Accredited with up to 19.5 PDUs

or CPD hours

Comprehensive analysis of documentarycredits, supported by case studysessions on issuance, workability anddocument checking under UCP600

Review and application of relative ICCrules including UCP600 and ISBP681

Examination of key legal cases andassessment of their relevance/validityunder UCP600

Appraisal of specialised credits includingpractical exercise on back-to-back credits

Update on UCP600 - what have beenthe issues, if any, 9 months on?

Keysource Consulting Ltd and its courses areaccredited by the Law Society and the ifs Schoolof Finance.

A step-by-step guide to the methodologyand operation of guarantees

Detailed assessment of the ICC rulesrelating to guarantees (URDG 458)and operational considerations oftheir use

Drafting of guarantees and the handlingof claims - practical exercises on how toavoid the pitfalls

Review of a key legal case -Edward Owen Engineering v BarclaysBank International and Umma Bank

BANKGUARANTEESin International Trade

London 12th March 2008

Documentary Credits and BankGuarantees in International Trade

Keysource Consulting Ltd is pleased to announce its forthcoming training events,which are specifically designed for delegates from the BANKING, TRADING, LEGAL,INSURANCE and TRANSPORT industries who would benefit from an in-depth andinteractive workshop on the operation and practical impact of:

Accredited with up to 19.5 PDUs

or CPD hours

Event organised by

DOCUMENTARYCREDITS updated for UCP600

in International Trade

London5th & 6th March 2008

Registered with the ifs as a course for theCertified Documentary Credit Specialist Re-Certification Programme.

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Documentary Cred

COURSE INTRODUCTION

THE FINANCING OF INTERNATIONALTRADE

❏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

❏Analysis of changes from UCP500

CASE Analysis of a STUDY Documentary Credit

• Are its terms and conditions consistent?

• Is it workable?• Pitfalls - how to avoid them

REVIEW OF KEY LEGAL DECISIONSCONCERNING DOCUMENTARY CREDITS

❏Including Santander v Paribas, Bankers Trust v State Bank of India, and CIC v CMB

❏Are they still relevant or valid underUCP600?

Drinks Reception5.15 - 6.30 pm

All delegates are invited to attenda Drinks Reception to be held atthe Pewterers’ Hall following the

close of workshop on Day 1.This will be an ideal opportunity tonetwork with other delegates, and

to talk informally with theworkshop leaders.

DAY 1 Wednesday 5th March, 2008

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IntroductionIn an increasingly litigiousbusiness environment, not least inthe field of international tradefinance, providers as well as usersof related facilities risk becominginvolved in costly and damagingdisputes arising from lack ofexperience and expertise in thefield of complex documentationand rules.

The course was therefore tailored toaddress the perceived need for in-depth and practical training. It hasbeen run with great success forseveral years and is constantlyreviewed, updated and enhanced toaddress changes in banking practice,case law and the introduction ofnew rules.

The complexity and size ofcommercial contracts and theincreasingly onerous terms ofdocumentary credits and guaranteescontinue to exercise the minds andknowledge of practitioners and thehigh 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 ofthe issues being debated. Theresulting interactive environment andpositive debates are thus conduciveto a more balanced and effectiveapproach to the problemsencountered, even those which mightotherwise be perceived as insoluble.

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 yourbusiness or 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 eachdelegate or 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 full list of our training subjects, and information on our specialist trade finance recruitment solutions, please visit

www.keysourceconsulting.co.uk

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dits in International TradeDAY 2 Thursday 6th March, 2008

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 andlosses

❏What are the changes in the newrevision?

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 be

mitigated?❏Comparison with transferable credits

CASE Practical exercise on STUDY Back-to-Back Credits

Red and Green Clause (AdvancePayment) 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

Workshop Timings Days 1 & 2

Registration & Coffee 08.45 - 09.10Start of Workshop 09.15Lunch 12.45 - 13.45Close of Workshop 17.15Drinks Reception (Day 1) 17.15 - 18.30

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

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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.458)

JOHN TURNBULL workshop leader

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

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 internationaltrade finance.

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 boththe Export Forum and the Associationof Foreign Banks Trade FinanceCommittee.

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1

Bank GuaranteesWednesday 12th March, 2008

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” contract- Buyer (Beneficiary)- Seller (Principal)- Instructing party (Counter-guarantor)- Guarantor (Issuing Bank)

❏Their relationships and respectiveresponsibilities

❏Step-by-step review of bankingprocedures for issuing, processing andmaintaining guarantees

REVIEW OF A KEY COURT CASE

❏Edward Owen Engineering -v- BarclaysBank International and Umma Bank

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?

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

ICC Rules for Guarantees

❏ICC Uniform Rules for Demand Guarantees(ICC Publication No 458)

❏ICC rules for Contract Bonds❏Update on projected URDG revision

CASE Handling of Claims STUDY under Guarantees

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

Standby Credits -v- Guarantees

❏Advantages and disadvantages of bothtypes of instruments

❏Principal’s and banker’s perspectives❏Brief overview of ICC rules for Standby

Letters of Credit (ISP 98)

Operational considerations - ICCperspective and use of URDG 458

OPEN FORUM DISCUSSION

COURSE REVIEW AND CONCLUSION

Workshop TimingsRegistration & 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.

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 theICC, 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.He has acted as an Expert Witness forboth the Serious Fraud Office andCrown Prosecution Service in casesinvolving Banking Fraud.

Claude has lectured extensively onTrade Finance products and hasassisted in the preparation of the book“Banking Litigation”. He is also amember of the Export Forum andvarious committees of the ICC,including the ICC UK Committee onBanking Technique and Practice.

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 Fax: +44 (0) 1227 784331 Email: customerservices@ifslearning.ac.uk

COURSE Fee VAT TotalDocumentary Credits in International Trade, Wednesday 5th & Thursday 6th March, 2008 £995.00 £174.13 £1,169.13

Bank Guarantees, Wednesday 12th March, 2008 £495.00 £86.63 £581.63

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) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Family/Surname . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Family/Surname . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

First Name . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . First Name . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

e-mail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . e-mail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Course(s) (please tick) Documentary CreditsGuaranteesBoth

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

Signature (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Signature (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

Pewterers' Hall, Oat Lane, London EC2V 7DE

Company name . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Nature of business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Telephone . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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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

27 Aust in Fr iars • London EC2N 2QP

Tel 020 7614 3390 • Fax 020 7614 3391 • emai l in fo@keysourceconsul t ing.co.uk

web www.keysourceconsul t ing.co.uk

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