ARE YOU NAVIGATING DEMANDS UNDER LETTERS OF CREDIT AND DEMAND GUARANTEES AS WELL AS YOU WOULD LIKE? UNREAL TIMES CALL FOR REAL ACTION AND OUR TEAM OF EXPERT TRADE FINANCE LITIGATORS HAVE A GUARANTEED SOLUTION TO HELP YOU THROUGH THE CURRENT MARKET CHALLENGES. PRESSURE ON SUPPLY CHAINS AND PROJECT DISRUPTIONS WILL INEVITABLY RESULT IN AN INCREASED LIKELIHOOD OF PRESENTATIONS BEING MADE UNDER PERFORMANCE BONDS, DEMAND GUARANTEES AND STANDBY LETTERS OF CREDIT. WE HAVE BEEN CONTACTED BY MULTIPLE CLIENTS EXPERIENCING AN INCREASE IN ACTIVITY IN THIS AREA. We advise on all aspects of the demand guarantee and standby letter of credit roles and lifecycle, including acting in relation to a wide variety of instruments for banks on issues arising from their relationship with other banks, beneficiaries and their own customers. Our experience covers advising on and litigating claims arising out of demand guarantees and standby letters of credit with the added benefit that all of our trade finance litigators have broad finance litigation experience. We also have strong connections with chambers giving you direct access to market leading counsel in this area. A SNAPSHOT OF WHAT WE CAN ADVISE ON INTERPRETING ICC RULES STANDARD OF VERIFICATION DEFENDING INJUNCTIONS WAIVER AND ENGAGEMENT WITH APPLICANT FRAUD AND ILLEGALITY DEALING WITH ORIGINAL DOCUMENTS CANCELLATION OF INSTRUMENTS REJECTING A PRESENTATION EXTENSIONS TO INSTRUMENTS
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ARE YOU NAVIGATING DEMANDS UNDER LETTERS OF CREDIT …
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ARE YOU NAVIGATING DEMANDS UNDERLETTERS OF CREDIT AND DEMAND GUARANTEESAS WELL AS YOU WOULD LIKE?
UNREAL TIMES CALL FOR REAL ACTION AND OUR TEAM OF EXPERT TRADE FINANCE LITIGATORS HAVE A GUARANTEED SOLUTION TO HELP YOU THROUGH THE CURRENT MARKET CHALLENGES. PRESSURE ON SUPPLY CHAINS AND PROJECT DISRUPTIONS WILL INEVITABLY RESULT IN AN INCREASED LIKELIHOOD OF PRESENTATIONS BEING MADE UNDER PERFORMANCE BONDS, DEMAND GUARANTEES AND STANDBY LETTERS OF CREDIT. WE HAVE BEEN CONTACTED BY MULTIPLE CLIENTS EXPERIENCING AN INCREASE IN ACTIVITY IN THIS AREA.
We advise on all aspects of the demand guarantee and standby letter of credit roles and lifecycle, including acting in relation to a wide variety of instruments for banks on issues arising from their relationship with other banks, beneficiaries and their own customers.
Our experience covers advising on and litigating claims arising out of demand guarantees and standby letters of credit with the added benefit that all of our trade finance litigators have broad finance litigation experience. We also have strong connections with chambers giving you direct access to market leading counsel in this area.
A SNAPSHOT OF WHAT WE CAN ADVISE ON INTERPRETING
ICC RULES
STANDARD OF VERIFICATION
DEFENDING INJUNCTIONS
WAIVER AND ENGAGEMENT WITH APPLICANT
FRAUD AND ILLEGALITY
DEALING WITH ORIGINAL DOCUMENTS
CANCELLATION OF INSTRUMENTS
REJECTING A PRESENTATION
EXTENSIONS TO INSTRUMENTS
WE CAN GUARANTEE YOU: OUR RECENT CONTENTIOUS TRADE FINANCE EXPERIENCE
Acting for the issuing bank in Commercial Court litigation arising out of whether a demand made under a revolving $130m standby letter of credit was made fraudulently. Petrosaudi Oil Services (Venezuela) Ltd v Novo Banco SA and others [2017] EWCA Civ 9.
Advising on allegedly fraudulent demands made under an Advance Payment Guarantee and defending associated injunction proceedings.
Advising an issuing bank on multiple presentations made under a standby letter of credit and reinstatement of the standby, each of which gave rise to complex and novel contractual interpretation issues and issues under the ISP 98 rules.
Advising a UK bank in relation to whether a standby letter of credit had been effectively extended. The standby was subject to the UCP 600 rules.
Advising a UK bank in relation to a contested demand under an Advanced Payment Guarantee.
Acting for a major UK bank in relation to a $15m+ standby letter of credit it confirmed and seeking reimbursement from the issuing bank following payment to the beneficiary. We collaborated with foreign counsel in relation to proceedings in the UK and overseas.
Advising a UK bank on the extent of the fraud exemption and its risk of having to pay under multiple performance, advance payment and retention guarantees governed by a variety of rules, including arrangements to secure the bank’s liability under the guarantees.
Advising a bank in relation to whether it could effectively cancel an extension to a standby letter of credit after it had sent a letter of extension.
Acting for a UK bank in injunction proceedings arising out of allegedly fraudulent demands made under a demand guarantee.