| Demand guarantees are subject to a set of international rules: Uniform Rules for Demand Guarantees (URDG), ICC Publication No. 458, issued by the International Chamber of Commerce (ICC) in Paris.
The rules set forth the requirements of the parties under a guarantee. It is National Irish Bank's experience, however, that these rules are not followed widely enough.
You can obtain a copy of the rules from National Irish Bank or the ICC. | | |