Nigeria: Understanding The Uniform Demand Guarantee Rules No. 758

Last Updated: 8 November 2016
Article by Tracy Izekor

Introduction

In May, 2016 the Nigerian government announced the deregulation of the oil and gas sector which involved the removal of fuel subsidy1 and the freedom of oil importers to source for foreign exchange (FX) from the secondary sources to facilitate their international trade.

Laudable as this deregulation policy may seem, the decline in world crude oil prices and Nigeria's depleting foreign reserves means that the positive impact has not been readily felt by Nigerians, particularly importers, due to their inability to access the FX needed to open Letters of Credit (LCs) for importation of petroleum products.

In a bid to mitigate the challenges posed by the FX crisis, the Central Bank of Nigeria (CBN) has attempted several intervention mechanisms, and the jury is still out on the determination of the effectiveness of these mechanisms and their potential to resolve the FX scarcity. An example of such intervention mechanism is the creation of a priority list for accessing the available FX, including to the manufacturing and oil and gas sector.

Despite the CBN's efforts, the fact remains that importers are still unable to meet up with their FX demands to facilitate the importation of goods. Potentially, the offshore market may create a financing stop gap in meeting Nigerian importers' FX requirements and offshore financiers in sponsoring FX backed LCs, may require Nigerian importers to provide demand guarantees from Nigerian banks.

This article will discuss the provisions of the ICC Uniform Rules for Demand Guarantees No. 7582 (URDG), (which are standard terms of international banking practice in the operation of demand guarantees), and which would be familiar to offshore financiers and their bankers), as well as provide justification for Nigerian banks' incorporation of the provisions of the URDG in their demand guarantees to facilitate international trade.

What is the URDG?

The ICC Uniform Rules for Demand Guarantees No. 7583 (URDG) is a set of voluntary contractual rules, published by the International Chamber of Commerce (ICC) with the aim of regularising and creating a standard set of international banking practice on demand guarantees and counter demand guarantees.

The URDG consists of 35 Articles which in clear, simple and precise terms set a balance in the legitimate and competing interests of the applicant, the guarantor and the beneficiary; limit the risk of unfair calls and demands on guarantors and counter-guarantors; and explain the various important phases in the lifecycle of a demand guarantee, just like the ICC's Uniform Customs and Practice for Documentary Credits (UCP) 6004 which is used for Letters of Credit (LCs) and other documentary credits.5

The URDG, being a voluntary instrument, lacks the force of law, and must thus be expressly incorporated by the parties in order for it to apply to a demand guarantee or counter-guarantee. Likewise, parties are free to exclude provisions they are not comfortable with.6 This means guarantors and counter-guarantors are rest assured that demand guarantees  issued by them which incorporate the URDG, are entirely subject to their own terms, while incorporating beneficial terms of the URDG.

It is important to note that the URDG may apply without the parties expressly including it in certain instances, including where it is in the general usage of a particular trade;7 where the applicable law provides for its application; or where it has been in consistent use in the course of a transaction or dealings between the parties.

Being a standard form of contract, once incorporated, there is little need for parties to draft a long form contract. The provisions of the URDG are limited to the scope of the matters upon which the contracting parties are free to contract on, and is subject to mandatory national laws of the governing jurisdiction, which is the law and jurisdiction of the guarantor or counter guarantor, unless otherwise agreed by the parties.

General principles of the Uniform Rules for Demand Guarantees 758

The URDG describes a demand guarantee as any signed undertaking, however named or described, providing for payment on presentation of a complying demand.8

It provides that where an applicant (that is the party who applies for the issue of a demand guarantee, which in this instance would be the Nigerian importer) defaults, the beneficiary (that is,  the party in whose favour the demand guarantee is issued, which in this instance would be the foreign financier) is entitled to make a demand, by presenting certain documents specified in the guarantee agreement to the guarantor (which in this instance would be the local Nigerian bank), whose role essentially is to examine the documents on their facial appearance only, in order to verify whether they are complying and where they comply, make payment without arguments, except in the case of fraud, which entitles such guarantor bank to refuse payment.

Under the URDG, demand guarantees are completely independent of any underlying relationship between the applicant and beneficiary, and subject to only the terms contained in it, thereby limiting the liabilities and rights of the guarantor bank to only matters it voluntarily commits itself to.  

