A Practical Guide to Independent Undertakings in the Oil and Gas Industry
Despite the oil and gas industry’s substantial use of undertakings, little effort has been made to harmonize or qualify the undertakings to the industry. To address this, BAFT convened a global working group and tasked it to analyze and achieve a common understanding of:
- The customs, practices and terms used in the industry;
- Interpretations by banks/parties that issue and process these undertakings; and
- Views expressed by the International Chamber of Commerce (ICC), which provides guidance, rules and official interpretative opinions for the rule sets they provide (UCP and URDG).
This guide is the product of the work completed by the working group.
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