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URDG 758
The URDG 758 are the Un iform Rules for Dema nd Guara ntees - effective 01 July 2010.
Foreword
This revisio n of ICC's Un iform Rules for Dema nd Guara ntees (URDG) is the first since the
rules were developed by ICC in 1991. The original rules, URD(458, gained broad international
acceptanee in recent years following their incorporation by the World Bank in its guarantee
forms and their en dorseme nt by UNCITRAL and leadi ng in dustry associati ons, such as FIDIC.
This first revision of the rules was meticulously prepared over a period of two and a half years, and is the result of a collective effort by a number of ICC constituent groups. It was developed as a joi nt project by two ICC commissi ons - the Banking Commissio n and the Commissi on on Commercial Law and Practice - therefore tak ing into acco unt the legitimate expectatio ns of all releva nt sectors. ICC n ati onal committees con tributed substa ntially to
the final product: some 52 n ati onal committees submitted several hun dred pages of valuable suggestio ns on successive drafts, a nu mber of which were in corporated into the final text.
The ICC Task Force on Guarantees, which consisted of 40 membersfrom 26 countries, reviewed
the various drafts and added their own suggesti ons. The URDG Draft ing Group, ably chaired by Dr Georges Affaki, met on a number of occasions, carefully reviewed all commentssubmitted by national committees and the Task Force and developed the final draft.
This collective effort has borne fruit; it has produced rules that reflect a broad consensus amongban kers, users and all membersof the guara ntee com muni ty. In fact, the prese nt revisi on of the URDGoes not merely update the existing rules. It is the result of an ambitious project to create a new set of rules for the twenty-first century that is clearer, more precise and
more comprehe nsive. As such, URDG 758 is desti ned to become t