1 URDG758 Article 1 Application of URDG ? Apply to any demand guarantee or counter-guarantee that expressly indicates it is subject to them, except modifies or excludes them. ? Demand Guarantee is subject to the URDG, Counter Guarantee is also subject to the URDG. ? Counter Guarantee is also subject to the URDG, Demand Guarantee is subject to the URDG? ? Demand Guarantee is subject to the URDG excluded article X, Counter Guarantee is subject to the URDG excluded article X? ? modifies or excludes? 2 URDG758 Article 1 Application of URDG ? Where, at the request or with the agreement of the instructing party, a demand guarantee or counter-guarantee is issued subject to the URDG, the instructing party is deemed to have accepted the rights and obligations expressly ascribed to it in these rules . ? URDG 1992 version or 2010 version? ? Can the URDG apply where not expressly incorporated in a guarantee? 3 URDG758 Article 2 Definitions ? Applicant means the party indicated in the guarantee as having it obligation under the underlying relationship supported by the guarantee. The applicant may or may not be the instructing party. ? Instructing party means the party, other than the counter- guarantor, who gives instructions to issue a guarantee or counter- guarantee and is responsible for indemnifying the guarantor or, in the case of a counter-guarantee, the counter-guarantor. The instructing party may or may not be the applicant. ? Party v. Bank 4 URDG758 Article 2 Definitions ? Demand guarantee means any signed undertaking, however named or described, providing for payment on presentation of a complying demand. ? Structure of five-party guarantee ? Can guarantor issue a guarantee acting for its own account? Instructing Party Beneficiary Guarantor Applicant Counter Guarantor Principal 5 URDG758 Article 2 Definitions ? Presentation means the delivery of a docu
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