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Vincent O’Brien to present URDG 758 workshop in Dubai

22 June 2010 No Comment

Vincent O’Brien to present URDG 758 workshop in Dubai

Posted on 3 June 2010

Dubai-Chamber-14-June-Group

Vincent O’Brien, a member of the International Chamber of Commerce’s Banking Commission Guarantee Task Force, will be presenting an important workshop on URDG 758 on 14 June in Dubai. The event will be held at the offices of the Dubai Chamber.

URDG 758 is the latest iteration of the ICC’s uniform rules for demand guarantees (URDG).

O’Brien has a rare talent for bringing such dry banking subjects to life in lively and engaging presentations. As such, he is in demand across the world. “This workshop is of tremendous importance to traders, bankers and corporate lawyers operating in the Gulf – the rules become effective on 1 July 2010 and all parties need to be ready,” said O’Brien.

The importance of being informed of the details of URDG 758 was underlined by the recently published report of the ICC Banking Commission ‘Rethinking Trade Finance 2010’, which surveyed trade bankers in 75 countries. In it, 44% of respondents indicated that there was an increase in the number of claims under guarantees and standbys in 2009.

“It is [also] alarming to see that 23% of respondents reported an increase in the number of court injunctions stopping payment under bank undertakings,” he added.

According to O’Brien, the need for strong and clear demand guarantee rules, as in the URDG 758, is clearly essential, “particularly as the figure from the 2010 survey is almost double the figure reported in the 2009 Survey (12%)”.

Source from Trade & Forfaiting Review

http://www.tfreview.com/xq/asp/sid.0/articleid.35593B56-92A3-416B-8BB0-952411CEE119/eTitle.People__places_Vincent_OBrien_to_present_URDG_758_workshop_in_Dubai/qx/display.htm

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