Designed specifically for the insurance industry, the ICC Uniform Rules for Contract Bonds are a set of rules help secure uniform practice in the operation and enforcement of bonds. Clear and concise, the rules will provide an invaluable aid to business people, traders, lawyers and financial institutions.

These Rules are intended to provide a clear and concise scheme to regulate the nature of obligations arising under Bonds and claims procedure. Because the nature of a Bond regulated by these Rules is that the obligations of the parties are related directly to and depend upon the obligations of the parties arising under the Contract, the Rules do not contain detailed provisions dealing with documentary requirements or the problem of unfair calling.

In the event of a dispute arising as to the liability of a Guarantor, the Rules contemplate that such dispute will be determined by reference to the Contract. The Guarantor and the Principal are protected in that liability will arise only where default is established. The Beneficiary is protected by the assurance that any judgment or award will be discharged by the Guarantor if the Principal fails to do so. The Uniform Rules for Contract Bonds number 524 set out below shall apply where expressly incorporated by the parties in accordance with their detailed provisions. These new Rules depend for their success upon their use by the international business community. The ICC recommends the use of these new Rules which will help to secure uniformity of practice in the operation and enforcement of Bonds.

Code ISBN : 978-92-842-0515-8
Number of pages : 15
Publishing date : 1993
Language : English
Format in cm : 10*21
  • Foreword
  • Introduction
  1. Scope and application
  2. Definitions
  3. Form of bond and liability of the guarantor to the beneficiary
  4. Release and discharge of guarantor
  5. Return of the bond
  6. Amendments and variations to and of the contract and the bond and extensions of time
  7. Submission of claims and claims procedure
  8. Jurisdiction and settlement of disputes

 

The ICC is particularly indebted to Kozo Kusakari (Japan), Chairman of the Working Party responsible for elaborating the Rides, Richard J. White (United Kingdom), the principle drafter, and Yves Pavillet, ICIA (International Crédit Insurance Association), in which the aforementioned are prominent. The ICC is grateful for the contribution of the Working Party members: Jean Bastin (Panamerican Surety Association); Ekkehard Liesmann (Germany); Abel Machado d’Oliveira (Portugal); Emmanuel Reinert (Comité Européen des Assurances); Kazuo Takayanagi (Japan); Takahiko Yamazaki (Japan); as well as the représentatives of the Commissions on International Commercial Practice and on Banking Technique and Practice, Lars A. E. Hjerner (Sweden) and Winfried Holzwarth (Germany) respectively; and Umberto de Pretto, Head of Division (ICC IHQ).