Demand Guarantees Seminar

Associate Pavlos Mundis attended a seminar on Demand Guarantees and the application of URDG 758, on 8 March 2016, organised by the Cyprus Institute of Financial Services and the Cyprus Chamber of Commerce and Industry. The seminar introduced the participants to the various types of guarantees, including but not limited to (a) Tender Guarantee (b) Advance Payment Guarantee (C) Performance Guarantee and (d) Warranty and Retention Guarantee, and analysed in detail the application of the Uniform Rules for Demand Guarantees URDG 758.

The most interesting part of the seminar was the analysis of the importance of choice of law, by providing examples with surprising consequences, e.g., if a governing law from an Arab jurisdiction is chosen instead of Cyprus law.