Understanding Urdg 758

The URDG describes a demand guarantee as to any signed undertaking, named or described, providing for payment on the presentation of a complying demand. The URDG 758 reflect international standard practice in the use of demand guarantees and balance the legitimate interests of all parties. More than an update of the existing rules, the revised URDG 758 is a new set of rules for the twenty-first century that has been in effect since the 1st of July 2010.