1,1,URDG758,Article 1Application of URDG Apply to any demand guarantee or counter-guarantee that expressly indicates it is subject to them, except modifies or excludes them. Demand Guarantee is subject to the URDG, Counter Guarantee is also subject to the URDG. Counter Guarantee is also subject to the URDG, Demand Guarantee is subject to the URDG? Demand Guarantee is subject to the URDG excluded article X, Counter Guarantee is subject to the URDG excluded article X? modifies or excludes?,2,2,URDG758,Article 1Application of URDG Where, at the request or with the agreement of the instructing party, a demand guarantee or counter-guarantee is issued subject to the URDG, the instructing party is deemed to have accepted the rights and obligations expressly ascribed to it in these rules. URDG 1992 version or 2010 version? Can the URDG apply where not expressly incorporated in a guarantee?,3,3,URDG758,Article 2Definitions Applicant means the party indicated in the guarantee as having it obligation under the underlying relationship supported by the guarantee. The applicant may or may not be the instructing party. Instructing party means the party, other than the counter-guarantor, who gives instructions to issue a guarantee or counter-guarantee and is responsible for indemnifying the guarantor or, in the case of a counter-guarantee, the counter-guarantor. The instructing party may or may not be the applicant. Party v. Bank,4,4,URDG758,Article 2Definitions Demand guarantee means any signed undertaking, however named or described, providing for payment on presentation of a complying demand. Structure of five-party guarantee Can guarantor issue a guarantee acting for its own account?,Instructing Party,Beneficiary,Guarantor,Applicant,Counter Guarantor,Principal,5,5,URDG758,Article 2Definitions Presentation means the delivery of a document under a guarantee to the guarantor or the document so delivered. It includes a presentation other than for a demand, for example, a presentation for the purpose of triggering the expiry of the guarantee or a variation of its amount. Document means a signed or unsigned record of information, in paper or in electronic form, that is capable of being reproduced in tangible form by the person to whom it is presented. In these rules, a document includes a demand and a supporting statement. Document includes fax or e-mail?,6,6,URDG758,Article 2Definitions Complying presentation under a guarantee means a presentation that is in accordance with, first, the terms and conditions of that guarantee, second, these rules so far as consistent with those terms and conditions and, third, in the absence of a relevant provision in the guarantee or these rules, international standard demand guarantee practice. Complying demand means a demand that meets the requirements of a complying presentation. Complying presentation under UCP600? Presentation v. Demand?,7,7,URDG758,Article 2Definitions International standard demand guarantee practice This is meant as a first step to supplementing in the next few years the revised URDG with a body of codified standard practices similar to ISBP when ICC feel that Opinions, DOCDEX decisions and other position papers would allow to identify distinctively such a body of standards in the meantime, it is felt that the new concept of ISDGP so for as consistent with the URDG will allow parties judges and arbitrators more latitude in identifying solutions to disputes while remaining within the spirit and general principals of the URDG. ISDGP, a gap-filler to URDG. DOCDEX: ICC Rules for Documentary Instruments Dispute Resolution Expertise. 19971001.,8,8,URDG758,Article 2Definitions Underlying relationship means the contract, tender conditions or other relationship between the applicant and the beneficiary on which the guarantee is based. Guarantors own records means records of the guarantor showing amounts credited to or debited from accounts held with the guarantor, provided the record of those credits or debits enables the guarantor to identify the guarantee to which they relate; The case of “other relationship”?,9,9,URDG758,Article 2Definitions expiry means the expiry date or the expiry event or, if both are specified, the earlier of the two; expiry date means the date specified in the guarantee on or before which a presentation may be made; expiry event means an event which under the terms of the guarantee results in its expiry, whether immediately or within a specified time after the event occurs, for which purpose the event is deemed to occur only: a. when a document specified in the guarantee as indicating the occurrence of the event is presented to the guarantor, or b. if no such document is specified in the guarantee, when the occurrence of the event becomes determinable from the guarantors own records. Valid until 30 days after delivery evidenced by cargo receipt ?,10,10,URDG758,Article 3Interpretation Branches of a guarantor in different cou