URDG-758
URDG 758 demand guarantees rules ICC Publication 758.
Définition
URDG 758 structure : 35 Articles. Key Articles : (1) Article 1 Application of URDG. (2) Article 2 Definitions (Advice, Applicant, Authenticated, Beneficiary, Business Day, Charges, Complying Demand, Counter-Guarantee, Counter-Guarantor, Date of Issue, Demand, Document, Expiry, Force Majeure, Guarantee, Guarantor, Instructing Party, Instructing Party's Bank, Issuance, Place of Business, Presentation, Presenter, Reduction, SWIFT, etc.). (3) Article 3 Interpretation. (4) Article 5 Independence of Guarantee + Counter-Guarantee (independent obligation, separate from underlying contract). (5) Article 6 Documents vs Goods/Services/Performance (banks deal with documents only). (6) Article 7 Non-Documentary Conditions (banks may disregard). (7) Article 8 Form of Issuance (writing, authenticated or signed). (8) Article 9 Application for Counter-Guarantee. (9) Article 10 Advising of Guarantee + Amendment. (10) Article 14 Issuance + Form. (11) Article 15 Requirements for Demand (Beneficiary's statement + identity, identified Guarantee, time, place, language, content). (12) Article 16 Information to the Instructing Party. (13) Article 17 Partial Demand + Multiple Demands; Amount of Demands. (14) Article 18 Separateness of Each Demand. (15) Article 19 Examination (compliance on its face only, 5 business days). (16) Article 20 Time for Examination of Demand; Payment. (17) Article 21 Currency of Payment. (18) Article 22 Transmission of Copies of Complying Demand. (19) Article 23 Extend or Pay. (20) Article 24 Non-Complying Demand, Waiver + Notice. (21) Article 25 Reduction + Termination. (22) Article 26 Force Majeure. (23) Article 27 Disclaimer + Limitation. (24) Article 33 Transfer. (25) Article 34 Governing Law. (26) Article 35 Jurisdiction. URDG 758 + ISP98 + UCP 600 : three major rulebooks for bank guarantees + standby letters of credit + commercial letters of credit globally, mutually exclusive choice per instrument.
Origine
URDG 458 published 1992 by ICC ; URDG 758 published 2010 revision ; effective 1 juillet 2010 ; ~80%+ international guarantees subject URDG.
Exemple en contexte
Pan-European EPC contractor signs USD 200M offshore wind farm construction contract Turkey ; Turkish client requires Performance Demand Guarantee URDG 758 USD 20M : contractor's bank Credit Agricole CIB Paris issues Counter-Guarantee URDG 758 to local Garanti BBVA Turkey ; Garanti BBVA issues Primary Demand Guarantee URDG 758 to Turkish client ; both subject URDG 758 + Article 5 independence ; if contractor fails, client presents demand Garanti BBVA, Garanti pays + claims under Credit Agricole CIB counter-guarantee.
Termes liés
- Bank Guarantee — instrument governed.