By mastering URDG 458, you protect yourself against the risks of legacy guarantees and gain a deeper appreciation for how international trade finance has evolved.
URDG 458 provided for automatic reduction of the guarantee amount if partial payments were made or if the guarantee was for a diminishing obligation (e.g., a retention money guarantee). It also stressed that a guarantee expires on its stated expiry date, after which the guarantor is discharged. urdg 458 pdf