| Description |
The long-awaited revision of the URDG 458, two and a half years in preparation, will enter into force on 1 July 2010. The revision, the first in 18 years, contains major changes to rules which apply to billions of dollars of demand guarantees securing monetary and performance obligations in a wide array of international and domestic contracts.
The new URDG do not merely update URDG 458; they bring the rules for demand guarantees into the 21st century; the rules are clearer, more precise and more comprehensive. Furthermore they are innovative, featuring a number of original treatments for payment contingencies dictated by the development of practice and the need to avoid disputes.
Over the years the URDG have gained increasing worldwide acceptance by international and national lawmakers including UNCITRAL and the World Bank. Now they are destined to become the international standard for all demand guarantee practice.
Objective
For the first time since the adoption of the URDG 758, members of the URDG Drafting Group will come together to give a full public presentation on the new rules. They will take you through each stage of the guarantee lifecycle, drawing your attention to new provisions that you and your colleagues will need to know.
Panellists will highlight all the key changes and demonstrate how a consistent use of the URDG 758 and their accompanying model guarantee form can significantly curb the rate of rejection of demands and increase the certainty of the instrument.
Working methods
• Step by step analysis of the new URDG and the liabilities and responsibilities of the parties
• Drafting tips
• Real life examples from the trench
• Feedback from expert banking and trade finance practitioners
• Question and answer sessions.
Who should attend?
• Experts in international demand guarantees
• Trade finance operations professionals
• Project finance specialists
• Risk managers
• Managers from international banks and financial institutions
• Import/export trading professionals
• Executives involved in negotiating international sales contracts
• Lawyers, business professionals and academics.
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