Accredited with

6.5 SRA CPDhours

Accredited with

13 PDUs or SRA

CPD hours

Keysource Consulting Ltd and its courses areaccredited by the Solicitors Regulation Authorityand the ifs School of Finance.

A step-by-step guide to themethodology and operation ofguarantees

Detailed assessment of the ICC rulesrelating to guarantees (URDG 758)and operational considerations oftheir use

Drafting of guarantees and thehandling of claims - practicalexercises on how to avoid the pitfalls

BANKGUARANTEESin International Trade

London 22nd May 2012

Documentary Credits and BankGuarantees in International Trade

Keysource Consulting Ltd is pleased to announce itsforthcoming training events, which are specificallydesigned for delegates from the BANKING, TRADING,LEGAL, INSURANCE and TRANSPORT industries whowould benefit from an in-depth and interactive workshopon the operation and practical impact of:

Event organised by

The Documentary Credits workshop is registered withthe ifs as a course for the Certified DocumentaryCredit Specialist Re-Certification Programme.

Comprehensive analysis ofdocumentary credits, supported bycase study sessions on issuance,workability and document checkingunder UCP600

Review and application of relative ICCrules including UCP600 and ISBP681

Overview of specialised credits andtheir operation - what are the risks andhow can they be minimised?

DOCUMENTARYCREDITSin International Trade

London29th & 30th May 2012

2

1

Bank GuaranteesTuesday 22nd May, 2012

COURSE INTRODUCTION

�Indemnities and guarantees- similarities and differences

GUARANTEES

�Definition of guarantees�Their role and importance in international

trade�Review of the main types of guarantees�Parties to the “commercial” and

“guarantee” contracts�Their relationships and respective

responsibilities�Step-by-step review of banking

procedures for issuing, processing andmaintaining guarantees

Independence of the Guarantee Contract

�As endorsed by the Edward OwenEngineering -v- Barclays Bank Internationaland Umma Bank legal case.

ICC Uniform Rules for DemandGuarantees (ICC Publication No. 758)

�Objectives of the Revision

�Detailed analysis of the most significantand controversial changes

�Application of the Rules and theirpotential wider use

�The new concept of Standard Guaranteepractice

�Definitions & Interpretations

�Non-documentary conditions

�Examination & time for examination ofdemand

�Force majeure

�Transfer of guarantee

�Governing law & jurisdiction

CASE Drafting of GuaranteesSTUDY

• Avoiding pitfalls – building adequate safeguards into the documents to maximise security and right of recourse

Handling of demands under guarantees

�“Conditional” -v- “Unconditional”guarantees

�Unfair calls -v- valid claims�The Principal’s and Banker’s perspectives:

can they ever be reconciled?

CASE Handling of Claims STUDY under Guarantees

• Assessment of the validity of claims• Pitfalls to avoid• Notification of parties• Honouring/refusing claims

Cancellation procedures

�Termination of guarantor’s/principal’sliabilities

�Expiry date -v- expiry event�Impact of laws, jurisdictions and banking

practice�Demands for payment or extension

OPEN FORUM DISCUSSION

COURSE REVIEW AND CONCLUSION

Workshop TimingsRegistration & Coffee 08.30 - 08.55Start of Workshop 09.00Lunch 12.45 - 13.45Close of Workshop 17.15

There will be breaks during the morning and afternoon

sessions for refreshments.

IntroductionIn an increasingly litigious businessenvironment, not least in the fieldof international trade finance,providers as well as users of relatedfacilities risk becoming involved incostly and damaging disputesarising from lack of experience andexpertise in the field of complexdocumentation and rules.

The course has therefore been tailoredto address the perceived need for in-depth and practical training. It hasbeen run with great success for manyyears and is constantly reviewed,updated and enhanced to addresschanges in banking practice, case lawand the introduction of new rules.

The complexity and size of commercialcontracts and the increasingly onerousterms of documentary credits andguarantees continue to exercise theminds and knowledge of practitionersand the high proportion of discrepantpresentations is a cause for concernfor both traders and bankers and,often, for friction between them.

The course affords the attendees anideal and safe environment to debateand deal with practical issues. Theworkshops provide an in-depthassessment and detailed explanationof relevant rules, internationalbanking practice and case law as wellas examples of the real life practicaland operational challenges which faceall those involved in internationaltrade finance activities.

In addition and probably of equalvalue and importance, the courseoffers a forum to attendees fromdifferent fields of business activityincluding the banking, trading, legal,insurance and transport industrieswith their different perspectives of theissues being debated. The resultinginteractive environment and positivedebates are thus conducive to a morebalanced and effective approach tothe problems encountered, even thosewhich might otherwise be perceived asinsoluble.

