For the first time since the adoption of the revised ICC Uniform Rules for Demand Guarantees (URDG), members of the drafting group will give a full public presentation on the new rules at a special seminar to be held in Paris on 18 March.

The long-awaited revision of the rules, formally known as URDG 758, is the first in 18 years and contains major changes to rules destined to apply to billions of dollars of demand guarantees securing monetary and performance obligations in a wide array of international and domestic contracts.

The seminar will include a step-by-step analysis of the revised rules and the liabilities and responsibilities of the parties; drafting tips; real life examples of the rules in action; and feedback from expert banking and finance practitioners.

The Paris seminar will be one of only two planned URDG sessions at the international level, with the second seminar planned for Hong Kong just before the rules come into effect on 1 July.

The ICC event should be of particular interest to experts in international demand guarantees, trade finance operations professionals, risk managers, project finance specialists, managers from international banks and financial institutions as well as executives involved in negotiating international sales contracts.

“The seminar organized by ICC is a great chance to get the essence of the new rules from the drafters themselves and to learn how to make the most of URDG 758 in your guarantee practice,” said Georges Affaki of BNP Paribas and the Chairman of the Task Force that rewrote the rules.

The panellists will highlight the key changes and demonstrate how a consistent use of URDG 758 and their accompanying model guarantee form can significantly curb the rate of rejection of demands and increase the certainty of the instrument.

The new rules are clearer, more precise and more comprehensive, offering the fairest balance to date between the parties’ competing interests and doing so in innovative ways. Comprising 35 articles, the URDG rules set out the liabilities and responsibilities of the parties at each key stage of the lifecycle of the guarantee.

In addition to Mr Affaki, other participants will include Professor Roy Goode from Oxford University, who chaired the drafting group for the original URDG rules issued in 1992; Andrea Hauptmann. Head of the Guarantees Department, Raiffeisen Zentralbank, Austria; Glenn Ransier, a member of the drafting group who was formerly with Standard Chartered Bank in Newark, US; Kate Richardson, Senior Associate, Denton Wilde Sapte, London; and Roeland Bertrams, an attorney with AKD lawyers and  notaries, Amsterdam.

To see a copy of the programme, please click here

To register for the early-bird special, please click here

For more information, please contact:

Jennie Irving
Project Coordinator
ICC Events

Tel: +33 (0)1 49 53 28 70

Email: jennie.irving@iccwbo.org

To buy a copy of the URDG 758, please click here