The Guide to ICC Uniform Rules for Demand Guarantees (URDG 758) provides a clear and comprehensive commentary on the rules and the accompanying model forms. Furthermore, it debunks the many myths about international guarantee practice in order to identify which pitfalls to avoid.
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Renowned guarantee experts (more than twenty year of experience in practice, research and teaching), the authors give deeper insight into the revision process leading to URDG 758, revealing the background of each policy choice and decision taken while drafting the rules. Case studies throughout the Guide support and enliven the comprehensive analytical commentary on the rules.
Further, this publication tracks in detail the seven key stages of a guarantee's lifecycle:
- Changing of terms
- Making a presentation
- Examining the presentation
- Making payment
- Termination of the guarantee and counter-guarantee.
About the authors:
Dr Georges Affaki, Chairman of the URDG 758 Drafting Group. He is a member of the Executive Committee and Head of Structured Finance at BNP Paribas, CIB Legal. He is also Vice-Chairman of the ICC Banking Commission and Chairman of the Task Force on Guarantees. Dr Affaki is Associate Professor of Law at the University of Paris II and represents ICC at the United Nations Commission on International Trade Law (UNCITRAL) Working Group VI – Secured Transactions. He is the author of several books and articles on international banking, secured lending and arbitration, including “A User’s Handbook to the URDG”, ICC Pub 631.
Sir Roy Goode, CBE, QC, FBA Emeritus Professor of Law at the University of Oxford and Emeritus Fellow of St. John’s College, Oxford. A retired Queen’s Counsel, he chaired the drafting committee at diplomatic conferences for four international conventions. A former Chairman of ICC’s Commission on International Commercial Practice, he chaired the Drafting Group that finalised ICC’s first Uniform Rules for Demand Guarantees 458 and is the author of “Guide to the ICC Uniform Rules for Demand Guarantees”, ICC Pub 510. He is a Fellow of the British Academy and was knighted in 2000 for services to academic law.