Raymond Cox QC, Henry King, Deborah Horowitz and Niamh Cleary of Fountain Court have chaired a forum for bankers and practitioners in the field on practical issues relating to demand guarantees (encompassing performance bonds, secondary guarantees and standby letters of credit). The forum took place on 26 September 2013 in the Bingham Room, Gray’s Inn.
The forum discussed issues relating to:
• Amendment of the bond/guarantee
• Trigger for payment
• Interrelationship with derivatives.
A working paper on these issues was drafted by Raymond Cox QC, Henry King, Deborah Horowitz and Niamh Cleary and distributed before the forum.
A written paper setting out findings and conclusions will be produced in the next few months.