International Standard Demand Guarantee Practice (ISDGP) for URDG 758
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|ICC Publication Number
The International Standard Demand Guarantee Practice for URDG 758 (ISDGP) is the indispensable companion to the ICC Uniform Rules for Demand Guarantees 758 (URDG). It represents international best practice in demand guarantees. It supplements, but does not amend, the URDG.
The 215 international standard practices in this publication have been collected through a decade of the application of the URDG. They record best practice in demand guarantees throughout the lifecycle of the guarantee: the drafting and issue of guarantees and counter- guarantees, presentations, examinations and payments, rejections and expiry, transfers and assignments, and more.
The ISDGP demonstrates how the principles and content of URDG 758 should be integrated into day-to-day demand guarantee practice, in all types of demand guarantees, international or domestic, in all sectors of trade and industry, regardless of when or where the guarantee or counter-guarantee is issued.
Insights and best practices are combined in this first edition of the ISDGP for the benefit of instructing parties/applicants, beneficiaries, guarantors and counter- guarantors. Compliance with the ISDGP may avoid mishaps that lead to unintended consequences, costly payment delays, and disputes.
This publication should always be read in conjunction with URDG 758.
Business day/business hours
Guarantor’s own records
Other terms not defined in the URDG
General drafting considerations
Reference to the underlying relationship
Use of generic terms to describe an issuer of a document
When is a guarantee ‘issued’?
To whom presentations may be made?
Presentations in electronic/digital form
Original/Copy of a document
Identification of guarantee under which a presentation is made
Documents to be issued or countersigned by an applicant
Supporting statement(s) under article 15(a) or (b)
Form and content of demand
Date of demand
Partial demand and multiple demands; amount
Corrected Presentations, including demands
Examination and suspension
Repeating a demand during the suspension period
Suspension period by counter-guarantor
No need to repeat or update demand
No interest on suspension period
Standard for determination of compliance
Presenting non-required information in a required document / Presenting a non-required document
Abbreviation of corporate forms
Punctuation marks in a document
Countersignature by beneficiary’s bank / Authentication of beneficiary signatures
Date of payment
Currency of payment
Payment without a demand
Notice of rejection / Waiver
Corrections to a non-complying demand
Total or partial release
Article 25: overriding termination terms
Automatic extension of guarantees
Amount of transfer
Transfers of amended guarantees
Transferee beneficiary to present the documents
Transfers by operation of law
Provisional court measures
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