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2021 Standby & Guarantee Forum | New York Online | 13 October | 7 CPDs

2021 Standby & Guarantee Forum | New York Online | 13 October | 7 CPDs

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2021 Annual New York Standby Forum | New York Online | 7 CPDs
13 October 2021

We invite you to join us for the 2021 Standby & Guarantee Forum Online - New York to be held online on October 13 from 9:00-3:00 New York time. 

Focused entirely on standbys and guarantees, the interactive discussions at this event will includes lessons from recent court cases, tips for sound drafting practices, dependent vs independent undertakings, mandated government forms, and much more. Bankers, bank lawyers, and corporates will be represented.

Attend the counterpart conference the Letter of Credit Law Summit the following day and receive a discounted rate!

 

Additional Resources

ISP98: Official Commentary on the International Standby Practices (softbound or ebook) - the Ultimate User's guide to ISP98
Documentary Credit World - The Source for LC and Trade Finance news, articles, and statistics since 1994


This Event will be held on Zoom. Please ensure you can use this software. For inquiries contact info@iiblp.org.
Invited Speakers

Michael AVIDON - Moses & Singer LLP

Buddy BAKER - Goldman Sachs & Co

James BARNES - Baker & McKenzie

Miguel BUSTAMENTE- Consultant 

Jason DESROCHES - National Bank of Canada

Frank FORTES - TD Securities

Rebecca FRUCHTMAN - Mayer Brown LLP

Paula GREAVES - Consultant

Nathan HUMMEL- Bryn Mawr Trust 

 

Sam JEBAMONY - JP Morgan 

Ana KAVTARADZE - Consultant 

Carter KLEIN - Jenner & Block 

Vin O'BRIEN - ICC UAE

Frank PETRASSI- JP Morgan 

Glenn RANSIER - Wells Fargo

Mary ROSEN - Wells Fargo 

Scott Scrosati - National Bank of Canada

Donald SMITH - USA

Lorna STRONG - HSBC

 

Event Schedule 
8:45 – 9:00  Online Check-In and Entry to Event

9:00 – 9:10  Welcome and Introduction to the Forum


                    Welcome Remarks: Michael BYRNE (IIBLP)

 

9:10 – 10:00  Hot Topics

·       Bigger, Stronger, Faster: Technology and Automation Opportunities for Standbys & Guarantees 

·       Digital Signatures

 

Moderator: Vin O’BRIEN (ICC UAE)

Panelists: Buddy BAKER (Goldman Sachs); Lorna STRONG (HSBC); Frank FORTES (TD)

 

10:00 – 10:30  Standby & Guarantee Cases: Part 1

·       Windsor Township – Original LC lost; could court compel issuer to honor otherwise conforming draw with presentation of a copy?

·       In re NTS W. USA Corp. – COVID interruption of business not sufficient to rescind lease.

·       Shanghai Shipyard Co Ltd – Guarantee contained proviso which contemplated circumstances in which it could cease to be payable on demand and instead become payable later against an arbitration award.

 

Moderator: Carter KLEIN (Jenner & Block)


 

10:30 – 10:45  Virtual Coffee Break

 

10:45 – 11:25  Traps & Challenges in Practice

·       How to make an advance pay LC go away upon shipment of equipment for which advance payments were made

·       How banks view LC applicants as clients and how they price LCs

 

Moderator: Buddy BAKER (Goldman Sachs)

Panelists: Paula GREAVES (US Bank); Frank PETRASSI (JPMorgan)

 

11:25 – 11:55  SWIFT MT760s – It’s Go Time!

Commenced 8 years ago, the significant overhaul of SWIFT Cat 7 Message Types for guarantees and standby LCs is complete and implementation looms. The “go-live date” for this major update that includes 9 new MTs is November 2021. Panelists who have been closely involved in the lead up to these new SWIFT standards will field questions about their positions on certain issues related to the impending changes.

Moderator: Sam JEBAMONY (JPMorgan)

Panelists: Annie SEBERGSEN (HANDELSBANKEN); Nathan HUMMEL (Bryn Mawr Trust)

 

11:55 – 12:25  Virtual Lunch Break

 

12:25 – 1:05  Standby & Guarantee Cases: Part 2

·       The Zions Bank and Era Capital cases – Could use of an ISP Model Form have better protected the confirming bank and advising bank? 

·       Puget Soundkeeper Alliance – Wrongful LC draw

·       Tenny Journal Communications, Inc. -- Failure to provide LC to secure payment obligations to telecommunications company.

Moderator: Carter KLEIN (Jenner & Block)

 

1:05 – 1:35  Applicants’ and Beneficiaries’ Corner

What considerations do applicants and beneficiaries prioritize when dealing with banks? What do LC and guarantee users expect of banks, especially when problems arise? In this panel session, corporate users comment on factors that can make or break a healthy business relationship with financial institutions.     

 

Moderator: Paula GREAVES (US Bank)

 
1:35 – 1:50  Virtual Coffee Break


1:50 – 2:20  Counter Undertakings

·       Injunction Requests: When are They Appropriate? When are They Abused?  

·       Counter Guarantor Delay of Payment while Awaiting an Injunction Order

·       Can a Court Order Excuse Counter Standby Issuer from Performing Its Obligations? 

·       ISDGP Paragraphs relating to Counter-guarantees

·       Counter & Local Undertaking Misalignment: Governing Rules and Law

 

Moderator: Michael AVIDON (Moses & Singer)

Panelists: Glenn RANSIER (Wells Fargo); Frank PETRASSI (JPMorgan)

 

2:20 – 2:50  Standby Use Outside the US

By the late 1990s, use of standby LCs had grown to such an extent that issuance of such undertakings had become as much a part of the daily routine of banks worldwide as they were in the US, paving the way for ISP98. Today, US-based banks alone have over USD 564.5 billion in outstanding standby LC amounts on their books, according to available statistics. Are standbys really as versatile and widely-used outside the US as they are within? Panelists from Europe, Mexico, and Canada will share insights and experiences.    

 

Moderator: Sam JEBAMONY (JPMorgan)

Panelists: Ana KAVTARADZE (BASISBANK, Georgia); Miguel BUSTAMANTE (Consultant); Scott SCROSATI (BNC)

 

2:50 – 3:00  Summary, Lucky Draw, and Closing Remarks

 

Sponsors

Organizer:

    


Sponsors:

 


Sponsorship Opportunities

Please email Michael Byrne at mbyrne@iiblp.org for more details on how to sponsor this amazing event.