About the event organisersKeysource Consulting Ltd is unique in providing both Training and Recruitment solutions specifically for the Trade & Commodity Finance sector. Because we specialise in Trade & Commodity Finance, you can be assured that you will only receive information that is absolutely key to your businessor career development, delivered by market practitioners with extensive training experience and a real appreciation of the business.As well as arranging events, we are able to provide flexible training solutions which can be tailored to meet the individual requirements of each delegateor organisation. Training can be held in-house or at the Keysource training centre and can range from 2-hour workshops to 2-day courses. For a fulllist of our training subjects, and information on our specialist trade finance recruitment solutions, please visit

www.keysourceconsulting.co.uk

2

Documentary Cre

COURSE INTRODUCTION

THE FINANCING OF INTERNATIONAL TRADE

�The role of banks in international trade

�Analysis of the key methods of financinginternational trade

�Assessment of the risks - what are thesafeguards?

�The risk ladder:- Identifying the risks- Mitigating the risks- Assessment of the most effective payment mechanisms

DOCUMENTARY CREDITS

�The parties to the documentary credit

�Their contractual relationships andinteraction

�The roles, legal and UCP responsibilities of:- The beneficiary (seller)- The applicant (buyer)- The issuing bank- The advising bank- The nominated bank

* The paying bank* The accepting bank* The negotiating bank

- The confirming bank- The reimbursing bank

�Terms of payment and their implications

�Checking, honouring and negotiating ofdocuments - obligations andresponsibilities of the parties

CASE Issuing a Documentary STUDY Credit

• Structure, format, terms & conditions

ICC Uniform Customs & Practice forDocumentary Credits-UCP600

�The practical application of UCP600 –minimising the risks and avoiding thepitfalls

�What have been the issues since the ruleswere introduced?

CASE Analysis of a STUDY Documentary Credit

• Are its terms and conditions consistent?

• Is it workable?

• Pitfalls - how to avoid them

DAY 1 Tuesday 29th May, 2012

1

Workshop Timings Days 1 & 2

Registration & Coffee 08.45 - 09.10Start of Workshop 09.15Lunch 12.45 - 13.45Close of Workshop 17.15

There will be breaks during the morning and afternoonsessions for refreshments.

Who should attend?Bankers involved in trade finance anddocumentary credits, exporters, importers,commodity traders, freight forwarders,shipping company staff, insurers, legaladvisers and anyone who would gain from anin-depth interactive course on the operationand practical impact of documentary creditsand guarantees in international trade.

Free ICC PublicationsEach delegate will receive free copies of the following ICC publications:Documentary Credits• Uniform Customs & Practice for Documentary Credits - UCP600• International Standard Banking Practice for the examination of documents under documentary credits

- ISBP 681Guarantees• Uniform Rules for Demand Guarantees (ICC Publication No.758)

CLAUDE MIFSUD workshop leader

Claude Mifsud began his careerat a trading company where hewas responsible for shippingadministration, including thepreparation and presentation ofdocuments under letters of credit.

He subsequently joined theInternational Division of Lloyds Bank,where he acquired in-depth knowledgeand experience of Trade Financeproducts at increasing levels ofseniority. He attained the position ofSenior Manager, Documentary Serviceswhich had responsibility for policy andrisk in respect of the Bank’s TradeFinance activities, and was itsappointed representative on variousexternal committees, including the ICC,BBA and SWIFT.

After leaving Lloyds Bank, Claudeestablished a consultancy businessproviding advice to a range of clients,including international law firms,corporates and commodity traders. Hehas acted as an Expert Witness for boththe Serious Fraud Office and CrownProsecution Service in cases involvingBanking Fraud.

Claude has lectured extensively onTrade Finance products and has assistedin the preparation of the book “BankingLitigation”. He is also a member ofvarious committees of the ICC,including the ICC UK Committee onBanking Technique and Practice.

dits in International TradeDAY 2 Wednesday 30th May 2012

ISBP - International Standard BankingPractice (ICC Publication No. 681)

�Introduction to ISBP

�Preliminary considerations

�General principles

�Assessment of its impact and benefit- Effectiveness in reducing disputes and

losses

�Update on the new revision

CASE Practical exercise on STUDY Document Checking

• Checking the documents

• What constitutes a discrepancy?

• Guidance from ISBP

SPECIALISED DOCUMENTARY CREDITS

Transferable Credits

�Assessment of the advantages anddisadvantages

�What are the risks?

�Review of key legal cases

Back-to-back Credits

�When are they used?

�Practical operation - methodology

�What are the risks and how can they bemitigated?

