UNDERSTANDING UCP600, ISP98 AND URDG758 WITH GLOBAL COURT CASE STUDIES

August 7, 2019

TWO DAY WORKSHOPS ON

UNDERSTANDING UCP600, ISP98 AND URDG758 WITH GLOBAL COURT CASE STUDIES

Date     : Thursday & Friday, 24 & 25 October 2019
Time    : 09.00am – 17.00pm
Venue  : Yogyakarta* (Hotel tbc)

INTRODUCTION

UCP 600 came into effect on 1 July 2007, used by letter of credit practitioners worldwide, Uniform Customs and Practice for Documentary Credits (UCP) are the most successful private rules for trade ever developed. Bankers, traders, lawyers, transporters, academics and all who deal with letter of credit transactions worldwide will refer to UCP 600 on a daily basis.

ISP98 became effective on 1 January 1999. ISP98 provides standby users with rules designed for standbys, as opposed to the UCP, which was not. Because the UCP was designed for commercial LCs, considerable care has to be exercised to avoid difficulties and traps when using it for standbys. ISP98 avoids these problems and anticipates issues that commonly arise under standby practice.

ISP98 was designed not only for bankers who already knew the practices being articulated, but also for lawyers and corporate users who may not be intimately familiar with them, and ultimately judges who must decide disputes.

URDG 758 reflect international standard practice in the use of demand guarantees and balance the legitimate interests of all parties. More than an update of the existing rules, the revised URDG 758 is a new set of rules for the twenty-first century that has been in effect since the 1st of July 2010.

Since their first adoption in 1991, ICC’s URDG have gained international acceptance and official recognition by bankers, traders, industry associations and international organizations including UNCITRAL, FIDIC and the World Bank. The current edition, URDG 758, was officially endorsed by the UN Commission on International Trade Law (UNCITRAL) in 2011.

WHO SHOULD ATTEND?

 Bankers
 Lawyers
 Corporates

WHY SHOULD ATTEND?

 To eliminate the misunderstandings that currently exist that standby letters of credit and demand guarantees are somehow distinct instrument
 To encourage people to choose the rules appropriate to the situational need
 Risk Mitigation

SPEAKER:

MR. SOH CHEE SENG

Dr. Soh Chee Seng is Technical Consultant on Trade Finance Issues for the Association of Banks in Singapore and External Trade Finance Adviser of a number of banks in Asia Pacific. He has more than 25 years of experience in trade finance operations with local and foreign banks in Singapore and Malaysia. He currently serves as a member of the UCP600 Drafting Group commissioned by the ICC Banking Commission to revise UCP500. He served as a member of the task force on international standard banking practice for documentary credits. Dr. Soh is also a member of the Panel of Experts, International Chambers of Commerce (ICC) Rules for Documentary Credit Dispute Resolution Expertise (DOCDEX).

Dr. Soh has been invited by the number of financial institutions and bankers associations in South East Asia to conduct a series of workshops on international trade finance, risks in trade finance, ISBP, UCP500, ISP98 and Incoterms 2000. He has also been invited by the Supreme People’s Court of China, Shanghai High People’s Court and Tianjin High People’s Court to conduct seminars on ISBP for the judges in China. He has been invited as an expert witness to give his opinions on numerous LC cases in China, Hong Kong, Malaysia, Singapore and South Korea.

Dr. Soh received his Ph.D. in law from the China University of Political Science and Law in 2011. He received his first degree, Bachelor of Commerce degree with first class honors major in Economics, from Nanyang University, Singapore, in 1973, and completed the Advanced Bank Management Program with the Asian Institute of Management in Manila in 1986.

WORKSHOP AGENDA

DATE : THURSDAY, 24 OCTOBER 2019
TIME : AGENDA
08.30 – 09.00 Registration
09.00 – 17.00

 

(including 2 x coffee break,
1 x lunch)

1.    Independent Undertakings

·        Independent Undertakings vs. Dependent Undertakings

·        Types of Standbys and Demand Guarantees Practice Rules

·        Standbys vs. Demand Guarantees

2.   Obligations of Parties to an Independent Undertaking

·        Issuance and Obligations

·        Comparing Confirmations and Counter Undertakings

·        Advice

·        Amendments

·        Expiry of an Independent Undertaking

·        Automatic Amendment and Variation

·        Informing the Instructing Party of a Payment demand

3.   Timely Presentation of Documents

·        The Manner of Presentation

·        Incomplete Presentation

·        Partial and Multiple Drawings

·        Presentation After Normal Business Hours

·        Extend or Pay Demands

·        Closure When the Expiration Date is on a Business day

 

DATE : FRIDAY, 25 OCTOBER 2019
08.30 – 09.00 Registration
09.00 – 17.00

 

(including 2 x coffee break,
1 x lunch)

4.  Examination and Compliance of Documents Presented

·        Extraneous Documents

·        Language

·        Identification of the Undertakings

·        Applicant Approval

·         Merger of Issuer/Guarantor or Confirmer with Another Entity and Change of Name

·        Presentation of Demands or Drafts

·        Requirement that Legal Documents be Presented

5.   Honour and Dishonour

·        Making a Decision to Honour or Dishonour

·        Discretion in the Decision to Honour

·        Dishonour

·        Preclusion

6.  Miscellaneous Issues

·        Retention of the Operative Instrument

·        Transfer of Drawing Rights

·        Transfer by Operation of law

·        Disclaimer

·        Fraud, Abuse or Unconscionability

·        Syndication and Participation

·        Law, Forum and Arbitration

 

Fellicca Patricia Madiadipura

Communication and Event

+62 821 2285 3334

communication@iccindonesia.org

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