In this context, demand guarantees differ from true guarantees in that, a true guarantee is an undertaking or promise (of a secondary nature) made by a bank to pay a beneficiary in the event that an applicant fails to pay, upon proof of default.9 Whereas, a demand guarantee is an undertaking or promise (of a primary nature) made by a bank, to pay the beneficiary on its first demand for payment, in the event that an applicant fails to pay, without proof of default. The maxim "pay first and argue later" best describes one of the key principles underlying demand guarantees.10  

The demand guarantee also differs from LCs in that the LC is in itself a means of payment by the applicant in the normal course of the transaction; whereas the demand guarantee is an assurance of payment in the event that the applicant fails to make payment under the actual means of payment, as agreed. However, the demand guarantee is similar to the Standby Letter of Credit, as the payment obligations are alike but differing only in structure. 

The Diagram above depicts a rudimentary structure of a demand guarantee and the relationship between the Applicant, the Guarantor and the Beneficiary. The actual structure would however depend on the complexity and other features of the transaction.

Why should Nigerian banks incorporate the URDG in their demand guarantees?

There are many reasons why a Nigerian bank should adopt the URDG in their demand guarantees, some of which are highlighted below:

  1. Independence from underlying contracts

Article 5 of the URDG expressly provides that the obligations of a guarantor and counter-guarantor is independent of any issues in the underlying contract. This provision is rather favorable to the banks because guarantor and counter-guarantor banks are not usually parties to such underlying contracts, hence, it is unreasonable to have them entangled in issues emanating from such contracts.

  1. Role

The URDG limits the guarantor's responsibility and role in the agreement to dealing with,11 and examining presented documents on their facial appearance of conformity only, without any need to verify the authenticity.12 Furthermore, Article 7 of the URDG entitles a guarantor to disregard non documentary evidence or requirements which cannot be verified from its records. 

Although welcome by beneficiaries and guarantors, applicants on the other hand consider this rule as an exposure to the risk of fraud because in a situation where a beneficiary presents falsified documents or sends inferior goods, the guarantor bank is not required to verify the validity of the goods or services being rendered in the underlying contract, but merely to examine the presented documents on the facial appearance only.   

That being said, the importance of this provision to the fluidity of international trade cannot be gainsaid, as banks remain unencumbered by the underlying contract, are entitled to rely on complying documents, and are protected from liability in instances where falsified documents are presented on a demand for payment, as it places the responsibility on the applicant to seek redress in the law courts. 

  1. Amendments

Article 11 provides that where at the time of receiving instructions to amend a guarantee, a guarantor for whatever reason is not prepared or is unable to issue that amendment, the guarantor shall without delay inform the party that gave the instructions to amend of its refusal or inability to do so.

The guarantor thus has a discretion on whether or not to accept an instruction to amend a guarantee.

  1. Entire Agreement

Article 12 of the URDG limits the liability of the guarantor to only the terms contained in the agreement, hence further alienating and protecting the guarantor bank from liabilities emanating from other agreements entered into by the other parties to the contract of which it may or may not even be aware.

  1. Demand

Article 15 of the URDG provides that where a beneficiary makes a demand on a guarantor, the demand shall be accompanied by the documents specified in the guarantee and also by a supporting statement which indicates in what respect the applicant is in breach of its obligations under the underlying contractual relationship.

This rule undoubtedly stands in favour of the guarantor bank because it provides an opportunity or a basis upon which the guarantor may challenge a demand in court by claiming that an accompanying statement is false.

  1. Currency Payment default

Article 21 of the URDG ensures that a guarantor bank is not held in default in the event that it is unable to pay the beneficiary in the currency specified in the demand guarantee, due to an impediment beyond its control or because it is illegal under the law of the place for payment, by providing that the guarantor may make payment in the currency of the place for payment, which need not be the same as the place where the presentation was made.

This provision also works in favour of the beneficiary, as it can rest assured that irrespective of unforeseen disruptions, payment can be made in a different currency (that is, the currency of the place of payment) according to the applicable rate of exchange prevailing there when payment or reimbursement is due.

In a country beset by unpredictable currency fluctuations, the ability to pay in a currency other than the currency stipulated in the guarantee must have considerable advantages. Hopefully, the financier should have in place a Certificate of Capital Importation, which then entitles it to purchase foreign exchange in the official exchange market for remittance offshore. 

