Commodity trading law is fast emerging as a specialist practice. This area of law is particularly important to Singapore, being a major international commodity trading hub. The commodity trading contract is a vital document for commodity traders. Often, it determines who makes and who loses money when things go wrong. It is a complex document and its implications are often overlooked.
This is a Masterclass designed by specialist commodity trading lawyers for experienced commodity trading personnel (legal, credit, risk, compliance, traders and operations) interested in developing a deeper understanding and higher level of expertise in commodity trading contracts. Participants should have at least an intermediate level (3 years and up) of experience in commodity trading.
This course will take an in-depth study in a typical commodity trading contract. It is an intensive 6-hour Masterclass over a one-day training session. The course will cover in detail various key issues, including disputes as to whether a trade was concluded, quality and quantity disputes, payment and security, limitation of liabilities, termination of contract, damages, and legal risk management. The course will be practical and industry focused. The instructors will share real life case studies and experience to illustrate the practical application of commodities trading law.
This course will be taught by class-leading commodities trading specialist lawyers - Ian Teo (Managing Director, Helmsman LLC) and Chen Zhida (Associate Director, Helmsman LLC).
The course is seminar-based and hypothetical problems based on real life cases discussed in an interactive setting.
The issues which will be discussed in-depth include:
- When is a valid and binding transaction concluded? This issue is especially important in a volatile market. Traders are often faced with a situation where counterparties try to renege on a deal when the prices fall or rise rapidly. How can traders protect themselves and achieve certainty?
- What happens if there is a quality or quantity disputes? Issues relating to final and binding analysis, and evidence collection. - Payment terms and security – examining risks in unsecured trade, letters of credit issues and how to “secure” the payment
- Shipping issues – laycan, delivery period and various INCOTERMS
- When can you terminate a contract? This issue often arises in a rapidly rising or falling market. Can a trader validly terminate a contract in order to take advantage of the volatile market?
- How much money can you claim when the other trader breaches the contract? This is a complicated area of the law – we will also examine what kind of losses can be claimed and whether hedging losses can be included.
- Insolvency of the other trader – how do you protect yourself against insolvency risk?
INSTRUCTORS
Ian Teo
Ian Teo is a founding director of Helmsman LLC. He is internationally recognised for his expertise and thought leadership in commodity and shipping law. In 2019, he became one of the first senior accredited shipping and maritime law specialists appointed by the Singapore Academy of Law.
Ian is consistently recommended in major legal publications for his expertise in shipping and trade, including Chambers – The World's Leading Lawyers for Business, Asia Pacific Legal 500, Who’s Who Legal 2020, Best Lawyers International and Who’s Who Legal. In 2016, Best Lawyers named Ian as Trade Lawyer of the Year. Ian is recognised by Euromoney Expert Guides as one of the world's 30 Best of the Best Shipping Lawyers. He was named a “Disputes Star” by Benchmark Litigation 2020.
Ian is regularly instructed by the world’s biggest trading houses and trade finance banks. He also enjoys the special distinction of being one of very few Singapore lawyers recognised for his expertise in downstream LNG trading related work.Qualified to practise in Singapore, England and Wales, Ian read law at the National University of Singapore (LL.B) and obtained his LL.M at Cambridge University. He is a Fellow of the Chartered Institute of Arbitration and Adjunct Fellow of the Centre for Maritime Law at the National University of Singapore. Ian sits on the Board of Directors of AMPLA.
Clients' comments include:
- Chambers Global: "A specialist in shipping and trade disputes... highly experienced in litigation and arbitration"; "commands respect...strong reputation for trade and dry shipping work"; "a commercially sound lawyer"; "...very knowledgeable...".
- Who’s Who Legal: “Ian Teo ranks highly among peers thanks to his in-depth understanding of shipping, trade and commodities law”.
- Chambers Asia-Pacific: "garners extensive praise from his clients"; "very competent lawyer who is meticulous in his case preparation, and effective and persuasive in his advocacy"; "ability to think outside the box".
Chen Zhida
Zhida is a recognised rising star in shipping and commodity trading law – as an expert in international commodity trade, trade finance, as well as “dry” shipping work (including charterparty and bill of lading disputes). He regularly appears in the Singapore courts and international arbitrations, both ad hoc and institutional (including LCIA, ICC, SIAC, HKIAC, AIAC). He also advises clients on non-contentious matters, ranging from commodity sale contracts, charterparties, to UN sanctions and other regulatory matters. Zhida graduated with First Class Honours in Law from the National University of Singapore (NUS). He graduated amongst the top of his class and was awarded a number of academic prizes throughout his undergraduate studies. He also has a Masters of Law in International Legal Studies from New York University. He was appointed a Young Amicus Curiae by the Supreme Court of Singapore in 2019, and is an Adjunct Assistant Professor at the Faculty of Law, National University of Singapore.
FEES
a. Early Bird Price (registration by 18 Feb)
Registration fee of S$321* (inclusive of GST) applies.
b. Regular Price (registration after 18 Feb)
Registration fee of S$428* (inclusive of GST) applies.
*Please note that there will be no refund of any fees should the participant cancel the registration/ fail to attend the event. However, registration is transferable. Notice of any change in participant should be sent to the Academy via email:
smulawacademy@smu.edu.sg, by 25 February 2021.
SMU School of Law reserves the right to cancel or postpone any event. In such case, we will arrange for the refund of fees paid.
