Uniform Rules for Demand Guarantees

Uniform Rules For Demand Guarantees (URDG) in International Trade

Meaning of Uniform Rules For Demand Guarantees (urdg), according to the Dictionary of International Trade (Global Negotiator): A set of contractual rules established by the International Chamber of Commerce (ICC) that may be used for demand guarantees and counter-guarantees. These rules are not law, and apply only if the parties to the demand or counter-guarantee so choose. Such choice needs to be expressed by a reference in the text of the guarantee.