  1. Discretion

Article 23 provides that where a guarantor receives an extend or pay request, which is a request made by a beneficiary for the extension of the validity of the guarantee, or alternatively for payment of the demand sum, a guarantor bank may suspend payment for a period not exceeding 30 calendar days; and where following the suspension, the guarantor makes an extend or pay request under the counter-guarantee, the counter guarantor may suspend payment for a period not exceeding 26 calendar days to enable the parties resolve any dispute between them and agree to extend the validity of the guarantee.13

Where no extension is granted, the guarantor must pay after the 30 calendar days have elapsed without any further demand being required. But if the extension is granted during that time, the demand is deemed to be withdrawn,14 and the guarantee and counter-guarantee will need to be amended to effect this change. In practice, extend or pay requests which result in an extension happen far more frequently than actual payment of the guarantee.

In favour of the guarantor bank, the URDG entitles a guarantor and counter-guarantor to a discretion on whether or not to accept an extend or pay request.15

  1. Exemption from Liability

Articles 27 to 30 of the URDG exempts the guarantor from liability on the quality of documents presented to it;16 on errors it may make in the transmission of documents;17 or the acts of its agents and subagents18 and any act or omission carried out by it in the course of carrying out the applicant's directives where it acts in good faith.

  1. Indemnity

Article 31 of the URDG provides for unlimited indemnity in favour of a guarantor and counter-guarantor with regard to all obligations and responsibilities imposed on them by foreign laws and usages. These obligations or responsibilities may include foreign regulations obligating guarantor to indemnify other third parties or pay fees or charges outside the scope of the transaction or impose a validity period on guarantees.19

The URDG backed guarantee ensures that the guarantor and counter guarantor banks are indemnified for their loss in such instances.

  1. Transfer and Assignment

Article 33 of the URDG provides that a guarantee is transferable only if it specifically states that it is "transferable", in which case it may be transferred more than once for the full amount available at the time of transfer. However, a counter-guarantee is not transferable.

It further provides that a guarantor may refuse a request by a beneficiary for the transfer of a guarantee and assignment of proceeds. Hence such transfers can only be done to the extent that a guarantor has expressly consented to it, failing which the guarantor has a right to refuse to pay the proposed assignee.

This provision is highly beneficial to the guarantor, who can withhold its consent to a transfer or assignment of a guarantee, even if the guarantee provides that it is transferable.20 Thus the URDG provides an in-built protective mechanism for the guarantor.

This protection is important for various reasons amongst which are: the likelihood of termination of an existing insurance coverage by reason of such transfer; the need for banks to be able to assess the credit worthiness of the potential beneficiary;21 and to help a guarantor bank determine the possibility of payment recovery in the event that the courts decide that the proposed beneficiary is not entitled to payment.

  1. Applicable law and Jurisdiction

Articles 34 and 35 of the URDG provide that except the parties agree otherwise, the guarantor's law and jurisdiction applies to the demand guarantee and in the case of a counter guarantee, the counter guarantor's law and jurisdiction applies to the counter guarantee.

Thus, where a Nigerian bank gives a guarantee, Nigerian law automatically governs the guarantee and the courts of Nigeria have jurisdiction over any dispute, without any need for the guarantee to provide to that effect.

As a practical matter, foreign financiers typically prefer that English law govern their financing instruments (except with respect to security located in Nigeria, which must be governed by Nigerian law as the lex situs). Incorporating the URDG automatically swings the balance of negotiation in favour of the Nigerian bank, who may rely on the default provisions.

Irrevocability

While the foregoing Articles seem to be mainly in favour of the guarantor, it is useful to mention that Article 4(b) of the URDG appears to swing in favour of the beneficiary to the disadvantage of the guarantor, by providing that a demand guarantee issued subject to the URDG is deemed irrevocable, even though the guarantee declares itself to be revocable.  This obviously precludes guarantors from issuing revocable demand guarantees.

In our view, this rule is not as dis-advantageous as it appears. In reality, a bank is not likely to issue a revocable guarantee in international trade as the probability of beneficiaries accepting revocable guarantees is very low because of the little protection it affords them.   Also, even where a guarantor bank is desirous of issuing a revocable guarantee, it can simply exclude the applicability of Article 4(b)22.

The URDG: Should Nigerian Banks adopt it as a matter of course?

