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uses of ISP or URDG

Posted: Fri Mar 13, 2009 11:45 am
by berry
Dear all,

everyday we issue bank guarantees. these guarantees are usually issued as per the prescribed format of the beneficiary and often includes many conditions that do not fit with ISP or URDG and we have to follow them. what are the uses of ISP or URDG then?

guarantee vs insurance vs indemnity

Posted: Fri Mar 13, 2009 3:28 pm
by jim
i have another question. how a guarantee is different from a insurance and indemnity since all of them work when a non performance occurs.