UCP600 & Documentary Credits in International Trade
Agenda
Day One
Legal Analysis of Documentary Credits
Documentary Credits: Basic Structures
Documentary Credits: Roles of the Parties
Irrevocability, Autonomy and Limited Recourse
Workshop 1: Legal Analysis – Recent Case Studies
Participants, presented with a variety of legal problems arising under documentary
credits, consider the solutions available.
The Uniform Customs & Practice for Documentary Credits
Origins, scope & content
Relationship with applicable law
Standby Letters of Credit under UCP or ISP98?
UCP600- The Main Changes in Outline
Definitions
Interpretations
Availability, expiry & presentation
Banks’ undertakings
Advising & amendments
Reimbursement
Legal Relationships under a Documentary Credit
The Multiple Contracts
The Applicant – Beneficiary Relationship
The Applicant – Issuing Bank Relationship
The Issuing Bank – Nominated Bank Relationship
The issuing Bank – Confirming Bank Relationship
The Beneficiary – Issuing Bank Relationship
The Beneficiary – Confirming Bank Relationship
Workshop 2: Inter-bank Relationships - Silent Confirmations
Participants consider and discuss the legal implications of current banking
practice in the area of ‘silent confirmations’.
Payment Mechanisms under a Documentary Credit
Credit settlement mechanisms
Discounting and negotiation compared
Deferred payment and acceptance credits compared
Day Two
Workshop 3: Discounting Deferred Payment LCs - Case Study
Participants study the facts of a real-world dispute over the discounting
of deferred payment LCs and consider the relevant provisions of UCP600 and
the domestic law.
Negotiation Credits
Negotiation and Negotiable instruments
Negotiation and the nature of a Documentary Credit
Negotiation in law and practice
Workshop 4: Negotiation Case Studies
Participants study the facts of real-world disputes over the nature of negotiation
under documentary credits and consider the relevant provisions of UCP600
and the domestic law.
Amendment of Documentary Credits
The origin of amendments
The position of the Banks
The position of the Beneficiary
The problem of the unaccepted amendment
Workshop 5: Amendments: Making The Beneficiary Choose - Can It Be Done?
Participants investigate the problems relating to the current UCP provisions
relating to amendments and consider what solutions are available
Transferable Credits
Basic structure
Amendments & transfers
ack-To-Back Credits
Comparison with Transferable Credits
Clean’ and ‘Dirty’ back-to-backs
Essential safeguards
Workshop 7: Back-To-Back Credits in Action
Participants identify the risks in a proposed back-to-back transaction and
consider risk avoidance and mitigation techniques. The distinction between
‘clean’ and ‘dirty’ back-to-backs is examined in
legal and practical terms.
Documentation & Documentary Compliance
The role of Incoterms – defining liability & documentation
Description of goods in various documents
Stale documents
Originals & copies
Amount, quantity & price
Day Three
Workshop 8: UCP600 & ISBP In-Tray Exercise Part 1
Participants apply the provisions of UCP600 & ISBP to real-world problems
arising in documents tendered under a variety of L/Cs
Documentary Conformity
Standards of Conformity
The Rules for Checking and Rejecting Documents
The Preclusionary Rule: Scope and Effect
International Standard Banking Practice: ICC681
Workshop 9: Documentary Discrepancy Dispute
Participants analyse a case study involving a dispute over the validity
of alleged discrepancies and the rejection of the documents
Applicable Law in Documentary Credit Transactions
Conflict of laws in international trade transactions
The EC Convention on the Law Applicable to Contractual Obligations
EU Rome 1 Regulation
Negotiable instruments
Law applicable to documentary credits
Applicable Law Case Study: Marconi v Panin Bank
Workshop 9: UCP600 & ISBP In-Tray Exercise
Participants apply the provisions of UCP600 & ISBP to real-world problems
arising in documents tendered under a variety of L/Cs
Jurisdiction in Documentary Credit Transactions
Jurisdiction under the Brussels Convention/Regulation
Domiciliary jurisdiction
Special jurisdiction
Jurisdiction Case Study: Chailease v Credit Agricole Indosuez