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