As a matter of practice, demand guarantees issued by Nigerian banks tend to be bespoke and differ largely from bank to bank.  Overall, Nigerian banks tend to include some of the protection afforded by the URDG in their respective demand guarantees to varying extent.

We are of the view that since the URDG offers more protection to Nigerian banks, negotiating bespoke guarantees can be more trouble than it is worth. By adopting the URDG, demand guarantees issued by Nigerian banks can be much simpler documents, as all the protection found in a standard Nigerian bank guarantee are included in the URDG, while the URDG has additional protection which may not necessarily be found in bespoke bank guarantees.   

Consequently, we are of the view that Nigerian banks should adopt the URDG in their demand guarantees, (subject to any exclusions they may wish to make) for the following cogent reasons:

  • Various editions of the Uniform Rules for Demand Guarantees have been in use by banks and other guarantors around the world for over 24 years23 and have proven to be advantageous and dependable, as it creates a reasonable balance between the competing interests of the contracting parties, tilting in favour of the guarantor;
  • The URDG 758 has been endorsed by various bank regulators, financial institutions24, international organizations such as the World Bank and the United Nations Commission on International Trade Law (UNCITRAL)25 as well as a number of professional bodies26.
  • Following the widespread acceptance and application of the URDG on demand guarantees all over the world, relevant regulators and institutional bodies in Nigeria like the Central Bank of Nigeria and the Nigerian National Committee of the ICC, have supported the adoption of URDG by organizing and conducting various seminars to reflect and disseminate information on the URDG to authorized dealers and stakeholders.27

These widespread acceptance and endorsements are mainly due to the fact that adopting the URDG brings on board the benefits of adopting a standardized agreement, especially in cross border transactions, as it:

  • brings transparency to the guarantee, especially where the beneficiary has limited understanding of Nigerian law;
  • reduces risk for all parties involved as they are contracting based on tried and tested legal terms and structure;
  • reduces negotiation and brings efficiency to the transaction documentation and timelines;
  • saves time and costs;
  • is internationally acceptable.

Finally, banks should remember that the terms and conditions of the URDG are not cast in stone, and they are free to exclude any terms they find not suitable or amenable to their appetite.

Footnotes

1 Which had the effect of spiking the maximum approved price for the sale of PMS from N86.50 to about N145 per litre, as revealed in the National Bureau of Statistics: Premium Motor Spirit, Price Watch (June 2016).

2 Uniform Rules for Demand Guarantees 2010 Revision, ICC Publication No.758

3 The ICC Uniform Rules for Demand Guarantees No. 758 is the most current international contractual set of Rules applicable to demand guarantees and counter demand guarantees.

4 ICC Uniform Customs and Practice for Documentary Credits, 2010 Revision (UCP 600)

5 B. Amit,. "International Rules for Demand Guarantees – URDG 758". [Online] Available at: https://www.scribd.com/mobile/doc/63397237/International-Rules-for-Demand-Guarantees-URDG-758 Accessed [5 September 2016]

6 Article 1(a) ICC Uniform Rules for Demand Guarantees No. 758; Exclusion is by parties expressly stating in the agreement that certain clauses are excluded.

7 Common law principle

8 Article (2) ICC Uniform Rules for Demand Guarantees No. 758; The demand must be for payment of a specific or maximum monetary obligation only.

9 Here, the guarantor's obligations may be affected by issues over the underlying contract between the beneficiary and the applicant.

10 Here, the guarantor's obligations are not affected by issues over the underlying contract between the beneficiary and the applicant

11 Article (6) ICC Uniform Rules for Demand Guarantees No. 758

12 Article (19) ICC Uniform Rules for Demand Guarantees No. 758

13 This is a vast improvement compared to its predecessor the URDG 458 which provided that the suspension should be for a reasonable time, without defining what amounts to a reasonable time.

14 Article 23(d) ICC Uniform Rules for Demand Guarantees No. 758

15 A vast improvement from its predecessor which obligated the guarantor to accept the request.

16 Article (27) ICC Uniform Rules for Demand Guarantees No. 758

17 Article (28) ICC Uniform Rules for Demand Guarantees No. 758

18 Article (29) ICC Uniform Rules for Demand Guarantees No. 758

19 Which may have the effect of overriding the intended or agreed period of the guarantee.

20 Article 33 (b) ICC Uniform Rules for Demand Guarantees No. 758

21 Central Bank of Nigeria (2013). "Anti-money Laundering and Combatting the Financing of Terrorism in Banks and Other Financial Institutions in Nigeria, Regulations 2013, Part VII".

