(Objectives / الأهداف)
By the end of this training course , participants will able to :
- Identify the legal aspects of Letters of Credit.
- Identify the legal relationships arising between the parties of the transaction.
- Apply the rules and regulations applicable to Letters of Credit (UCP 600 and their connection with applicable laws and national courts).
(Contents / المحتويات)
- International Trade: An Overview:
- Parties in different countries/jurisdiction.
- Documents of title.
- Trade finance and its benefits.
- Development of banker’s documentary credit.
- The need for a set of unified customs and practices.
- UCP: An Overview:
- ICC and its publications.
- What is UCP?
- History of UCP.
- UCP 600.
- Letters of Credit:
- Parties and legal relationships “The four contracts in a confirmed irrevocable credit”.
- The three major doctrines:
- Contracts autonomous.
- Contracts interconnected.
- Strict Compliance: Banks deal in documents, not goods.
- UCP 600: Application:
- A set of unified customs and practices ancillary to applicable law.
- Conflict of laws: Parties autonomy and the closest connection principle.
- Differentiating letters of credit from standby letters of credit, performance bonds and guarantees and rules applicable thereto; e.g. ISP.
- Definitions of the terms used in UCP 600.
- Interpretation of certain ambiguous terms.
- UCP 600: Availability and Roles of Banks:
- How and where payment is available.
- Roles and responsibilities of various banks:
- The issuing bank.
- The confirming bank.
- The advising bank.
- UCP 600: Amendments and Communication:
- Roles and responsibilities of the nominated bank.
- UCP 600: Examination of Documents:
- Presentation and standards governing how documents are examined and what handling is required; ISBP.
- Circumstances in which the letter of credit must be honored and those in which it may be honored despite discrepancies in the documents; waivers.
- Originals and Copies.
- Various documents presented.
- UCP 600: Reimbursements:
- Reimbursements among banks.
- The applicant’s duty of reimbursement.
- Applicable rules; e.g. URR.
- UCP 600: General:
- Substantial Legal Principles and Instances:
- Defenses to payment.
- Force Majeure.
- Assignment of Proceeds.
- The Fraud Exception:
- Rationale and source.
- Effect: Fraud unravels all.
(Participants / المشاركون)
- All parties involved with letters of credit , especially mid-level to top-level bankers and lawyers dealing with letters of credit.