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Guarantees are used extensively in international transactions to provide an assurance of payment or compensation in the event of default by a commercial partner. The ICC Uniform Rules for Demand Guarantees were first published in 1992 and have become the go-to guarantee rules for many major businesses, banks and government agencies. URDG 758 contains a comprehensive update of the ICC rules, including clearer definitions, step-by-step procedures and model forms. The result is a comprehensive and easy-to-use package to regulate international guarantee practice. URDG 758 was officially endorsed by the United Nations in July 2011.
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