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: Tuesday 22 - Wednesday 23 May, 2012
Location: Dexter House, London
Ince & Co partners Kevin Cooper and Stephen Askins are leading a workshop on “Responding to and managing a Piracy incident” on Wednesday 23 May.
Date: Wednesday 20 June, 2012
Location: London
Ince & Co partner Stephen Askins is participating in the First BIMCO seminar on GUARDCON, the much anticipated GUARDCON standard contract for the employment of security guards on vessels, on Wednesday 20 June.