ISDGP

International Standard Demand Guarantee Practice (ISDGP) for URDG 758

ISBN978-623-91631-1-2
Publishing Date2021
LanguageBilingual: Bahasa Indonesia – English
ICC Publication NumberP814E
PriceRp 290.000,-
Availabilityin stock
Description
Table of Contents
How to order
Description
Description
Table of Contents
How to order

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.

DISCLAIMER

INTRODUCTION

A. APPLICATION OF ISDGP

B. DEFINITIONS

Applicant
Application
Authenticated
Beneficiary
Business day/business hours
Charges
Complying presentation
Counter-guarantee
Demand
Guarantor
Guarantor’s own records
Instructing party
Presenter
Signed
Other terms not defined in the URDG

C. DRAFTING THE GUARANTEE

General drafting considerations
Reference to the underlying relationship
Use of generic terms to describe an issuer of a document
Expiry terms
Governing law
Jurisdiction
Exclusions

D. ISSUING THE GUARANTEE

When is a guarantee ‘issued’?

E. ADVISING A GUARANTEE

F. AMENDMENTS

G. PRESENTATION

Premature presentation
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

H. DEMANDS

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

I. EXTEND OR PAY DEMAND

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

J. EXAMINATION

Standard for determination of compliance
Presenting non-required information in a required document / Presenting a non-required document
Recalculations
Typographical errors
Abbreviation of corporate forms
Punctuation marks in a document
Document issuers
Signatories
Countersignature by beneficiary’s bank / Authentication of beneficiary signatures
Examination timeline..

K. PAYMENT

Date of payment
Set-off
Currency of payment
Subrogation
Payment without a demand

L. NON-COMPLYING DEMAND, WAIVER AND NOTICE

Notice of rejection / Waiver
Rejection terms
Corrections to a non-complying demand

M. REDUCTION AND EXPIRY OF A GUARANTEE

Payment reductions
Total or partial release
Article 25: overriding termination terms
Automatic extension of guarantees

N. FORCE MAJEURE

O. TRANSFERS

Amount of transfer
Transfers of amended guarantees
Transferee beneficiary to present the documents
Transfers by operation of law

P. ASSIGNMENT OF PROCEEDS

Q. MISCELLANEOUS

Fraud
Provisional court measures
Sanctions clauses

INDEX OF CORRESPONDANCE BETWEEN URDG AND ISDGP

ICC TRADE FINANCE PUBLICATIONS

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ABOUT THE INTERNATIONAL CHAMBER OF COMMERCE

  1. Download the order form and fill in your order
  2. Send the order form via email to icc@iccindonesia.org and cc-ed to cs@iccindonesia.org
  3. ICC Indonesia will send the invoice to you
  4. Make the payment and send the transfer receipt to ICC Indonesia
  5. Once the payment has been confirmed by ICC Indonesia, your order will be sent to your address

Note:

  • Price above is excluded the shipping cost
  • Estimated shipping costs for delivery from Jakarta to Jakarta, with JNE REG or JNE YES according to the applicable price (estimated: JNE REG IDR 9,000/kg or JNE YES IDR 18,000/kg).
  • Shipping cost could be check on JNE official website.

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