The ICC Uniform Rules for Demand Guarantees

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

 

  1. at the request or on the instructions and under the liability off a party (hereinafter called “the Principal”); or
  2. 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.

 

  1. LIABILITIES AND RESPONSIBILITIES
  2. DEMANDS
  3. EXPIRY PROVISIONS
  4. GOVERNING LAW AND JURISDICTION

8 thoughts on “The ICC Uniform Rules for Demand Guarantees ?”

  1. Saved as a favorite, I really like your blog!

  2. Hi my loved one! I want to say that this post is amazing, great written and include approximately all significant infos. I?¦d like to peer more posts like this .

  3. I just couldn’t depart your web site prior to suggesting that I really enjoyed the standard info a person provide for your visitors? Is gonna be back often to check up on new posts

  4. more says:

    Only wanna input on few general things, The website pattern is perfect, the subject material is rattling wonderful. “Some for renown, on scraps of learning dote, And think they grow immortal as they quote.” by Edward Young.

  5. Thanks for ones marvelous posting! I quite enjoyed reading it, you are a great author.I will make certain to bookmark your blog and will come back very soon. I want to encourage that you continue your great posts, have a nice morning!

  6. Would love to incessantly get updated great weblog! .

  7. Thank you for sharing with us, I think this website really stands out : D.

  8. Magnificent website. Plenty of useful information here. I’m sending it to some friends ans also sharing in delicious. And of course, thanks to your sweat!

Leave a Reply

Your email address will not be published. Required fields are marked *