�Comparison with transferable credits

Red and Green Clause (Advance Payment)Credits

�Their use as a pre-export finance tool

�Their role in the market and use as afinancing mechanism

�Structural analysis

�How to minimise the risks

Revolving Credits

�Structure and mechanism (automatic-restricted)

�Revolving by amount or time

�Cumulative or non-cumulative

Evergreen Credits

�Methodology and risks

FRAUD IN INTERNATIONAL TRADE

�The fraud exception to the autonomy ofDocumentary Credits

�What is the English law positionregarding fraud in Documentary Creditoperations?

�Proof of fraud - what is required?

OPEN FORUM DISCUSSION

COURSE REVIEW AND CONCLUSION

3

JOHN TURNBULL workshop leader

John Turnbull is the Joint GeneralManager and Global Head ofStructured Trade & CommodityFinance at Sumitomo Mitsui BankingCorporation.

He has previously held senior positionsat a number of international banksincluding Managing Director of UBKTrade & Export Finance, ExecutiveDirector and Head of Trade Finance atSwiss Bank Corporation, London (nowUBS AG) and Senior Manager at BanqueParibas London.

He has chaired and lectured at the UKICC Annual Conference on the subjectof letters of credit in trade finance formany years, and was the Co-Chairmanof the ICC Consulting Group for therevision of UCP500.

He has advised Mr Justice Jack QC onhis legal textbook on documentarycredits, and has acted as an expertwitness on a number of high profilelegal cases involving international tradefinance.

John is also a member of the ICCBanking Commission in Paris, The ICCUK Banking Technique and PracticeCommittee, the Editorial Board ofBankers' Law, and is Chairman of theAssociation of Foreign Banks TradeFinance Committee.

About the Certified Documentary Credit Specialist (CDCS) QualificationThe Certified Documentary Credit Specialist (CDCS) is the professional certification that enables documentary credit practitioners to demonstratespecialist knowledge and application of the skills required for competent practice. CDCS is the international standard for documentary creditspecialists and has been developed in partnership by the ifs School of Finance and the International Financial Services Association (IFSA). It isendorsed by the International Chamber of Commerce (ICC) and developed in consultation with industry experts to ensure that the certificationreflects best practice.

For further details, please contact the ifs: Tel: +44 (0) 1227 818609 Email: cdcs@ifslearning.ac.uk

COURSE Fee VAT TotalBank Guarantees, Tuesday 22nd May, 2012 £625.00 £125.00 £750.00

Documentary Credits in International Trade, Tuesday 29th & Wednesday 30th May, 2012 £1,249.00 £249.80 £1,498.80

VENUEPewterers’ Hall, Oat Lane, London EC2V 7DE

PAYMENT Payment can be made by cheque payable to Keysource Consulting Ltd, or by bank transfer to HSBC Bank PLC, 60 Queen Victoria Street, London EC4N 4TR, Sort Code40-05-30, Account No. 12297744, Account name Keysource Consulting Ltd. Please ensure that the delegate’s name is included in the bank transfer details, and thatcharges are for your own account. Please note that full payment must be received in order to confirm registration. We will always send you confirmation of yourregistration – if you do not receive anything please call 020 7614 3390 to ensure that your registration request has been received.

CANCELLATION POLICYCancellation requests, which must be received in writing no later than 20 working days prior to the course date, will incur a 10% administrative charge.Cancellations received after this date unfortunately cannot be reimbursed, although substitutions are welcome at any time.

Keysource Consulting Ltd reserves the right to change or cancel any part of the programme due to unforeseen circumstances. In the event of postponement orcancellation, a full refund of registration fees paid will be made. However, we do not accept liability for reimbursement of travel or hotel expenses incurred as a result.

DATA PROTECTIONAny personal information you provide will be held securely on a database and will at no time be sold or passed on to a third party without your prior consent.

Please reserve …. place(s) for the Documentary Credits in International Trade course and …. place(s) for the Bank Guarantees course

Delegate 1 Delegate 2 (Please copy this form for additional delegates)

Title (Mr/Mrs/Ms/Miss/Other) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Title (Mr/Mrs/Ms/Miss/Other) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Course(s) (please tick) Documentary CreditsGuaranteesBoth

I confirm that I have read and understood the booking terms and conditions.

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Please complete and return this form together with payment details to:Training Department, Keysource Consulting Ltd, 27 Austin Friars, London EC2N 2QP

Tel 020 7614 3390 Fax 020 7614 3391 info@keysourceconsulting.co.uk

COURSE INFORMATION AND REGISTRATIONThe Practice of DOCUMENTARY CREDITS & BANK GUARANTEES in International Trade

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� Cheque enclosed for £________ made payable to Keysource Consulting Ltd

� Bank transfer payment � Receipt/invoice required

Course(s) (please tick) Documentary CreditsGuaranteesBoth

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