Reclaiming Your VAT

Reclaim the VAT on your Euromoney Training Courses in the UK

Why am I being charged VAT?
The EU VAT Directive stipulates that all training and educational courses that are provided in the UK must include a VAT charge on payment.  

Can I reclaim my VAT back?
Overseas delegates who attend our courses in the UK are eligible to claim their VAT back once it has been paid.    

How can I claim the VAT back paid on a course?
There are two ways in which you can claim back VAT back from the UK.

Option 1 - Directly through HM Revenue and Customs

The most cost-efficient way is to claim back VAT directly from the UK Tax Authority (HMRC) by completing the following form. 
For European clients, please refer to form VAT 65
All other clients, please refer to form VAT 65A.

Option 2 - Through our Recommended VAT Reclaim Service – VAT IT
The specific rules for VAT reclaim will vary according to the laws of your country of residence. This can be complicated and time-consuming. 

Euromoney have an exclusive partnership with VAT IT, specialists in international VAT reclaim.  VAT IT will review, process and submit your VAT refund on your behalf. 

VAT IT will charge a percentage of the VAT refund if/when it is successful. 

If you want to find out more about this service, please email your details to:  

You may also be able to claim back your VAT against courses taking place outside of the UK, and we would recommend contacting VAT IT, our specialist partner, to discuss how to do this.


Course details

Download course brochure

Guarantees & Standby Letters of Credit in International Trade

Uncover the issues of bonds & guarantees with this market driven course
  • Course overview:

    With the arrival of the new Uniform Rules for Demand Guarantees (URDG 758), the course is more than ever a pre-requisite for all involved in the use of guarantees in international trade and project finance structures. The use of international guarantees, bonds and standbys has proliferated in recent years yet documentation errors, fraud and unfair calling have made guarantees a legal minefield and subject to more court proceedings than any other financial instrument.

    This course will highlight the areas of potential risk and teach effective documentation techniques. You will analyse the legal issues in bonds and guarantees, explaining the products and their uses.

    How this course will help you

    You will learn:
    • The responsibilities and legal relationships of the various parties
    • The comparative merits and drawbacks of standby and demand guarantees
    • When courts will intervene to prevent payment of guarantees
    • How to avoid operational problems
    • How to avoid problems of applicable law
    • How big-ticket guarantees are syndicated
    • The benefits and drawbacks of using the new uniform rules for demand guarantees (URDG 758)
  • Day 1

    Introduction: The Role of Guarantees In International Trade
    • The nature of risk in international trade
    • Commercial, credit and political risk
    • Payment and performance obligations
    • The role of guarantees in risk allocation

    Guarantees & Related Instruments
    • Guarantees proper
    • Contracts of surety
    • Indemnities
    • Corporate guarantees 
    • Letters of comfort

    Workshop : Identifying the Nature of the Undertaking
    • Participants will be presented with various documents for analysis regarding the nature of the obligations created by them.
    Legal Analysis and Terminology
    • Primary and secondary obligations
    • Formal requirements of guarantees
    • Consideration and cause
    • The origin of ‘bonds’
    • Co-extensiveness of obligations
    • Subrogation
    • The rule in Holme v Brunskill

    Workshop: The Practical Importance of the Distinction between Primary and Secondary Obligations
    • Participants consider the implications of the courts’ decisions in Associated Japanese Bank v Credit du Nord, Marubeni Hong Kong and South China Ltd v Government of Mongolia and ILG Capital Llc v Van Der Merwe

    Banker's Autonomous Undertakings
    • The origin of autonomous undertakings
    • Autonomy and conditionality
    • Irrevocability
    • Indirect guarantees and counter-guarantees
    • Mandate and the basis of the guarantor's obligation
    • Conditional wording 
    • Demand compliance with the guarantee’s terms
    • Case Study: IE Contractors v. I.A.E.

    Case Study: Bonding Structures in International Construction Contracts
    • Bid and Tender Bonds
    • Advance Payment Guarantees
    • Retention Money Bonds
    • Performance Bonds
    • Maintenance and Warranty Bonds

    Day 2

    Morning Demand Guarantees: Obvious and Hidden Risks
    • Guarantees and the allocation of risk
    • Obvious and ‘hidden’ risks of using demand guarantees
    • Political risk: sanctions and embargos
    • Case Study: Shanning International Ltd v Rasheed Bank 
    • 'Unfair calling' 
    • Extend or pay demands
    • Ineffective expiry dates: Where & Why?

