeat or update demand…. 32
No interest on suspension period… 32
- EXAMINATION 33
Standard for determination of compliance… 33
Presenting non-required information in a required document / Presenting a non-required document…. 34
Recalculations…. 34
Typographical errors… 35
Abbreviation of corporate forms… 35
Punctuation marks in a document…. 35
Document issuers… 35
Signatories… 36
Countersignature by beneficiary’s bank / Authentication
of beneficiary signatures… 36
Examination timeline…. 37
- PAYMENT 37
Date of payment…. 37
Set-off…. 37
Currency of payment… 38
Subrogation… 38
Payment without a demand… 39
- NON-COMPLYING DEMAND, WAIVER AND NOTICE… 39
Notice of rejection / Waiver… 39
Rejection terms… 40
Corrections to a non-complying demand…. 40
INTERNATIONAL STANDARD DEMAND GUARANTEE PRACTICE
M. REDUCTION AND EXPIRY OF A GUARANTEE… 40
Payment reductions… 40
Total or partial release… 40
Article 25: overriding termination terms… 41
Automatic extension of guarantees… 42
- FORCE MAJEURE… 42
O. TRANSFERS… 44
Amount of transfer… 44
Transfers of amended guarantees… 44
Documents required of the transferee beneficiary… 44
Transfers by operation of law… 45
- ASSIGNMENT OF PROCEEDS… 45
Q. MISCELLANEOUS… 46
Fraud… 46
Provisional court measures… 46
Sanctions clauses… 47
INDEX OF CORRESPONDANCE BETWEEN URDG AND ISDGP… 48
ICC TRADE FINANCE PUBLICATIONS… 52
ICC DIGITAL LIBRARY… 53
ABOUT THE INTERNATIONAL CHAMBER OF COMMERCE… 54
Co-Chairs of the ISDGP Working Group
Georges Affaki (France)
Glenn Ransier (USA)
Members of the ISDGP working group are (in alphabetical order)
Mazen Al-Ghanim (Bahrain),
Laurence Bacon (Ireland),
Sir Roy Goode (United Kingdom),
Amr Kamal (Egypt),
Elena Medvedeva (Russia),
Caroline Paturle (France),
Véronique Remilien (France),
Rita Ricci (Canada),
Christina Seierup (Denmark),
Pradeep Taneja (India),
Mireille Troosters (Belgium),
Hou Yun (PRC),
Zhu Hongsheng (PRC).
