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Bond guide The BExA Guide to On-Demand Contract Bonds We are pleased to present our updated BExA Guide to On-Demand Contract Bonds Our ?rst Bond Guide was published in October and much has changed since then New ICC Rules for Bonds URDG have replaced URDG

The BExA Guide to On-Demand Contract Bonds We are pleased to present our updated BExA Guide to On-Demand Contract Bonds Our ?rst Bond Guide was published in October and much has changed since then New ICC Rules for Bonds URDG have replaced URDG Similar updates have been made to rules on letters of credit and delivery terms Another milestone has been the introduction after much pressure from BExA of UK Government support for the issue of bonds the Bond Support facility from UK Export Finance And then there has been the change in the banking environment the ?nancial crisis that started to bite in and which continues to in uence bank strategies and regulation Basel III being the most notable changed banking perspectives irrevocably This edition of the Bond Guide has been more than updated it has been re- written At BExA we see real value in sharing experiences to help fellow exporters to fathom and manage the complexities of risk and ?nance in trade We are delighted that our vision is shared by our sponsors who have ?nanced the publication of this Guide and therefore deserve our thanks Please do review their literature in the ?nal pages of this ? Guide Jon Coleman Chairman the British Exporters Association September The BExA Guide to On-Demand Contract Bonds CONTENTS FOREWORD EDITOR ? S NOTE Chapter WHAT IS AN ON-DEMAND CONTRACT ? BOND On-demand unconditional or conditional bond types SBLCs extend or pay other forms of guarantee bond issuers Chapter THE CUSTOMER ? S VIEW Chapter THE BANK ? S VIEW Exporter risk security pricing banks bond wording destination UK Export Finance bond support capital allocation fees practicalities MAC clause large ? bonds Chapter THE EXPORTER ? S VIEW Credit risk putting the bond in place cost risk of call joint ventures bond watch ? list Chapter THE LAWYER ? S VIEW Chapter WHAT TO WATCH OUT FOR AND WHAT TO AVOID Watch list what to ? avoid Chapter EXTEND OR PAY Chapter YOUR BOND IS CALLED Chapter UNFAIR CALLING INSURANCE Insurance exclusions how the cover works tender bond cover Chapter URDG Appendix SOME SAMPLE WORDINGS Appendix LOCAL LAWS AND CUSTOMS Appendix THE UN CONVENTION Appendix TERMINOLOGY SPONSORS ? LITERATURE The BExA Guide to On-Demand Contract Bonds FOREWORD What are contract bonds The answer is that they are a ?nancial guarantee of your performance However being unconditional the exporter in providing the guarantee is in a sense saying to his customer ??Here you are help yourself to my money whenever you like ? There may be very good reasons if you are the customer in such a transaction for requiring such an arrangement but the fact of the matter is that bonds present all sorts of di ?culties for the exporter and the banker It is the purpose of this guide to help exporters navigate this interesting subject and come out the other side money ? intact Surprisingly for ?nancial instruments that are independent of the contracts that they guarantee and allow