22 Although Article 4(b) provides that a guarantee is irrevocable on issue even if it does not state this, Article 1(b) however provides that the provisions of the rules may be modified by the parties.

23 It has been in existence since 1992, till date and No. 758 is the current version.

24 World Bank likewise announced in 2012 that it updated its Procurement Division's model guarantee forms so they are    now subject to URDG 758

25 United Nations Commission on International Trade Law which endorsed URDG 758 in 2011; Organization for the   Harmonization of Business Law in Africa (OHADA) approved URDG 758

26 International Federation of Consulting Engineers upgraded the model guarantee forms used in connection with its model construction contracts to include the new URDG 758 in 2012

27 Vanguard Newspaper. 2010. 'CBN, ICC Nigeria collaborate on Uniform Rules for Demand Guarantees'. 8 June 2010. [Online] Available at: dhttp://www.vanguardngr.com/2010/06/cbn-icc-nigeria-collaborate-on-uniform-Rules-for-demand-sguarantees/Accessed [30 August 2016]

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

Authors
 
In association with
Up-coming Events Search
Tools
Print
Font Size:
Translation
Channels
Mondaq on Twitter
 
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
 
Email Address
Company Name
Password
Confirm Password
Position
Mondaq Topics -- Select your Interests
 Accounting
 Anti-trust
 Commercial
 Compliance
 Consumer
 Criminal
 Employment
 Energy
 Environment
 Family
 Finance
 Government
 Healthcare
 Immigration
 Insolvency
 Insurance
 International
 IP
 Law Performance
 Law Practice
 Litigation
 Media & IT
 Privacy
 Real Estate
 Strategy
 Tax
 Technology
 Transport
 Wealth Mgt
Regions
Africa
Asia
Asia Pacific
Australasia
Canada
Caribbean
Europe
European Union
Latin America
Middle East
U.K.
United States
Worldwide Updates
Check to state you have read and
agree to our Terms and Conditions

Terms & Conditions and Privacy Statement

Mondaq.com (the Website) is owned and managed by Mondaq Ltd and as a user you are granted a non-exclusive, revocable license to access the Website under its terms and conditions of use. Your use of the Website constitutes your agreement to the following terms and conditions of use. Mondaq Ltd may terminate your use of the Website if you are in breach of these terms and conditions or if Mondaq Ltd decides to terminate your license of use for whatever reason.

Use of www.mondaq.com

You may use the Website but are required to register as a user if you wish to read the full text of the content and articles available (the Content). You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these terms & conditions or with the prior written consent of Mondaq Ltd. You may not use electronic or other means to extract details or information about Mondaq.com’s content, users or contributors in order to offer them any services or products which compete directly or indirectly with Mondaq Ltd’s services and products.

Disclaimer

Mondaq Ltd and/or its respective suppliers make no representations about the suitability of the information contained in the documents and related graphics published on this server for any purpose. All such documents and related graphics are provided "as is" without warranty of any kind. Mondaq Ltd and/or its respective suppliers hereby disclaim all warranties and conditions with regard to this information, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. In no event shall Mondaq Ltd and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use or performance of information available from this server.

The documents and related graphics published on this server could include technical inaccuracies or typographical errors. Changes are periodically added to the information herein. Mondaq Ltd and/or its respective suppliers may make improvements and/or changes in the product(s) and/or the program(s) described herein at any time.

Registration

Mondaq Ltd requires you to register and provide information that personally identifies you, including what sort of information you are interested in, for three primary purposes:

  • To allow you to personalize the Mondaq websites you are visiting.
  • To enable features such as password reminder, newsletter alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our information providers who provide information free for your use.

Mondaq (and its affiliate sites) do not sell or provide your details to third parties other than information providers. The reason we provide our information providers with this information is so that they can measure the response their articles are receiving and provide you with information about their products and services.

If you do not want us to provide your name and email address you may opt out by clicking here .

If you do not wish to receive any future announcements of products and services offered by Mondaq by clicking here .

Information Collection and Use

We require site users to register with Mondaq (and its affiliate sites) to view the free information on the site. We also collect information from our users at several different points on the websites: this is so that we can customise the sites according to individual usage, provide 'session-aware' functionality, and ensure that content is acquired and developed appropriately. This gives us an overall picture of our user profiles, which in turn shows to our Editorial Contributors the type of person they are reaching by posting articles on Mondaq (and its affiliate sites) – meaning more free content for registered users.

