1URDG758Article1ApplicationofURDGApplytoanydemandguaranteeorcounter-guaranteethatexpresslyindicatesitissubjecttothem,exceptmodifiesorexcludesthem.DemandGuaranteeissubjecttotheURDG,CounterGuaranteeisalsosubjecttotheURDG.☺CounterGuaranteeisalsosubjecttotheURDG,DemandGuaranteeissubjecttotheURDG?☺DemandGuaranteeissubjecttotheURDGexcludedarticleX,CounterGuaranteeissubjecttotheURDGexcludedarticleX?☺modifiesorexcludes?2URDG758Article1ApplicationofURDGWhere,attherequestorwiththeagreementoftheinstructingparty,ademandguaranteeorcounter-guaranteeisissuedsubjecttotheURDG,theinstructingpartyisdeemedtohaveacceptedtherightsandobligationsexpresslyascribedtoitintheserules.URDG1992versionor2010version?☺CantheURDGapplywherenotexpresslyincorporatedinaguarantee?3URDG758Article2DefinitionsApplicantmeansthepartyindicatedintheguaranteeashavingitobligationundertheunderlyingrelationshipsupportedbytheguarantee.Theapplicantmayormaynotbetheinstructingparty.Instructingpartymeanstheparty,otherthanthecounter-guarantor,whogivesinstructionstoissueaguaranteeorcounter-guaranteeandisresponsibleforindemnifyingtheguarantoror,inthecaseofacounter-guarantee,thecounter-guarantor.Theinstructingpartymayormaynotbetheapplicant.☺Partyv.Bank4URDG758Article2DefinitionsDemandguaranteemeansanysignedundertaking,howevernamedordescribed,providingforpaymentonpresentationofacomplyingdemand.⌘Structureoffive-partyguarantee☺Canguarantorissueaguaranteeactingforitsownaccount?InstructingPartyBeneficiaryGuarantorApplicantCounterGuarantorPrincipal5URDG758Article2DefinitionsPresentationmeansthedeliveryofadocumentunderaguaranteetotheguarantororthedocumentsodelivered.Itincludesapresentationotherthanforademand,forexample,apresentationforthepurposeoftriggeringtheexpiryoftheguaranteeoravariationofitsamount.Documentmeansasignedorunsignedrecordofinformation,inpaperorinelectronicform,thatiscapableofbeingreproducedintangibleformbythepersontowhomitispresented.Intheserules,adocumentincludesademandandasupportingstatement.☺Documentincludesfaxore-mail?6URDG758Article2DefinitionsComplyingpresentationunderaguaranteemeansapresentationthatisinaccordancewith,•first,thetermsandconditionsofthatguarantee,•second,theserulessofarasconsistentwiththosetermsandconditionsand,•third,intheabsenceofarelevantprovisionintheguaranteeortheserules,internationalstandarddemandguaranteepractice.Complyingdemandmeansademandthatmeetstherequirementsofacomplyingpresentation.☺ComplyingpresentationunderUCP600?Presentationv.Demand?7URDG758Article2DefinitionsInternationalstandarddemandguaranteepracticeThisismeantasafirststeptosupplementinginthenextfewyearstherevisedURDGwithabodyofcodifiedstandardpracticessimilartoISBPwhenICCfeelthatOpinions,DOCDEXdecisionsandotherpositionpaperswouldallowtoidentifydistinctivelysuchabodyofstandardsinthemeantime,itisfeltthatthenewconceptofISDGPsoforasconsistentwiththeURDGwillallowpartiesjudgesandarbitratorsmorelatitudeinidentifyingsolutionstodisputeswhileremainingwithinthespiritandgeneralprincipalsoftheURDG.ISDGP,agap-fillertoURDG.☺DOCDEX:ICCRulesforDocumentaryInstrumentsDisputeResolutionExpertise.19971001.8URDG758Article2DefinitionsUnderlyingrelationshipmeansthecontract,tenderconditionsorotherrelationshipbetweentheapplicantandthebeneficiaryonwhichtheguaranteeisbased.Guarantor’sownrecordsmeansrecordsoftheguarantorshowingamountscreditedtoordebitedfromaccountsheldwiththeguarantor,providedtherecordofthosecreditsordebitsenablestheguarantortoidentifytheguaranteetowhichtheyrelate;☺Thecaseof“otherrelationship”?9URDG758Article2Definitionsexpirymeanstheexpirydateortheexpiryeventor,ifbotharespecified,theearlierofthetwo;•expirydatemeansthedatespecifiedintheguaranteeonorbeforewhichapresentationmaybemade;•expiryeventmeansaneventwhichunderthetermsoftheguaranteeresultsinitsexpiry,whetherimmediatelyorwithinaspecifiedtimeaftertheeventoccurs,forwhichpurposetheeventisdeemedtooccuronly:a.whenadocumentspecifiedintheguaranteeasindicatingtheoccurrenceoftheeventispresentedtotheguarantor,orb.ifnosuchdocumentisspecifiedintheguarantee,whentheoccurrenceoftheeventbecomesdeterminablefromtheguarantor'sownrecords.☺Validuntil30daysafterdeliveryevidencedbycargoreceipt?10URDG758Article3InterpretationBranchesofaguarantorindifferentcountriesareconsideredtobeseparateentities.aguaranteeincludesacounter-guaranteeandanyamendmentaguarantorincludesacounter-guarantorabeneficiaryincludesthepartyinwhosefavouracounter-guaranteeisissued.Anyrequirementforpresentationofoneormoreoriginalsorcopiesofanelectronicdocumentissatisfiedbythepresentationofoneelectronicdocument.☺DifferentBranchesinonecountryareconsideredtobeone?11URDG758Article3InterpretationWhenusedwithadateordatesoraperiodi.Include:from,to,until,tillandbetween,ii.Exclude:beforeandafter,iii.Exclude+Include:within.Termssuchasfirstclass,well-known,qualified,independent,official,competentorlocalwhenusedtodescribetheissuerofadocumentallowanyissuerexceptthebeneficiaryortheapplicanttoissuethatdocument.☺Allowinstructingpartytoissuethatdocument?12URDG758Article4Issuean