Brussels, Belgium.
At its meeting held in Brussels on 23-24 November 2009, the ICC Banking Commission unanimously approved its new Uniform Rules for Demand Guarantees (URDG 758) in a historic vote. The new rules, the first in 18 years have also been adopted / endorsed by the ICC Commission on Commercial Law & Practice and the ICC Executive Board.

rotator302The revised rules shall apply to demand guarantees worth hundreds of billions of dollars securing monetary and performance obligations in a wide array of international and domestic contracts the world over and will come into force on 01 July 2010.

The new rules were drafted by a Drafting Group comprising of seven people in the world who were identified by the ICC in Paris on the basis of their background, experience and expertise in the area of demand guarantees and international trade finance. The exercise that commenced in April 2007 was an intensive effort spanning a period of over two and a half years. Numerous promotional and educational events will be organised by ICC HQ.

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