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( Source of the document: ICC Digital Library )

Article: Index of correspondence between URDG and ISDGP [#SECTION_SUBTITLE#] Author: International Chamber of Commerce Published in: International Standard Demand Guarantee Practice Link: http://library.iccwbo.org/content/tfb/BOOKS/EBK_814e/tfb-EBK_814e-index-correspondance.htm?l1=Books&l2=International+Standard+Demand+Guarantee+Practice

Index of correspondence between URDG and ISDGP

International Standard Demand Guarantee Practice

Article Details

  • International Chamber of Commerce
  • International Standard Demand Guarantee Practice
  • 48
  • 2021
  • Index of correspondence between URDG and ISDGP
  • English

Table of Contents

  • 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 guar antee under which a presentation is made
  •    Documents t o be appr oved or c ountersigned 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 t o 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 correspondence between URDG and ISDGP
  • ICC Trade finance publications
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  • About the International Chamber of Commerce (ICC)

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