THE INTERNATIONAL COMMERCE & LAW REVIEW (무역상무연구)
- Volume 51
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- Pages.241-261
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- 2011
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- 1229-2036(pISSN)
A Study on the Main Contents of Uniform Rules for Demand Guarantees(URDG 758)
신 청구보증 통일규칙(URDG 758)의 주요 내용에 관한 연구
- 박석재 (우석대학교 유통통상학부)
- Received : 2011.07.30
- Accepted : 2011.08.23
- Published : 2011.08.31
Abstract
URDG 758 tracks UCP 600 in format and style. This makes it easy for practitioners to understand various terms with a lot more clarity than in URDG 458, since practitioners see things in a format and style they are accustomed to. It is a fact that the provisions of the national law will prevail over the URDG 758. In many countries there is only limited written law concerning abstract guarantees; therefore any conflict between URDG 758 and the national law will be unlikely. In many instances the instructing party is different from the applicant - the party whose obligation is supported by the guarantee. And provision for amendment is a new addition in URDG 758. Inspiration was taken from UCP 600 with some fine tuning: accpet, reject or do nothing - and the implications of each of these. Chief among the innovations in the URDG 758 is the one banning non-documentary conditions. The consensus is that the new URDG 758 is a major improvement on URDG 458 in both comprehensiveness of scope and contents of rules. The URDG 758 is likely to become the international standard in the field of demand guarantees.