Urdg 758

Book excerpt: Uniform Rules For Demand Guarantees (URDG) refers to a set of guidelines adopted by the International Chamber of Commerce (ICC) that sets forth generally agreed-upon rules governing securing payments and guarantees in contracts among global trading partners. URDG covers demand guarantees, or specific rights or countermeasures one party can impose on another party, and also applies to agreements requiring the decision of an arbitrator, as well as some contracts that involve slightly more complex agreements, such as situations dealing with the default of one of the parties. The most significant URDG update occurred in 2010, with so-called URDG 758, which attempts to clarify several common issues such as those involving contingencies, and provide guidance regarding handling of specific electronic documents and fund transfers.