Guarantors must examine all documents with "reasonable care." Article 17 Demand Requirements
: Provides a uniform set of rules for "on-demand" guarantees. Independence
Defines "Demand Guarantee" as an independent undertaking to pay. Duty of Care
The ICC holds the copyright for these rules. While unofficial "free download" versions appear on document-sharing sites, professionals are encouraged to use official sources to ensure accuracy: Official Purchase : Available through the ICC Knowledge Store Reference Copies : Often hosted on educational or legal repositories like Academia.edu Bank Guidelines : Many banks, such as
Requires a statement that the principal is in breach and the nature of the breach. Article 20
The primary purpose of URDG 458 is to balance the interests of the beneficiary, the applicant (principal), and the guarantor (usually a bank). Standardization
: The guarantee is legally separate from the underlying commercial contract. Documenary Compliance
Guarantors must examine all documents with "reasonable care." Article 17 Demand Requirements
: Provides a uniform set of rules for "on-demand" guarantees. Independence
Defines "Demand Guarantee" as an independent undertaking to pay. Duty of Care
The ICC holds the copyright for these rules. While unofficial "free download" versions appear on document-sharing sites, professionals are encouraged to use official sources to ensure accuracy: Official Purchase : Available through the ICC Knowledge Store Reference Copies : Often hosted on educational or legal repositories like Academia.edu Bank Guidelines : Many banks, such as
Requires a statement that the principal is in breach and the nature of the breach. Article 20
The primary purpose of URDG 458 is to balance the interests of the beneficiary, the applicant (principal), and the guarantor (usually a bank). Standardization
: The guarantee is legally separate from the underlying commercial contract. Documenary Compliance