Day 1

Session 1
Typical financing structures in use in the trade finance market:
- pre-export financing
- borrowing base
- advance payment (with and without risk-sharing)
- reserve base lending
- receivables sale
- participations (funded and risk)
- warehouse receipts finance
- securitisation.
The session will focus on the legal relationships involved in each of these structures, the legal rights and obligations taken by the different parties, and the different legal risks which can arise.

Session 2
Continuation and completion of the topics described in Session 1.

Session 3
Conflicts of law issues in trade finance:
- which are the different legal systems which govern or can affect the different parts of a trade finance transaction
- choice of governing law and jurisdiction
- how can these legal risks be managed: legal due diligence; legal opinions.

Session 4
Consideration of the different types of security assets and security devices which are commonly used in trade finance transactions:
- goods in warehouses
- goods being transported
- assignment of contract rights
- receivables
- bank accounts

This session will also look at the role of collateral management as an adjunct to security.


Day 2

Session 1
Consideration of different forms of financing and security documentation used in the trade finance market:
- mandate letter
- term sheet
- facility agreement
- security documents
- collateral management agreement
- intercreditor arrangements.

This session will include consideration of standard form documents and look at some of the frequent negotiation issues. This may be done via a workshop divided into a lender-side team and a borrower-side team.

Session 2
Continuation and completion of the topics described in session 1.

Session 3
The role of guarantees in international trade. This session will consider different types of third party credit support for international trade finance transactions, including:
- indemnities
- corporate guarantees
- insurance
- comfort letters
- standby letters of credit.

The legal analysis will cover:
- the distinction between primary and secondary liabilities
- the legal requirements for guarantees.

Session 4
Bankers’ autonomous undertakings: letters of credit and demand guarantees. This session will consider the basic legal structures for these types of instrument and the respective legal rights and obligations of the various parties which are involved.

It will also cover the different types of bonding structures:
- bid/tender bonds
- advance payment guarantees
- retention money bonds
- performance bonds.


Day 3

Session 1
Consideration of:
- payment letters of credit contrasted with standby letters of credit
- applicable international codes: UCP contrasted with International Standby Practices 1998 (ISP 98)

Consideration of;
- demand guarantees
- Uniform Rules for Demand Guarantees (URDG).

Practical issues arising from use of these instruments in international trade finance, including:
- competing positions of the parties involved
- drafting issues
- financing structures
- risk mitigation.

Session 2
Continuation and completion of the topics covered in session 1.

Sessions 3 and 4
What can go wrong? Consideration of one or more transactions which did not succeed as the parties intended. How can this be avoided? Are there any general lessons which can be learned?

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