11/08/2021
As mentioned in a separate blog, the ISDGP (International Standard Demand Guarantee Practice) were approved during the March 2021 Banking Commission meeting with only two countries, Tunisia and Switzerland, voting against publication.
The final document is very definitive and comprises the following:
• Application
• Definitions
• Drafting the Guarantee
• Issuing the Guarantee
• Advising a Guarantee
• Amendments
• Presentation
• Demands
• Extend or pay demand
• Examination
• Payment
• Non-complying demand, waiver and notice
• Reduction and expiry of a guarantee
• Force Majeure
• Transfers
• Assignment of Proceeds
• Fraud
• Provisional court measures
• Sanctions clauses
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