ICC to launch online training for recently released demand guarantee rules

  • 5 October 2010

The International Chamber of Commerce (ICC) has further expanded its online trade training offering with the launch of URDG Master, advanced online training in Uniform Rules for Demand Guarantees (URDG) 758 and demand guarantees.

Adopted by the ICC Executive Board on 3 December 2009 and effective since 1 July 2010, URDG 758 applies to billions of US dollars in aggregate of outstanding guarantees in all sectors of trade and industry including construction, capital markets, commercial lending, corporate restructuring and structured finance.

URDG Master was designed to meet the increased educational requirements in the area of demand guarantees following the coming into effect of the URDG 758 rules and to ensure global availability of ICC-approved structured training in the application of the rules. This 12-hour course is suitable for anyone who wishes to master the operation of demand guarantees and the application of the new URDG 758 rules.

URDG Master offers a comprehensive overview of the operation of demand guarantees before providing an article-by-article analysis of the URDG 758 and allowing trainees to practice their skills in a series of case studies and assessments.

“Our online trade training suite has been used to train thousands of practitioners globally in documentary credits and collections. Today, we are expanding our services to the newly revised URDG 758 so that we can continue to provide the industry with innovative products,” said Tan Kah Chye, ICC Banking Commission Chairman.

The release of URDG Master completes ICC’s suite of online training in traditional trade products developed in partnership with Coastline Solutions. The suite of online training now contains courses in collections (URC 522), letters of credit (UCP 600), standby letters of credit (ISP98) and demand guarantees (URDG 758), and covering the full range of traditional trade products used in international trade. Training is delivered online so that it can be taken at any time and from any location with Internet access. Each trainee receives a personal username and password to access the training.

Each trainee studies the same ICC-approved material and receives the same consistent message as written by the prominent experts in trade finance, including Georges Affaki, Chair of the URDG 758 Drafting Group, Gary Collyer, Chair of the UCP 600 Drafting Group and James Byrne, Chair of the ISP98 Drafting Group.

“This online training on URDG 758 will become an indispensable tool to the application of the new rules that are destined to become the international standard for demand guarantee practice,” said Mr Affaki who is Head of Structured Finance Legal Affairs at BNP Paribas.

The training comes complete with its own Learning Management System (LMS). The LMS allows training managers within banks/companies to easily allocate the training to trainees and keep track of the progress of trainees.

The online delivery has the added benefit of keeping incidental costs – such as travel, accommodation, scheduling, printed materials, venue and time off work to a minimum.

For further information on the online trade finance training suite visit: www.coastlinesolutions.com