Even if you're not in China.
As of 1 December, 2016, the Supreme People’s Court of the People’s Republic of China has issued new Provisions governing all cases involving independent guarantees that are binding on all Chinese courts. These Provisions will impact not only all banks in China but anyone dealing with them and with Independent Guarantees that are subject or may be subjected to Chinese law or jurisdiction.
As such, they are crucial for banks (operations, products, risk, correspondent banking, legal), lawyers, correspondent banks, and corporates (legal, treasury, and finance) who deal with China.
In addition to dealing extensively with fraud, the PRC Provisions provide a definition and a default rule for what constitutes an independent guarantee. The Provisions allow for international practice rules (URDG758, ISP98, UCP600), and make it clear that they are inapplicable to a traditional suretyship or accessory guarantee.
In order to acquaint the international LC community with the changes embodied in these Provisions, the Institute has been working closely with a team of Chinese lawyers, translators, and international trade experts for the last several weeks to produce a series of products designed to illuminate the language of the Provisions, and their potential impact on transactions.
Available and forthcoming IIBLP products include:
- The Introduction to the New PRC Guarantee Provisions : This 120-minute exclusive video presentation outlines the new rules in English, and provides a framework for beginning to integrate them into operations. Featuring preeminent Chinese lawyer Jin Saibo, and Institute Director James E. Byrne, the Introduction to the New PRC Independent Guarantee Provisions offers insider access to the new provisions, including a rule-by-rule analysis. Available Now (USD 99)
- The Annotated English Translation of the PRC Guarantee Provisions: In cooperation with Mr. Jin Saibo of the Beijing Jincheng Tongda & Neal Law Firm and a team of experts in Chinese and Chinese law, and Professor James E. Byrne, IIBLP has produced an exclusive Annotated English Translation of the Provisions. The Annotations are extensive and explain in 45 detailed footnotes the choice of the English words translated and the reasoning behind the choice, including its legal implications. Available in Print and eBook on 6 February (USD 40)
- The Analytical Commentary of the PRC Guarantee Provisions: An exhaustive treatment of the PRC Provisions, including detailed analysis, and discussion about possible problems and solutions, as well as interaction with global practice rules. Available in Fall 2017.