Uniform Rules for Contract Guarantees

Uniform Rules For Contract Guarantees (URCG) in International Trade

Meaning of Uniform Rules For Contract Guarantees (urcg), according to the Dictionary of International Trade (Global Negotiator): The International Chamber of Commerce (ICC) has established a set of contractual rules that may be used for contract guarantees to achieve a fair balance among the legitimate interests of the three parties involved in contract guarantees, the beneficiary, the principal and the guarantor. These rules are not law, and apply only if the parties to the contract guarantee so choose. Such choice needs to be expressed by a reference in the text of the guarantee. Nevertheless, these rules have been replaced by the Uniform Rules for Demand Guarantees.