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  • Form Of Demand Guarantee Under Urdg 758

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Form of Demand Guarantee under URDG 758 Guarantor Letterhead or SWIFT identifier code To: Insert name and contract information of the Beneficiary Date: Insert date of issue - Type of GUARANTEE: Specify.

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What is the URDG? The ICC Uniform Rules for Demand Guarantees No. 7583 (URDG) is a set of voluntary contractual rules, published by the International Chamber of Commerce (ICC) with the aim of regularising and creating a standard set of international banking practice on demand guarantees and counter demand guarantees.

There are various types of demand guarantee, including tender, performance and advance payment. Similar in nature to standby letters of credit, they differ from true guarantees (that is, contracts of suretyship).

URDG Article 14(b) permits the presenter to provide the required information for a complying demand in a piecemeal fashion if it records this in its partial presentation and if the presentation is completed before the guarantee expires.

A surety's obligations are also secondary: the beneficiary of the guarantee must first establish the main obligor's liability and default. With a demand guarantee payment is only conditional on the beneficiary serving a demand in the required form (although this can be made conditional on an event happening).

Article 12 of URDG 758 provides: “A guarantor is liable to the beneficiary only in ance with, first, the terms and conditions of the guarantee and, second, these rules so far as consistent with those terms and conditions, up to the guarantee amount.”

Article 7 URDG 758 It states that demand guarantees should not contain a condition other than a date or lapse of time without specifying a document to indicate compliance with the condition. The guarantor (the bank) will disregard any condition to the contrary.

Article 33 of the URDG provides that a guarantee is transferable only if it specifically states that it is "transferable", in which case it may be transferred more than once for the full amount available at the time of transfer.

The 35 articles in URDG 758 set out the liabilities and responsibilities of each party, the process to present a demand, the expiry conditions and how to deal with amendments and transfers of guarantees and counter-guarantees. The rules are clear and concise, and exist in 21 languages.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232