In May, 2016 the Nigerian government announced the deregulationof the oil and gas sector which involved the removal of fuelsubsidy1 and the freedom of oil importers to source forforeign exchange (FX) from the secondary sourcesto facilitate their international trade.
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The URDG, being a voluntary instrument, lacks the force of law,and must thus be expressly incorporated by the parties in order forit to apply to a demand guarantee or counter-guarantee. Likewise,parties are free to exclude provisions they are not comfortablewith.6 This means guarantors and counter-guarantors arerest assured that demand guarantees issued by them whichincorporate the URDG, are entirely subject to their own terms,while incorporating beneficial terms of the URDG.
Being a standard form of contract, once incorporated, there islittle need for parties to draft a long form contract. Theprovisions of the URDG are limited to the scope of the matters uponwhich the contracting parties are free to contract on, and issubject to mandatory national laws of the governing jurisdiction,which is the law and jurisdiction of the guarantor or counterguarantor, unless otherwise agreed by the parties.
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