OREANDA-NEWS.February 03, 2010. At the meetings of the ICC’s (International Chamber of Commerce) Banking Commission and the Commission on Commercial Law and Practice were approved the revised version of the Uniform Rules for Demand Guarantees (URDG), which will enter into force as of 1 July 2010, reported the press-centre of Swedbank.

Guarantees corresponding to the URDG can be given by all interested parties, but bank guarantees securing monetary and performance obligations for a wide array of domestic and international commercial contracts are still the most frequent. Most of the international guarantees given by Swedbank correspond to the current URDG458.

The URDG comprises 35 articles on the obligations and liability of parties to guarantees. The revised rules are easier to comprehend, regulate various formerly generally formulated guarantee practices and have approached UCP600 (ICC Uniform Customs and Practice for Documentary Credits) in terms of their structure and principles.

For further information on the URDG contact us by e-mail at dokmaksed@swedbank.ee.