ICC in July 2010 announced a revised version of the Uniform Rules for Demand Guarantees – URDG758 destined to apply to hundreds of billions of dollars of demand Guarantees securing monetary and performance obligations in a wide array of international and domestic contracts.
After two years of work, the revised URDG758 has been approved with a 96% vote at the ICC Banking Commission meeting held in Brussels in November, 2009. URDG758 will was than implemented on 1 July, 2010.