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Therefore, a counter-guarantor is free to contract on anymatter, whether it be commercial or anything else, provided thatthe counter-guarantor agrees to comply with the URDG, if heor she is a guarantor.

Thus, it is clear that the URDG has the potential to revolutionise theinternational trade of oil and gas products, enhance the foreignexchange liquidity in Nigeria and act as a vital instrument forraising the status of the Nigerian oil and gas sector, particularlythe non-core sectors.

If any provision of the URDG were to be found to be invalid,such invalidity is entirely irrelevant to the enforceability ofthe contract. However, even though a provision is enforceablethe parties are free to make their own contract covering the same.As in this case, it is imperative that the parties are clear aboutthe scope of the provisions of the URDG they intend to incorporateinto their contract.7

In this case, the contracting parties have expressed that theywill be bound by the provisions of the URDG, and that it willbe incorporated by reference. Accordingly, the URDG is fully enforceable and the parties are bound to it.

However, this does not necessarily mean that parties areobliged to use the URDG over other instruments of contract.T&G also strongly recommends that parties avoid the use ofthe URDG, and use an instrument of contract they are comfortablewith. This will avoid the complexities of having to establish theterms of other instruments of contract, as well as the fact thatthe parties may miss out on other provisions of that contract whichmay be beneficial to them.

The gist of a contract is generally an expression of theparties' intentions. The standard form of contract in Nigeria is thedraft of the Nigerian Commercial Laws, Nigeria (1970)9 whichcontains a wide range of legal provisions and provisions of that nature, andhas not been repealed or replaced by any other instrument. In view of thelegal provisions available in the Nigerian Commercial Laws, 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 counter-guarantor, unless otherwise agreed by the parties. 827ec27edc