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Dates for 2014 Letter of Credit MasterClass

12/10/2013 The 5th Letter of Credit MasterClass in Dubai, United Arab Emirates will be held at the Dusit Thani Hotel on 7 and 8 April 2014. More details will follow in the next couple of months. In the meantime, please mark your diaries for this ever popular event. In 2013, over 130 participants attended the event.

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In European countries like France, UK, …. if a bank issues a first demand guarantee subject to the local law, when the guarantee expires (we suppose the guarantee contains an expiry date), the guarantor will consider the guarantee is terminated even if a release letter has not been received from the beneficiary. Normally, when the guarantee is expired, the guarantor will stop invoicing the bank commission (even if the release letter from the beneficiary has not been received). It seems that for most banks in Middle East (for example, Saudi Arabia) and Maghreb and even in China, whenever a guarantee is issued, even if the guarantee (subject to local law) has expired according to its own terms (for example, the guarantee contains an expiry date), the guarantor will nevertheless consider the guarantee is only terminated when a signed release is received from the beneficiary. As far as I know, It is not the local law which invalidates the expiry dates in those countries, but rather usual local practices used by local banks. 1) Do you agree with me? Please let me have your advice. 2) Now, in the case a first demand guarantee is issued by a European bank, subject to the laws of Saudi Arabia, for example, if the guarantee contains an expiry date, will the bank consider that the guarantee is terminated when the guarantee is expired or when a release letter has been received from the beneficiary?

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Dates for 2014 Letter of Credit MasterClass

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