ICC Uniform Rules for Contract Guarantees

There are three major types of contract guarantees – tender bonds, performance guarantees and repayment guarantees – and each of the three parties involved has a different interest.

The ICC Uniform Rules for Contract Guarantees aim to achieve a fair balance between the legitimate interests of all three parties.

They invest guarantee practice with a moral content by establishing the principle that a claim under a guarantee must be justified. By doing this, they encourage greater confidence in such guarantees and enable them to play a wider role in international commerce.