The User's Handbook to the URDG sets out the procedures involved in the issue, presentation and demand for payment of demand guarantees and counter guarnatees under the URDG. The Handbook contains a detailed explanation of the relevant rules, the reasons for them and the way they are to be interpreted and applied. It answers the key questions on how to use the rules.
The URDG in a Nutshell
What are the URDG? How do they apply? Why were they written? What are the advantages for the beneficiary, the instructing party and the guarantor?
The URDG in Operation
What are the steps in issuing a URDG guarantee? What is involved in the assignment of a guarantee? What are the duties of the parties in presenting a demand for payment? What are the characteristics of extend of pay demands?
Drafting a URDG Guarantee and Counter-Guarantee
What do these instruments need to state - and what do they not have to state?
The URDG and other Rules on Guarantees
How do the URGD compare with the UNCITRAL Convention? With other ICC rules, such as the ISP rules on standbys?
The URDG in the World
How do the URDG serve as a model for national laws? For other organizations' standard guarantee forms?
Dr. Affaki disposes of a number of myths surrounding the URDG, including
- That the URDG set a trap for unwary beneficiaries
- That national laws preclude the parties from using them
- That they are inflexible and cannot be adapted to the parties' needs
Comprehensive Appendices include
- The Uniform Rules for Demand Guarantees, ICC No. 458
- ICC Model Forms for Issuing Demand Guarantees, ICC No. 503
- The ICC Banking Technique and Practice Commission's Opinions on the URDG.
An index of the URDG Articles and a general index are also included. The URDG Handbook is an essential resource for bankers as well as guarantors, principals, beneficiaries and those who issue and deal with URDG guarantees and counter-guarantees.