ICC publishes new set of tools to bring clarity to business amid the COVID-19 pandemic

Since the outbreak of the pandemic, small businesses, transporters and banks have been forced to grapple with uncertain economic conditions, costly trade barriers and new workplace restrictions. As business leaders and policymakers prepare for the recovery, ICC has released a new set of resources to bring clarity and certainty to companies everywhere.

Guiding entrepreneurs through hurdles and challenges

Throughout the pandemic, small businesses have suffered from depleting supplies of trade finance, newly introduced trade restrictions and national lockdowns. Start-ups and entrepreneurs have experienced sharp reductions to their funding and in many cases have laid off staff to sustain operations.

The pandemic has brought into view common challenges faced by SMEs, start-ups, and entrepreneurs, including a lack of resources, professional guidance and poor information-sharing channels. To help entrepreneurs build a strong foundation for their new ventures, ICC, the voice of the real economy, has published a new set of Model Contracts for Start-ups, to guide entrepreneurs through the legal hurdles and challenges required to open any start-up or small business.

Designed by commercial lawyers and successful start-up founders, ICC’s latest collection of model contracts provide entrepreneurs with contract templates to help avoid costly legal pitfalls. All templates are modifiable to tailor the contract to the territory where the start-up is located.

Legal essential for start-ups

In the coming weeks, ICC will host a series of workshops for small business owners, start-ups and entrepreneurs to get answers to any legal questions they have related to the ICC Model Contracts for Start-ups.

The first workshop on starting to negotiate will take place on 25 May and will focus on disclosing confidential information and terms of engagement for investor-shareholder relations.

The second workshop on organising your company will take place on 2 June and will focus on relations between directors and employees and provide some key intellectual property tips and guidance.

The third and final workshop on starting to operate will take place on  29 June with a focus on trading at home or internationally; managing operational risks; and delivering the best possible services.

Register now for ICC SME Lab Series via ICC Knowledge 2 Go to learn how to future-proof your business using ICC model contracts.

Clarifying Incoterms© 2020 for the transport sector

ICC launched the latest edition of the Incoterms® rules in October 2019 to update the commonly accepted definitions and rules related to contracts for the sale of goods between trading partners worldwide.

The ICC Handbook on Transport and the Incoterms© 2020 rules provides clarity and practical support to those in the transport sector working on transactions involving the Incoterms® rules.

This handbook has been developed to clarify issues arising in the interrelation of contracts of carriage and contracts for the B2B sale of goods incorporating the Incoterms® 2020 rules and to help readers manage the complex steps of today’s logistics chains. The handbook is particularly timely  – logistics chains have become particularly complicated by ripple effects of the COVID-19 pandemic, including increased trade barriers, border holdups caused by national lockdowns, and significant supply and demand fluctuations.

Visit ICC Knowledge 2 Go to access the ICC Handbook on Transport and the Incoterms© 2020 rules.

Best practices for ICC’s globally recognised banking rules

After nearly a decade of applying the ICC Uniform Rules for Demand Guarantees (URDG 758), ICC has collected insights and best practices from bankers to form the International Standard Demand Guarantee Practice (IDSGP).

This landmark publication includes 215 international standard practices to instruct parties/applicants, beneficiaries, guarantors and counter-guarantors on how to apply the rules and principles outlined in URDG 758. This publication provides bankers best practices throughout the lifecycle of the guarantee, including the drafting and issuance of guarantees, examinations and payments, rejections, transfers, and more.

By complying with the ISDGP, banks and other financial institutions can avoid mishaps that could result in unintended consequences, such as costly payment delays and disputes. In the context of the COVID-19 pandemic, this publication provides banks with clarity on demand guarantees and enables banks to lead for the long-term.