We are only able to provide the material on the Mondaq (and its affiliate sites) site free to site visitors because we can pass on information about the pages that users are viewing and the personal information users provide to us (e.g. email addresses) to reputable contributing firms such as law firms who author those pages. We do not sell or rent information to anyone else other than the authors of those pages, who may change from time to time. Should you wish us not to disclose your details to any of these parties, please tick the box above or tick the box marked "Opt out of Registration Information Disclosure" on the Your Profile page. We and our author organisations may only contact you via email or other means if you allow us to do so. Users can opt out of contact when they register on the site, or send an email to unsubscribe@mondaq.com with “no disclosure” in the subject heading

Mondaq News Alerts

In order to receive Mondaq News Alerts, users have to complete a separate registration form. This is a personalised service where users choose regions and topics of interest and we send it only to those users who have requested it. Users can stop receiving these Alerts by going to the Mondaq News Alerts page and deselecting all interest areas. In the same way users can amend their personal preferences to add or remove subject areas.

Cookies

A cookie is a small text file written to a user’s hard drive that contains an identifying user number. The cookies do not contain any personal information about users. We use the cookie so users do not have to log in every time they use the service and the cookie will automatically expire if you do not visit the Mondaq website (or its affiliate sites) for 12 months. We also use the cookie to personalise a user's experience of the site (for example to show information specific to a user's region). As the Mondaq sites are fully personalised and cookies are essential to its core technology the site will function unpredictably with browsers that do not support cookies - or where cookies are disabled (in these circumstances we advise you to attempt to locate the information you require elsewhere on the web). However if you are concerned about the presence of a Mondaq cookie on your machine you can also choose to expire the cookie immediately (remove it) by selecting the 'Log Off' menu option as the last thing you do when you use the site.

Some of our business partners may use cookies on our site (for example, advertisers). However, we have no access to or control over these cookies and we are not aware of any at present that do so.

Log Files

We use IP addresses to analyse trends, administer the site, track movement, and gather broad demographic information for aggregate use. IP addresses are not linked to personally identifiable information.

Links

This web site contains links to other sites. Please be aware that Mondaq (or its affiliate sites) are not responsible for the privacy practices of such other sites. We encourage our users to be aware when they leave our site and to read the privacy statements of these third party sites. This privacy statement applies solely to information collected by this Web site.

Surveys & Contests

From time-to-time our site requests information from users via surveys or contests. Participation in these surveys or contests is completely voluntary and the user therefore has a choice whether or not to disclose any information requested. Information requested may include contact information (such as name and delivery address), and demographic information (such as postcode, age level). Contact information will be used to notify the winners and award prizes. Survey information will be used for purposes of monitoring or improving the functionality of the site.

Mail-A-Friend

If a user elects to use our referral service for informing a friend about our site, we ask them for the friend’s name and email address. Mondaq stores this information and may contact the friend to invite them to register with Mondaq, but they will not be contacted more than once. The friend may contact Mondaq to request the removal of this information from our database.

Security

This website takes every reasonable precaution to protect our users’ information. When users submit sensitive information via the website, your information is protected using firewalls and other security technology. If you have any questions about the security at our website, you can send an email to webmaster@mondaq.com.

Correcting/Updating Personal Information

If a user’s personally identifiable information changes (such as postcode), or if a user no longer desires our service, we will endeavour to provide a way to correct, update or remove that user’s personal data provided to us. This can usually be done at the “Your Profile” page or by sending an email to EditorialAdvisor@mondaq.com.

Notification of Changes

If we decide to change our Terms & Conditions or Privacy Policy, we will post those changes on our site so our users are always aware of what information we collect, how we use it, and under what circumstances, if any, we disclose it. If at any point we decide to use personally identifiable information in a manner different from that stated at the time it was collected, we will notify users by way of an email. Users will have a choice as to whether or not we use their information in this different manner. We will use information in accordance with the privacy policy under which the information was collected.

How to contact Mondaq

You can contact us with comments or queries at enquiries@mondaq.com.

If for some reason you believe Mondaq Ltd. has not adhered to these principles, please notify us by e-mail at problems@mondaq.com and we will use commercially reasonable efforts to determine and correct the problem promptly.