International Standard Demand Guarantee Practice For URDG 758

On 31 March 2021 the ICC Banking Commission approved the new International Standard Demand Guarantee Practice ("ISDGP") as the companion to its Uniform Rules for Demand Guarantees 758 ("URDG"). The ICC have clearly emphasised that the ISDGP represents international banking practice in demand guarantees and so supplements but does not amend the URDG. In a similar view, it cannot conflict with the URDG. The ISDGP offers an insight into the correct application of the URDG in a practical context. As it is representative of international standard demand guarantee practice, the ISDGP should also serve as a useful resource on best practice in the context of demand guarantees that are not subject to the URDG.