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ICC release 2019 Trade Register Report

06/05/2020

The ICC has today released their latest Trade Register report. The report may be downloaded from the following link 2019 Trade Register Report

 

This year’s report captures a full decade of trade finance-related data – containing nearly USD 16 trillion of exposures (including export finance) from 32 million transactions across 25 banks, six products, and all major geographies – adding weight to its positioning as the global authoritative source on trade risk.

 

This year’s report also features a number of topical contributions and commentary on global trade from leading experts – including a comprehensive analysis of COVID-19's impact on global trade. ICC partnered with Boston Consulting Group (BCG) to model scenarios around the potential impact of COVID-19 on trade.


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1/ According to the Guarantee, the Guarantee is governed by the URDG and the law of Italy. The guarantee document does not specify the exact content of the Demand Document when claiming the payment. In this case, does the content in the guarantee exclude the provision of sub-article 15 (a) in the URDG? Or does the Demand Document still need to comply with the requirements of sub-article 15 (a) of the URDG when claiming payment (e.g., indicating in what respect the applicant is in breach of its obligations under the underlying relationship)? 2/ Regarding this clause: 'against your first written demand and this notwithstanding any objection of whatever nature by ABCDE Mechanical Construction Joint Stock Company or any third party and without necessity of any legal or judicial proceedings', if there is a court order to suspend the payment, is the Guarantor allowed to stop the payment and comply with such order? /QUOTED/ FORM OF BANK GUARANTEE FOR ADVANCE PAYMENTS We, XYZ bank, with main office in [address] guarantee to you on behalf of ABCDE Mechanical Construction Joint Stock Company for the amount of USD 783,848.75 (In words: Seven hundred eighty-three thousand, eight hundred forty-eight dollars and seventy-five cents). This bank guarantee comes into force only after the receipt by the Guarantor of USD 783,848.75 (In words: Seven hundred eighty-three thousand, eight hundred forty-eight dollars and seventy-five cents). for further credit to the applicant’s account no. 12345678 (USD Account) with the Guarantor, provided such remittance identifies this guarantee no. (insert when issue officially) and the contract no. xyz and valid for the whole amount until 06/15/2027 Demand(s) for payment and document under this guarantee must be made in English and quote this guarantee number and submitted in paper by the beneficiary's bank in one lot by courier to our counter at above mentioned address (attention: [name]) on or before the expiry date. This Guarantee is governed by/subject to the latest version of Uniform rules for Demand guarantee (URDG), ICC Publication but to the extent the practices make no provision for the matter in question, this Guarantee is governed by/subject to the laws of Italy. /UNQUOTE/