The ICC Uniform Rules for Demand Guarantees ?
The ICC Uniform Rules for Demand Guarantees ?
SCOPE AND APPLICATION OF THE RULES :
Article 1
These Rules apply to any demand guarantee and amendment thereto which a Guarantor (as hereinafter described) has been instructed to issue and which states that it is subject to the Uniform Rules for Demand Guarantees of the International Chamber of Commerce (Publication No. 458) and are binding on all parties thereto except as otherwise expressly stated in the Guarantee or any amendment thereto.
DEFINITION AND GENERAL PROVISIONS :
Article 2
a) For the purpose of these rules, a demand guarantee (hereinafter referred to as “Guarantee”) means any guarantee, bond or other payment undertaking, how-ever named or described, by a bank, insurance company or other body or person (hereinafter called “the Guarantee”) given in writing for the payment of money on presentation in conformity with the of the undertaking of a written demand for payment and such other document(s) (for example, a certificate by an architect or engineer, a judgment or an arbitral award) as may be specified in the guarantee, such undertaking being given
- at the request or on the instructions and under the liability off a party (hereinafter called “the Principal”); or
- at the request or on the instruction and under the liability of a bank, insurance company or any other body or person (hereinafter “The Instructing Party ”) acting on the instructions of a Principal to another party (hereinafter the “Beneficiary”).
b) Guarantees by their nature are separate transactions from the contract(s) or tender conditions on which they may be based, and guarantors are in no way concerned with or bond by such contract(s), or tender conditions, despite the inclusion of a reference to them in the Guarantee. The duty of a Guarantor under a guarantee is to pay the sum or sums therein stated on the presentation of a written demand for payment and other document specified in the guarantee which appear on their face to be in accordance with the terms of the Guarantee.
- LIABILITIES AND RESPONSIBILITIES
- DEMANDS
- EXPIRY PROVISIONS
- GOVERNING LAW AND JURISDICTION
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