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stands for the Uniform Rules for Demand Guarantees , published by the International Chamber of Commerce (ICC). It was the first widely accepted international set of rules for demand guarantees (e.g., bid bonds, performance guarantees, advance payment guarantees). urdg 458 pdf
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| Feature | URDG 458 (old) | URDG 758 (current) | |--------|----------------|----------------------| | Expiry approach | Fixed date or event | Clear rules for non-documentary conditions | | Partial drawing | Allowed unless prohibited | Prohibited unless expressly allowed | | Extension of expiry | Unclear | Standardized 30-day “extend or pay” | | Force majeure | Brief | Detailed (grace period added) | urdg 458 pdf