    The Uniform Rules for Demand Guarantees 2010
    • Background and history of the URDG 
    • Main changes in URDG 758
    • Relationships and terminology 
    • Issue and effectiveness 
    • Non-documentary conditions 
    • Amendments 
    • Variation of guarantee amount 
    • Presentation of demand 
    • Time for examination of demand and for payment
    • Force majeure closure
    • Extend or pay demands
    • Relationship between guarantee and counter-guarantee
    • Governing law and jurisdiction 
    • Model Forms

    Afternoon Standby Letters of Credit
    • The origins, nature and use of standby letters of credit
    • Comparison of standby and non-standby letters of credit
    • Comparison of standby letters of credit and demand guarantees
    • Standby letters of credit as payment mechanisms 
    • Case Study: Development of Standby LCs in Oil Trade
    • Standby letters of credit as counter-guarantees

    Workshop: Hybrid Indirect Guarantees
    • Participants analyse the use of standby credits in indirect guarantees to beneficiaries who require an on-demand guarantee

    The International Standby Practices (ISP98)
    • Scope and Application
    • Relationships and Terminology
    • Fundamental Principles
    • Irrevocability and Effectiveness
    • Nature of Document(s) Required
    • Treatment of Document(s)
    • Extend or Pay Demands
    • Expiry

    Day 3

    Standby LCs under ISP98 compared to UCP600
    • Amendments
      - Normal SBLCs
      - Automatically amendable SBLCs
    • Documentation
       - Demand required
       - Documentary compliance
       - Consistency of documents
    • Time limits 
       - Transfer 
       - Transferability
    • General rules 
       - Insolvency 
       - Assignment of proceeds
    • Expiry

    Court Intervention: Common Law Jurisdictions
    • Autonomy and the fraud exception
    • The letter of credit analogy
    • The standard of proof of fraud for an injunction
    • The ‘balance of convenience’ test

    Court Intervention: Civil Law Jurisdictions
    • Absence or illegality of cause
    • Abuse of right and manifestly abusive calling
    • Fraudulent and abusive calling
    • Case Studies: The Russian Steel Case and Olex Focas

    Afternoon Applicable Law in Indirect Guarantees
    • Conflict of laws in international trade transactions
    • The EC Convention on the Law Applicable to Contractual Obligations
    • Issuer’s Law – an unsafe assumption
    • EU Rome 1 Regulation

    Jurisdiction under the European Regime
    • Domiciliary jurisdiction
    • Special jurisdiction
    • Jurisdiction under the EU Brussels Regulation
    • Jurisdiction under the 2008 Lugano Convention

    Case Study: Jurisdiction Based on Place of Performance
    Participants consider the decision in Chailease v Credit Agricole Indo-Suez regarding special jurisdiction based on the place of payment 
  • Our Tailored Learning Offering

    Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.

    If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.

    We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.

  • We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.

    We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:

    • Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
    • Track record – we have delivered training solutions for 95% of worlds’ top 100 banks and have trained over 250,000 professionals.
    • Knowledge – our 150 strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
    • Reliability – if we promise it, we deliver it. We have delivered over 20,000 events both in person and online, using simultaneous translation to delegates from over 180 countries.
    • Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 96% on service and 95% on product
This course can be run as an In-house or Tailored Learning programme


  • Alan Ward


    Having been a Lecturer at the London School of Economics and a Fellow of the University of Essex, Alan Ward also lectures at other European Universities. Specialising in international trade and banking, he has also developed an extensive professional training and consultancy practice in these areas.An originator of successful courses in international financial law, he has trained bankers, lawyers and corporates in in North and South America, South East Asia, the Middle East and throughout Europe.He has written for the Journal of International Banking Law and the Business Law Review in addition to editing a practitioner's text on international trade finance. He has acted as a consultant to international banks in London, Sweden and Germany and is a member of the ICC United Kingdom National Committee.



"All courses are held at four or five star venues in Central London, Zone 1. We strive to provide you with a training environment of the highest quality, to ensure that the whole learning experience exceeds your expectations.

Your training venue will be confirmed by one of our course administrators approximately 3-4 weeks before the course start date.

As such we have detailed our most frequently used training destinations in London on this map. If you need help booking accommodation for your visit to our training courses, please contact and one of our partners will help you get the best rate possible."