Guarantees & Standby.Letters of Credit Masterclass - Become familiar with all main aspects of guarantee (standby) process

Mike Morley

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$349


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 What makes this webinar different

·Learning about main aspects of the demand guarantees and standbys from the international best practices point of view;

·Getting familiar with the most common situations when demand guarantees and standbys are used;

·Understanding the risks involved and how to mitigate them;

·Applying ICC Rules in the most appropriate manner;

·Getting up to date with the recent developments in the area such as the most recent ICC Opinions, important Docdex cases, significant court cases

 

The main purpose of the webinar is to familiarise the participants with all main aspects of guarantee (standby L/C) process, standard as well as more advanced situations, problematic issues and current topics in the field of demand guarantees and standby Ls/C practice with particular focus on proper drafting of the terms and conditions of the instruments.

The session will be provided in the form of case studies, examples and discussions, i.e. with the active participation of all participants. Material relevant to the course will be distributed and a certificate of attendance will be delivered to all those who completed the course. Good working knowledge and familiarity with guarantees are recommendable to derive the maximum benefit from this course.

Introduction to International Guarantees (Bonds)

· Nature of Guarantees – Demand v. Accessory Guarantee (suretyships)

oPurpose of Guarantees

oMain features of Guarantees

oAbstract (Demand) Guarantees explained

oAccessory (Suretyship) Guarantees explained

oExamples of Demand and Accessory guarantees

oCase studies – is it a demand or accessory guarantee?

oIssuers of Guarantees

 

Main types of International Demand Guarantees

·Tender Guarantee

· Advance payment Guarantee

·Performance Guarantee

·Retention Money Guarantee

·Warranty Guarantee

·Payment Guarantee

·Facility Guarantee

·Shipping Guarantee

 

Demand Guarantee Cycle

·Issuance of Guarantees

o   Direct v. Indirect Guarantees

o   Advising of Direct Guarantee

o  Counter-Guarantee and Guarantee

·Amendments to Guarantees

o   Problems with amendments in practice

·Termination of Guarantees

· Problems with termination of guarantees in practice

· Demands – main issues

o   Terms and conditions of guarantees regarding presentations for demands

o   Problems with demands in practice – examination of demands

 

Specific procedural issues

· ICC Rules for Demand Guarantees – URDG 758 – main principles explained

· Terms and Conditions of Demand Guarantees

o   Effectiveness / Operativeness clauses

o   Reduction Clauses

o   Termination Clauses

o   Issue of non-documentary conditions and how to deal with it

o   Problems with Demand Guarantees in practice – interesting ICC Banking Commission Opinions, Docdex Cases on Guarantees

o   Selected Court cases on various issues related to the usage of guarantees

 

Introduction to International Standby Letters of Credit

·Nature of Standby Letters of Credit

o   Purpose of Standbys

o   History of Standbys

o   Main features of Standbys

o   Examples of Standby Letter of Credit

  

Standby Letter of Credit Cycle

·Issuance of Standby

o   Direct v. Indirect Standby

o   Advising of Standby

o   Confirmation of Standby

·Amendments to Standbys

·Termination of Standbys

·Demands under Standbys – main issues

         

Standby Letter of Credit subject to ICC Rules UCP 600

·Standby subject to UCP 600 – main issues

·Pitfalls of using UCP 600 for standbys – main practical issues

·Examination of documents made under a standby subject to UCP 600

·Case studies based on significant ICC Banking Commission Opinions related to Standbys under UCP 600

·Case studies based on selected Docdex Cases related to Standbys under UCP 600

 

Standby Letter of Credit subject to ISP98 (International Standby Practices)

·Standby subject to ISP98 – main issues

Standby subject to ISP98 - main practical aspects

·Examination of documents presented under a standby subject to ISP98

   

Specific procedural issues related to the Standby Letter of Credit

·Extend or pay demands

·Evergreen clauses – main principles of proper drafting

 

Disputes on Standby Letter of Credit

·Case studies based on significant Court decisions related to Standbys

 

Summary

This is an advanced practical webinar on international guarantees and standby letters of credit.

The Letters of Credit Course has been developed to provide very comprehensive coverage of the subject. It will explain all main aspects of using guarantees and standbys in the international business in accordance with ICC Rules – URDG 758 for Demand Guarantees and UCP 600 or ISP 98 for Standbys. The most significant recent ICC Banking Commission Opinions and DOCDEX cases will be also covered in the lectures.

The event is very focused and practical. Participants will learn how to issue and use the security instruments in their daily work, i.e. there will be plenty of various cases studies, examples, debates on the issues.

This event has been designed to provide comprehensive and profound knowledge in relation to independent payment undertakings at an advanced level, and is, therefore, a must for:

·Specialists in trade finance with a working experience, back-office bank specialists who need to broaden their knowledge and understanding of guarantees and standbys as per ICC rules;

· Bankers working in trade finance, particularly in documentary payments, bank guarantees and export/import finance departments, especially those providing respective advisory services to the customers.

The webinar deals with both the standard and more advanced situations and practical issues in relation to demand guarantees ad standbys in accordance with best practices as reflected in ICC rules and publications. Participants will learn all relevant main UCP 600, URDG 758 and ISP 98 provisions in a practical manner, i.e. by applying them through various case studies and debates on the subject.

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Training CD-DVD

Physical CD-DVD of recorded session will be despatched after 72 hrs on completion of payment


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Speaker: Mike Morley,

A Certified Public Accountant, business author Mike Morley is an entertaining and informative speaker and a recognized authority in the field of finance. Mike offers various training programs, such as IFRS, SOX, and Financial Statement Analysis that focus on providing continuing education opportunities for finance and accounting professionals. Many Fortune 500 companies take advantage of his training programs to bring their staff up to speed so that everyone understands what their responsibilities are. Mike is the author of several books, including: “IFRS Simplified” which provides a jump start for accountants and finance executives who want to quickly and easily get up to date on IFRS. “Sarbanes-Oxley Simplified” which is an easy-to-read explanation of the requirements of the U.S. legislation that makes CEO's & CFO's personally responsible for the accuracy of their company's financial statements. “Financial Statement Analysis Simplified” which translates the accounting language of financial statements into clear, easy-to-understand terms that anyone who needs to make well-informed financial decisions quickly will appreciate


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