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VAT on Virtual and Online Programmes

VAT is applicable on virtual programmes to delegates attending from the UK*. If participating from the EU, a valid VAT number is required to ensure VAT will not be charged under the reverse charge mechanism. VAT is not applicable to attendees from all other countries.
*For virtual courses ran through our Asia office, VAT may be applicable to HK and Singapore residents only. Find out more by contacting


Claiming Back Your VAT

All attendees of a London based course incur VAT as a part of the cost of attendance.

Euromoney Learning have partnered with VAT IT to allow you the unique opportunity to recoup the VAT incurred.

Using VAT IT's extensive experience and simple sign-up and refund process, every invoice can be turned into cash for your business.

Claim the VAT that's rightfully yours in four simple steps:

1. Register your interest

2. Sign a few simple documents

3. VAT IT processes your claim

4. Receive your refund

Why choose VAT IT 

VAT IT have spent two decades identifying, researching and perfecting the foreign VAT Reclaim process and built the best back end technology in the industry. By partnering with Euromoney Learning, we can provide you with a fast and effective way to reclaim your VAT which helps reduce the cost of your training.

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

Can I claim back the VAT myself?

You can 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.


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.

Legal Issues in International Trade Finance

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

    With the arrival of the new barriers to trade, 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)
    Note - A good level of spoken and written English is required to attend this course. Delegates should be of an intermediate standard in English at a minimum. Please refer to the Common European Framework of Reference for Languages - as a guide the level required is B2.  
  • 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?

  • 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 – 10/10 of the world’s largest banks have chosen us as there training provider and we have delivered training across the largest banks and have trained over 25,000 professionals.
    • Knowledge – our 100+ 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 25,000 events both in person and online, using simultaneous translation to delegates from over 99 countries.
    • Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 4.2/5 on service and 4.7/5 on Coursecheck
This course can be run as an In-house or Tailored Learning programme


  • Michael Kenny


    Michael Kenny was a solicitor in private practice working in law firms in the City of London, and also in Bahrain, Hong Kong and New York. For 20 years he was a partner at Watson Farley & Williams, a leading international law firm. He is now a legal consultant focusing on legal training. He specialises in international finance, and advised banks and companies in trade finance, commodity finance and project finance. He was particularly involved in transactions in Africa and the Middle East. He has been a frequent speaker and contributor to legal and business journals.



The course will take place at a Central London hotel.

The map attached details some of our most frequently used venues

If you need help booking accommodation for your visit, please contact and one of our partners will help you get the best rate possible.