SOURCE: USCIB

USCIB

July 21, 2011 14:11 ET

New Guide to Uniform Rules for Demand Guarantees

NEW YORK, NY--(Marketwire - Jul 21, 2011) - The International Chamber of Commerce (ICC) has published a new guide to the main international standards for demand guarantee practice used by bankers and traders worldwide, according to ICC's American national committee, the United States Council for International Business. The "ICC Guide to Uniform Rules for Demand Guarantees" is now available at the ICC Books USA online store (www.ICCBooksUSA.com).

ICC's Uniform Rules for Demand Guarantee, which were first published in 1992, apply to all independent guarantees, from those payable on simple written demand to those requiring the presentation of a judgment or arbitral award. The extensively updated rules, known as URDG 758, came into force on July 1, 2010. They reflect international practice in the use of demand guarantees, and apply to all sectors of trade and industry including construction, banking, project finance and trade finance.

The new ICC guide is a practical companion to URDG 758, and was written as a user-friendly, comprehensive resource for anyone wanting to put the rules into practice. Divided into five chapters, the guide gives valuable information on what demand guarantees are and how they should be applied in daily practice. It provides an overview of the URDG 758 standards, their main features and the reasons that led to their adoption.

"The guide is key to understanding how best to use ICC's Uniform Rules for Demand Guarantees," according to Georges Affaki, who chaired the URDG 758 drafting group. "It explains the fundamental principles of the URDG 758 rules, their scope and the advantages they offer to all parties involved. It will help users and issuers of demand guarantees and counter-guarantees to make the most of URDG 758."

The United States Council for International Business (USCIB) promotes open markets, competitiveness and innovation, sustainable development and corporate responsibility, supported by international engagement and prudent regulation. Its members include top U.S.-based global companies and professional services firms from every sector of our economy, with operations in every region of the world. With a unique global network encompassing leading international business organizations, including ICC, USCIB provides business views to policy makers and regulatory authorities worldwide, and works to facilitate international trade and investment. More at www.uscib.org.

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