ICC Guidelines for the Creation of BPO Customer Agreements

ICC Guidelines for the Creation of BPO Customer Agreements

Following a request made by a number of banks to the ICC, the Banking Commission and SWIFT agreed to create a working group for the drafting of guidelines to assist banks in the creation of customer contracts or agreements for use with their BPO related services or products.

Background

The document does not provide a suggested text of a contract or agreement. The drafting of a BPO contract or agreement is like any other bank document and should remain within the domain and control of the concerned bank. However, what it does provide is a suggested list of categories, and the individual components within those categories, that should be considered when drafting a customer contract or agreement.

The appendix to the document contains a list of bank financing product and services descriptions that were drafted by SWIFT in May 2009 for the Trade Services Utility (TSU) documentation. This list is by no means fully encompassing or comprehensive, may contain concepts and terms which are not uniformly used worldwide, and is offered solely for guidance.

A previous draft text has been reviewed by the ICC Banking Commission Legal Committee and their valuable comments are incorporated into this final version.

It is the responsibility of each bank to design its financing products and services relating to the BPO and to assess their legal and operative feasibility.

Members of the Working Group

Gary Collyer – Collyer Consulting Global Ltd (Chair)

Nadine Louis – SWIFT

Patrick Krekels – SWIFT

Robert Marchal – SWIFT

Harriette Resnick – JP Morgan Chase

Evelyne Braidy – BNPParibas

Christine Centner – BNPParibasFortis

Daisuke Kamai – Bank of Tokyo-Mitsubishi UFJ Ltd

Michael Seeger – Deutsche Bank

David Meynell – TradeLC Advisory

Observers

Neil Chantry – HSBC

Andre Casterman – SWIFT

Summary and highlights

Background

Purpose

Definitions

Concept of a Bank Payment Obligation

Governing Law and Jurisdictions

Appendix