How safe is an ‘Un-SAFE’ Guarantee
Monday 25 May, 2009
David Beaves and Peter Murray consider recent amendments to the regulations governing China's State Administration of Foreign Exchange (SAFE) and its implication on guarantees issued in relation to ship finance and shipbuilding contracts in China
"Charles Dickens famously wrote “credit is a system whereby a person who can't pay gets another person who can't pay to guarantee that he can pay”. Many guarantees have been issued by Chinese guarantors over the last few years, some in the context of refund guarantees for shipbuilding contracts, or others, for example, guaranteeing performance under charters. Dickens cynically wrote about a guarantor “that can't pay”, but what if the reason for non-payment is that the guarantee concerned has not been approved by or registered with a Chinese state body? We are referring, of course, to the State Administration of Foreign Exchange ('SAFE')."
How safe is an ‘Un-SAFE’ Guarantee (pdf)
Date: Monday 06 - Friday 10 September, 2010
Location: Christ's College, Cambridge
Ince & Co partner Paul Herring will be speaking on the 8th September on the Sale & Purchase of ships at the Ship Finance Summer School. The course provides delegates with a complete understanding of ship finance and the global market today.
Date: Wednesday 08 - Thursday 09 September, 2010
Location:
Ince & Co partner Kevin Cooper will be speaking on the first day of the ACI conference on 'Ship Interest in Casualty Management: The Owner's Perspective'.
Date: Tuesday 14 - Wednesday 15 September, 2010
Location: Olympia, London
Ince & Co partner Stephen Askins is speaking at the NATO Conference – Dedicated to Hardening Vessels Against Attacks by Pirates that is being held on the first day of the Transport Conference. The NATO conference provides a unique opportunity to take part in a tactical floor exercise which follows a vessels’ voyage from departure in Rotterdam to the attack point in the Gulf of Aden and will follow the vessel through its journey including the attack, capture and release.
Date: Tuesday 14 - Thursday 16 September, 2010
Location: Hilton Istanbul, Turkey
Ince & Co partners Paul Herring and Jonathan Elvey will be speaking during the course of the BIMCO Masterclass Workshop on: Norwegian Saleform 1987 and 1993, Arbitrating Disputes, Remedies for Breach of Contract and The Shipbroker’s Role.
Date: Monday 27 - Tuesday 28 September, 2010
Location: Amara Hotel, Singapore
Ince & Co Senior Marine Manager Clive Reed will be speaking during the seafarers & crew management conference.