Users and issuers choosing the URDG for their guarantees and counter-guarantees will find this Guide an indispensable companion.
With its clear and comprehensive commentary on the rules and the accompanying model forms, this Guide provides the key to a successful guarantee practice in all sectors and jurisdictions. In the Guide, the authors have put the essence of their experience in researching, practising and teaching the law and practice of demand guarantees over a period of twenty years.
They also share their experiences of the revision process leading to URDG 758, revealing the background of each policy choice and drafting decision they took while drafting the rules. Case studies throughout the Guide support and enliven the comprehensive analytical commentary on the rules.
The authors, respectively chairmen of the URDG 758 and the URDG 458 drafting groups, debunk the many myths about international guarantee practice and identify pitfalls to avoid. Further, they track in detail the seven key stages of a URDG guarantee¡¦s lifecycle:
- Changing of terms
- Making a presentation
- Examining the presentation
- Making payment
- Termination of the guarantee and counter-guarantee.
About the authors:
Dr Georges Affaki
Chairman of the URDG 758 Drafting Group. He is a member of the Executive Committee and Head of Structured Finance at BNP Paribas, CIB Legal. He is also Vice-Chairman of the ICC Banking Commission and Chairman of the Task Force on Guarantees.
Dr Affaki is Associate Professor of Law at the University of Paris II and represents ICC at the United Nations Commission on International Trade Law (UNCITRAL) Working Group VI – Secured Transactions. He is the author of several books and articles on international banking, secured lending and arbitration, including “A User’s Handbook to the URDG”, ICC Pub 631.
Sir Roy Goode, CBE, QC, FBA
Emeritus Professor of Law at the University of Oxford and Emeritus Fellow of St. John’s College, Oxford. A retired Queen’s Counsel, he chaired the drafting committee at diplomatic conferences for four international conventions.
A former Chairman of ICC’s Commission on International Commercial Practice, he chaired the Drafting Group that finalised ICC’s first Uniform Rules for Demand Guarantees 458 and is the author of “Guide to the ICC Uniform Rules for Demand Guarantees”, ICC Pub 510. He is a Fellow of the British Academy and was knighted in 2000 for services to academic law.
CHAPTER 1: Demand guarantees and counter-guarantees in a nutshell
PROLOGUE: The road to URDG
CHAPTER 2: The URDG in a nutshell
CHAPTER 3: The URDG 758 in operation
CHAPTER 4: A commentary on the URDG 758
CHAPTER 5: The URDG in the world