Introduction to Guarantees
Learning objectives
By the end of this online course you will be able to
Define what a bank guarantee is and the seven main types of guarantees and their key characteristics.
Identify the various parties that can issue a guarantee.
Understand the different parts of a guarantee.
Identify which law or rules should be applied to a bank guarantee and if local laws overrule URDG 758 and 458.
Identify when and how your liabilities are terminated.
Explain the three stages of a life cycle of a guarantee.
Understand the importance of using the correct terminology.
List the differences between a guarantee and a suretyship.
Understand what must happen for amendments to take place.
Describe the importance of a claim (demand) under a guarantee.
Course curriculum
Lessons
In this lesson, you will learn what a bank guarantee is through its origins, development and characteristics as well as the differences between bonds and guarantees.
In this lesson, you will learn about the different types of independent instruments and their distinguishing features.
In this lesson, we will take a look at the three key parts of a bank guarantee and the process flow involved for the three main players.
In this lesson you will gain an appreciation of the differences between different forms of guarantee and how they work to identify which solutions will work best for your trade finance needs.
Although we briefly touch on the rules governing bank guarantees in previous lessons, this lesson takes a closer look at how these are applied in practice.
In this lesson, we will take a closer look at the three stages of a life cycle of a guarantee. This includes the moment it enters into force, amendments, and termination.
In this lesson, we will review the importance of a claim (demand) under a guarantee.
In this section, we will take a look at a sample case study that showcases an example of how trade finance solutions can remedy problems often seen in the trade sector.
This section will test your knowledge on what you have learned so far and aims to equip you with the skills and context you will need in the field. Please note this is not an exam.
FAQs
Answers to your most commonly asked questions.
This course forms part of the curriculum for the Certified Trade Finance Professional (CTFP) but can also be purchased on its own.
If you just complete this course then you will earn a Letter of Completion once you finish (please note there is no exam for this individual course).
However, this course can also be put towards achieving the CTFP qualification. More details can be found here.
If you complete the CTFP then you will earn a Certificate of Achievement, signed by the ICC Secretary General, once you pass the final exam.
A strong interest in trade and trade finance is recommended and all candidates need to be able to read and write in English.
Your purchase includes 12 months to access all the lessons. You can access the lessons as many times as you like within the 12-month access period.
This course is accredited by the London Institute of Banking and Finance (LIBF), The Bankers Association for Finance and Trade (BAFT) and the Global Trade Professionals Alliance (GTPA).
Due to the immediate availability of our course content upon registration, ICC Academy has a strict no-refund policy for our courses and certifications. For more details, please refer to our Terms and Conditions.
This online course will take approximately 3-4 hours to complete depending on your level of experience.
Candidates will have 12 months to complete the lessons.
- One-year access to the online course and all 9 lessons
- A case study and 18 assessment questions – we’ll show you how to apply what you learn to real-world scenarios. Please note there is not an exam.
- 18 animated explainer videos and 1 video lecture
- A printable glossary containing all the key terms for you to refer to throughout the course
- A downloadable study reference guide
- Dedicated, full-time IT support
- Certificate of Completion
Yes, all our courses are taken online. This means they are accessible at any time, from anywhere in the world. Learn when and where you want.
This course has been designed for general practitioners working in banks, corporates, or financial institutions in functions such as relationship management, credit and compliance, but with an interest in trade finance.
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