Uniform Rules for Demand Guarantees-URDG 758

Uniform Rules for Demand Guarantees (URDG 758) is the guiding framework applicable to the demand guarantee and counter -guarantee practices. The URDG help leveling the playing field among demand guarantee issuers and users regardless of the legal, economic and social system in which they operate. URDG 758 came into force on 1 July 2010 upon a considerable number of demand guarantees and counter guarantees started being issued all over world subject to the new URDG 758. The new URDG 758 do not rely update URDG 458; they are the result of an ambitious process that seeks to bring a new set of rules for demand guarantees into the 21st century: rules that are clearer, more precise and comprehensive.

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