Standbys & Guarantees: 5 Practice Issues

Standbys & Guarantees

Standbys & Guarantees

Each year at the Standby & Guarantee Forum in New York, there is a panel dedicated to discussing the issues practitioners face in the business of Standby LCs and Demand Guarantees. Here are 5 of the issues up for discussion this year:

  1. Extend or Pay Demands: What happens when the beneficiary demands less than the outstanding balance? ISP98 Rule 3.09; URDG 758 Article 23
  2. Does Trade Based Financial Crime Compliance have the same impact on Standbys and Demand Guarantees as it does on Commercial LCs? Should it?
  3. Do Suretyship recitals belong in Counter Undertakings?
  4. Why are more Standbys and Guarantees not advised? A strategy against forged LCs.  
  5. Can the Applicant and Beneficiary be the same person under UCC Article 5?

Registration is now open for the Standby & Guarantee Forum, as well as the LC Law Summit taking place on the following day. Sign up today to guarantee your place at these world class events!

 

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