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ICC issues supplement to the Commentary on eUCP Version 2.0 and eURC Version 1.0.

18/11/2019

The eUCP 2.0 and eURC 1.0 came into force on 1 July 2019, and an article-by-article analysis has been made available. Pursuant to feedback received at the October 2019 Banking Commission meeting in Paris, further handling guidance is also provided in respect of the utilisation of the eRules.

Here is the document Supplement to eUCP and eURC article analysis


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1/ According to the Guarantee, the Guarantee is governed by the URDG and the law of Italy. The guarantee document does not specify the exact content of the Demand Document when claiming the payment. In this case, does the content in the guarantee exclude the provision of sub-article 15 (a) in the URDG? Or does the Demand Document still need to comply with the requirements of sub-article 15 (a) of the URDG when claiming payment (e.g., indicating in what respect the applicant is in breach of its obligations under the underlying relationship)? 2/ Regarding this clause: 'against your first written demand and this notwithstanding any objection of whatever nature by ABCDE Mechanical Construction Joint Stock Company or any third party and without necessity of any legal or judicial proceedings', if there is a court order to suspend the payment, is the Guarantor allowed to stop the payment and comply with such order? /QUOTED/ FORM OF BANK GUARANTEE FOR ADVANCE PAYMENTS We, XYZ bank, with main office in [address] guarantee to you on behalf of ABCDE Mechanical Construction Joint Stock Company for the amount of USD 783,848.75 (In words: Seven hundred eighty-three thousand, eight hundred forty-eight dollars and seventy-five cents). This bank guarantee comes into force only after the receipt by the Guarantor of USD 783,848.75 (In words: Seven hundred eighty-three thousand, eight hundred forty-eight dollars and seventy-five cents). for further credit to the applicant’s account no. 12345678 (USD Account) with the Guarantor, provided such remittance identifies this guarantee no. (insert when issue officially) and the contract no. xyz and valid for the whole amount until 06/15/2027 Demand(s) for payment and document under this guarantee must be made in English and quote this guarantee number and submitted in paper by the beneficiary's bank in one lot by courier to our counter at above mentioned address (attention: [name]) on or before the expiry date. This Guarantee is governed by/subject to the latest version of Uniform rules for Demand guarantee (URDG), ICC Publication but to the extent the practices make no provision for the matter in question, this Guarantee is governed by/subject to the laws of Italy. /UNQUOTE/