On 26-27 May 2011, the Russian National Committee of the International Chamber of Commerce in partnership with VTB held a master class “Review of Modern International Practices in Documentary Letters of Credit and Bank Guarantees” in St. Petersburg.
The event gathered over 60 representatives of major banks from Russia and the CIS, lawyers and international economists.
The master class was hosted by Professor James E. Byrne, renowned expert in documentary letters of credit and bank guarantees, head of the “International Standby Practices, ISP98” workgroup, director of the Institute of International Banking Law & Practice.
The main aim of the event was to enhance efficiency of using documentary business instruments in Russia. The master class focused on reviewing modern trends in documentary letters of credit and comparative analysis of documentary business instruments for performing obligations.
Participants of the master class were able to discuss the practices of applying the existing revisions of international regulations establishing common rules and standards for L/C and guarantee operations, to study disputable cases, including legal practices and official opinions of the ICC experts, and to get first-hand answers from a world-class specialist to their questions on theory and practice.