A one day workshop was organised in Vilnius, Lithuania by the ICC National Committee in Lithuania on the complex area of Independent bank undertakings in association with eBSI.
The Independent Bank undertaking plays an evolving role as a key mechanism to secure international trade transactions. This workshop, led by Vincent O’Brien, examined the development of independent bank undertakings in International Business. The development of Demand Guarantees and applicable rules was also examined in detail.
The participant bankers came from Latvia and Lithuania. Apart from questions on guarantees the participants had many questions concerning recent developments with Standby Documentary Credits and the applicable rules ISP 98.
The workshop also included a practitioners comparison between the Standby Credit, the traditional Documentary Credit and Bank Guarantees.
According to Karolin Karolina Safranaviciute, Project manager, ICC Lithuania “This workshop provided practitioners with a solid understanding of the various forms of independent bank undertakings used to support international trade. Participants could clearly see the benefits and limitations of the various instruments and most importantly became familiar with the key rules that apply to each instrument”
Further information about the activties of ICC Lithuania may be found at http://www.tprl.lt/english.php