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Urdg 758 Full Text .pdf.zip: A Useful Document for Demand Guarantees
If you are involved in international trade or finance, you may have encountered the term "demand guarantee". A demand guarantee is a type of guarantee that provides security for a payment or performance obligation of one party (the applicant) to another party (the beneficiary). A demand guarantee is independent of the underlying contract or relationship between the parties and can be called by the beneficiary upon the presentation of a complying demand, without any need to prove default or loss by the applicant. A demand guarantee can be issued by a bank or another entity (the guarantor) at the request of the applicant or another party (the instructing party).
However, demand guarantees are not uniform in their terms and conditions. Different countries and regions may have different laws and practices governing demand guarantees. This may create confusion, uncertainty and disputes among the parties involved in demand guarantees. To address this issue, the International Chamber of Commerce (ICC) has developed a set of uniform rules for demand guarantees, known as the URDG (Uniform Rules for Demand Guarantees). The URDG are a set of voluntary rules that apply to any demand guarantee or counter-guarantee that expressly indicates it is subject to them. The URDG provide a clear and comprehensive framework for the drafting, issuance, amendment, presentation, examination, payment and termination of demand guarantees and counter-guarantees.
The latest version of the URDG is the URDG 758, which was adopted by the ICC in 2010 and came into effect on 1 July 2010. The URDG 758 replaced the previous version of the URDG, which was the URDG 458, adopted in 1992. The URDG 758 reflect the current international demand guarantee practice and address some of the issues and challenges that arose from the application of the URDG 458. The URDG 758 also harmonize with other ICC rules and instruments, such as the UCP 600 (Uniform Customs and Practice for Documentary Credits), the ISP98 (International Standby Practices) and the ICC Model Forms for Demand Guarantees.
What is Urdg 758 Full Text .pdf.zip?
Urdg 758 Full Text .pdf.zip is a document that contains the full text of the URDG 758 in PDF format, compressed into a ZIP file. The document can be downloaded from various websites and platforms that offer online access to ICC publications and rules. The document can be useful for anyone who wants to read, study or apply the URDG 758 to their demand guarantees or counter-guarantees.
The document consists of 35 articles that cover all aspects of demand guarantees and counter-guarantees under the URDG 758. The articles are divided into seven sections:
Section I: General Provisions - This section defines the terms and concepts used in the URDG 758 and sets out the general principles and rules that apply to all demand guarantees and counter-guarantees subject to them.
Section II: Issue - This section deals with the issue of demand guarantees and counter-guarantees, including the application, form, content, date and place of issue.
Section III: Amendment - This section deals with the amendment of demand guarantees and counter-guarantees, including the request, form, content, date and place of amendment.
Section IV: Presentation - This section deals with the presentation of demands under demand guarantees and counter-guarantees, including the form, content, date and place of presentation.
Section V: Examination - This section deals with the examination of demands under demand guarantees and counter-guarantees, including the standard of examination, time for examination, notice of refusal and notice of payment.
Section VI: Payment - This section deals with the payment of demands under demand guarantees and counter-guarantees, including the currency, amount, mode and place of payment.
Section VII: Termination - This section deals with the termination of demand guarantees and counter-guarantees, including expiry date or event, reduction or release by operation or agreement.
The document also includes an introduction that explains the background and objectives of the URDG 758 revision process; an annex that contains four model forms for demand guarantees under different scenarios; a bibliography that lists some relevant sources for further reading; an index that helps to locate specific terms or topics in the document; and a table that compares some key features of the URDG 758 with those of other ICC rules or instruments.
What are the Benefits of Urdg 758 Full Text .pdf.zip?
Urdg 758 Full Text .pdf.zip is a document that contains the full text of the URDG 758 in PDF format, compressed into a ZIP file. The document can be useful for anyone who wants to read, study or apply the URDG 758 to their demand guarantees or counter-guarantees. The document has several benefits, such as:
It provides a clear and comprehensive framework for demand guarantee practice that is consistent with international standards and best practices. The URDG 758 set out the rights and obligations of each party, the procedures and timelines for making and examining demands, the grounds for refusal and payment, and the methods for resolving disputes.
It provides a balance between the interests of all parties involved in demand guarantees. The URDG 758 protect the beneficiaries from unfair or abusive calls by the applicants, while also protecting the guarantors and instructing parties from unfair or abusive demands by the beneficiaries. The URDG 758 also ensure that the demand guarantees are independent of the underlying contracts or relationships between the parties.
