Bonds & Guarantees

75,00EUR

Here you are going to study different types of bonds and guarantees, their purpose, the parties involved and how they operate. We will also discuss how bonds or guarantees are managed by banks.

In this Learning Unit you are going to:

- Learn what types of bonds and guarantees there are and how they operate;

- Analyse advantages and disadvantages of different types of bonds/guarantees for exporters;

- Discuss the parties involved and their responsibilities;

- Examine how bonds/guarantees are managed by banks.

Course Outline
  1. INTRODUCTION

1.1 Issuers of Guarantees

1.2 Categories of Bonds or Guarantees

  1. Tender Bond

2.1 Exporters and Tender Bonds

  1. PERFORMANCE BOND

3.1 Purpose of Performance Bond or Guarantee

3.2 Exporters and Performance Guarantees

3.3 Performance Guarantees and Documentary Credits

3.4 Amount of the Performance Guarantee

  1. ADVANCE/ PROGRESS PAYMENT BOND

4.1 Purpose of Advance/Progress Payment Bond or Guarantee

4.2 Advance Payment Guarantees and Documentary Credits

4.3 Amount of the Advance/Progress Payment Guarantee

  1. RETENTION BOND

5.1 Other Types of Guarantees

  1. ON DEMAND BOND

6.1 Rules Governing Demand Guarantees – Key Points

  1. CONDITIONAL BOND

7.1 Advantages of Conditional Bonds or Guarantees

  1. MANAGING BONDS AND GUARANTEES

8.1 Bank Obligations to the Beneficiary

8.2 Payment Guarantee

8.3 Importance of Correct Wording in Bonds or Guarantees

8.4 Bonds or Guarantees Customer Liability Records

8.5 Procedure for Obtaining Release from Liability

8.6 ICC Rules for the Issuance of Bonds and Guarantees

8.7 Bank Charges and Fees in Respect of Bonds and Guarantees

8.8 Standby Letter of Credit

8.9 Managing Bonds and Guarantees

Further Reading

1 – UN Convention on Independent Guarantees and Stand-By Letters of Credit

2 – The Role and Importance of Bank Demand Guarantees in International Trade

3 – Fraud and the UN Convention on Independent Guarantees and Stand-By Letters of Credit

4 – Understanding the URDG

5 – Selective Legal Aspects of Bank Demand Guarantees

6 – No Guarantees No Trade: How Banks Affect Export Patterns

Forum Assignment

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