For some 12 years, ICC’s Commissions on Banking and on Commercial Practice have been working to standardize the terms under which such guarantees are issued. The results of their work are now being published as the “Uniform Rules for Contract Guarantees”. The Introduction and Comments were written by Bernard S. Wheble, Chairman of the Banking Commission.
The aim of these Rules is to achieve a fair balance between the legitimate interests of the parties concerned –beneficiary, principal and guarantor. They have been finalized in close liaison with other international bodies concerned, particularly the United Nations Commission on International Trade Law.