It provides flexibility and adaptability for different types of demand guarantees and counter-guarantees. The URDG 758 can apply to any demand guarantee or counter-guarantee that expressly indicates it is subject to them, regardless of its name, form, content or purpose. The URDG 758 also allow the parties to modify or exclude some of their provisions by agreement.
It provides security and trust for international trade and finance transactions. The URDG 758 reduce the risks and uncertainties associated with demand guarantees, such as legal conflicts, political interferences, currency fluctuations or force majeure events. The URDG 758 also enhance the confidence and credibility of the parties and their guarantors.
How to Use Urdg 758 Full Text .pdf.zip?
If you want to use Urdg 758 Full Text .pdf.zip, you can follow these simple steps:
Download the document from a reliable source that offers online access to ICC publications and rules. You can find some examples of such sources in the search results above.
Extract the PDF file from the ZIP file using a suitable software program.
Open the PDF file using a PDF reader program.
Read, study or apply the URDG 758 to your demand guarantees or counter-guarantees as needed.
You can also print or save the PDF file for future reference or share it with others who may be interested in it.
What are the Examples of Demand Guarantees under URDG 758?
Demand guarantees are a type of guarantee that provide security for a payment or performance obligation of one party (the applicant) to another party (the beneficiary). Demand guarantees are independent of the underlying contract or relationship between the parties and can be called by the beneficiary upon the presentation of a complying demand, without any need to prove default or loss by the applicant. Demand guarantees can be issued by a bank or another entity (the guarantor) at the request of the applicant or another party (the instructing party).
Demand guarantees can be used for various purposes and in various sectors, such as trade, construction, finance, energy, etc. Depending on the purpose and the sector, demand guarantees can have different names, forms, contents and features. However, if they are issued subject to the URDG 758, they have to follow the uniform rules and principles set out by the URDG 758.
Some examples of demand guarantees under URDG 758 are:
Tender guarantee: This is a guarantee that is issued in favour of a tenderer (the beneficiary) by a bank or another entity (the guarantor) at the request of a bidder (the applicant) to secure the bidder's participation in a tender process. The guarantee assures the tenderer that the bidder will enter into a contract and provide a performance guarantee if awarded the contract. The guarantee can be called by the tenderer if the bidder withdraws its bid, fails to sign the contract or fails to provide the performance guarantee within the specified time.
Advance payment guarantee: This is a guarantee that is issued in favour of a buyer (the beneficiary) by a bank or another entity (the guarantor) at the request of a seller (the applicant) to secure an advance payment made by the buyer to the seller under a contract. The guarantee assures the buyer that the seller will perform its obligations under the contract and deliver the goods or services as agreed. The guarantee can be called by the buyer if the seller fails to perform its obligations or deliver the goods or services as agreed.
Performance guarantee: This is a guarantee that is issued in favour of a buyer (the beneficiary) by a bank or another entity (the guarantor) at the request of a seller (the applicant) to secure the performance of the seller's obligations under a contract. The guarantee assures the buyer that the seller will perform its obligations under the contract and deliver the goods or services as agreed. The guarantee can be called by the buyer if the seller fails to perform its obligations or deliver the goods or services as agreed.
Payment guarantee: This is a guarantee that is issued in favour of a seller (the beneficiary) by a bank or another entity (the guarantor) at the request of a buyer (the applicant) to secure the payment of the price by the buyer to the seller under a contract. The guarantee assures the seller that it will receive payment from
Urdg 758 Full Text .pdf.zip: A Conclusion
Urdg 758 Full Text .pdf.zip is a document that contains the full text of the URDG 758 in PDF format, compressed into a ZIP file. The document can be useful for anyone who wants to read, study or apply the URDG 758 to their demand guarantees or counter-guarantees. The document has several benefits, such as providing a clear and comprehensive framework for demand guarantee practice, providing a balance between the interests of all parties involved in demand guarantees, providing flexibility and adaptability for different types of demand guarantees and counter-guarantees, and providing security and trust for international trade and finance transactions. The document also includes some examples of demand guarantees under URDG 758, such as tender guarantee, advance payment guarantee, performance guarantee and payment guarantee. The document can be downloaded from various websites and platforms that offer online access to ICC publications and rules. The document can be used by following some simple steps, such as downloading, extracting, opening, reading, studying or applying the URDG 758 to demand guarantees or counter-guarantees as needed. Urdg 758 Full Text .pdf.zip is a valuable resource for banks, lawyers, traders and anyone who deals with demand guarantees or counter-guarantees. 4aad9cdaf3