WEBINAR Standby Letter of Credit

Topic: Standby Letter of Credit, Standby subject to UCP 600 & ISP98, Questions & Answers

With continuing convergence of standby letter of credit and guarantee operations in many banks, more and more bank specialists - specialists on bank guarantees - are now required to become fully conversant with standby letter of credit operations.

Standby letter of credit is the same purpose instrument as the demand guarantee, but, on the other hand, it differs from it on many operational aspects. There are many differences between UCP 600, ISP 98 - the rules for standbys and URDG 758 - rules for demand guarantees.

This Seminar is a must for:

Bank specialists in guarantee and standby letter of credit departments, as well as other interested specialists in the bank front or middle office, as well as lawyers, auditors, compliance specialists would certainly welcome this webinar. Also business people using these instruments would benefit enormously from the event!

Program:

08:30 - 09:00 Registration

09:00 - 09:05 Welcome and Opening of the Webinar - Representatives of ICC CR

09:15 - 10:00 Standby Letter of Credit - Trade Cycle, how it works

• Introduction to Standby L/C
• Cycle: Issuance, Advice, Confirmation, Amendment, Expiry,
• Demands and Payments under Standbys

10:00 - 10:30 Standby Letter of Credit subject to UCP 600

• Standby under UCP 600 - main issues
• Unsuitable or problematic UCP 600 articles for standbys
• Examination of presentations under standbys subject to UCP 600
• Questions and Answers

Speaker: Pavel Andrle

10:30 - 10:40 Tea / Coffee Break

10:40 - 12:00 Standby Letter of Credit subject to UCP 600 - continuation

• Interesting ICC Opinions and Docdex Cases on Standbys subject to UCP 500 & UCP 600
• Questions and Answers

Speaker: Pavel Andrle

12:00 - 13:00 Lunch

13:00 - 14:10 SWIFT messages for Standby Letter of Credit - proper use

• MT760, MT767
• New SWIFT messages for Standbys
• Questions and Answers

Speaker: TBA

14:10 - 14:30 Tea / Coffee Break

14:30 - 15:45 Standby Letter fo Credit subject to ISP98

• Standby Letter of Credit in US, history, law
• Standby practices in US
• Counter Standby - Standby, Confirmation
• Examination of presentations under ISP98
• Main issues in practice, Extension clauses
• Interesting court cases on standbys in US
• Questions and Answers

Speaker: Buddy Baker

16:00 - 16:30 Standby L/C subject to ISP98 - debate on selected topics

• Reduction, termination, extension clauses
• Extend or pay demands
• Examination
• Questions and Answers

16:30 Closing remarks

Speakers:

 Pavel Andrle

Mr. Pavel Andrle, BSc., LL.M is well known international trade and finance consultant and lecturer. He has worked for a number of leading local and international banks in various positions (e.g. as trade finance specialist, head of trade finance, trade finance risk manager, in-house trainer. He is the Secretary to the Banking Commission of ICC Czech Republic which he regularly represents at the ICC Banking Commission meetings abroad. He chaired the working groups of ICC CR which revised translations of UCP 500, UCP 600, eUCP, ISP98, URDG 758 and other Banking Commission documents into Czech language. He has been deeply involved in the revision of UCP as a member of UCP 600 Consulting group being formed by over forty experts from all over the world. Nowadays, he is also a member of ICC Task Force on Guarantees, also a member of the ICC Banking Supply Chain Finance Forum (formerly he was member of the Task Force for Forfaiting). In years 2010-2011 he also served as a member of the ICC Banking Commission Group of Experts which drafted the official ICC Banking Commission Opinions on ICC Rules.

 Walter (Buddy) Baker

Mr. Walter (Buddy) Baker is a VP in the Investment Banking Division at Goldman Sachs Bank USA, where he acts as the bank’s subject matter expert on letters of credit and focuses on syndicated letter of credit facilities. Having spent over 40 years in the industry, including stints with ABN AMRO Bank, Bank of America, and 5 other banks that no longer exist, Buddy is a recognized expert in trade finance and author of numerous magazine articles and the books Users’ Handbook for Documentary Credits under UCP600 (ICC Publication no.694), Documentary Payments & Short-Term Trade Finance, and The Regulatory Environment of Letters of Credit and Trade Finance. He makes frequent presentations on letters of credit and trade finance for groups of exporters, bankers, and lawyers and designed the online training programs used by the Association of International Credit and Trade Finance Professionals (“ICTF”). As a member of the Standby and Commercial Letter of Credit Committees of the Bankers Association for Finance and Trade, the Advisory Council of the Institute of International Banking Law and Practice, and the Council for International Standby Practices, Mr. Baker has been actively involved in establishing national and worldwide standard practices for L/Cs since the 1980s. He participated in the latest revision of the Uniform Customs and Practice for Documentary Credits (“UCP600”), contributed to the creation of the International Standard Banking Practices for the Examination of Documents under Letters of Credit (“ISBP”) and of the Standard Definitions for Techniques of Supply Chain Finance, and served on the drafting committees for the International Standby Practices (“ISP98”) and Article 5 of the Uniform Commercial Code, the law governing letters of credit in the US. He authored the training modules on standby letters of credit used by the ICC Academy and was recently named the US representative to the ICC Banking Commission and joined the ICC Task Force on Guarantees. Buddy earned his undergraduate degree at Yale and his MBA at Northwestern University, in Chicago.

Event registration fees:

4.900,- Kč (incl. 21localhost VAT) per person

165 € (without VAT) per person

• Standard discounts applicable for members off the ICC Czech Republic.
• Registration for the event is binding, no refund.