[SMULA] Masterclass - Legal Issues in Commodity Trading Contracts 2022

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 of selected issues arising out of 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 incorporation of contract terms and conflict between main terms and incorporated terms, quality disputes, payment and security, dispute resolution clauses, time bar clauses, 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), Maureen Poh (Director, Helmsman LLC), and Chen Zhida (Associate Director, Helmsman LLC).

The course is seminar-based and will discuss recent real-life cases in an interactive setting.

Some of the issues which will be discussed in-depth include: 

 

• How should we incorporate general terms and conditions into the commodity trading contract? What happens when there is a conflict between the terms in the recap and the incorporated terms?
   
• Does a buyer have a right to reject a cargo if it does not meet the contractual specifications?  
   
• Does a seller in an FOB sale have a right to terminate the contract if the buyer nominates a vessel that is, at the date of nomination, incapable of arriving at the load port on time?
   
• Are parties bound by an arbitration clause included in a draft contract which was circulated during negotiations? What happens if a party fails to comply with a multi-tier dispute resolution clause? 
   
• What are some of the potential pitfalls when dealing with time bars in commodity trading contracts? 
   
• Under what circumstances can an issuing bank bring a claim against a beneficiary under a letter of credit? 

    

 

SPEAKERS

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. 

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".
   

 

Zhidais 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 trading contracts, charterparties, to sanctions and other regulatory matters. 

Experts Guide, IFLR and Asialaw recognised Zhida as a “Future Star”. Benchmark Litigation ranked him as a “Future Star”. Clients’ comments include: “Very proactive in client management. Gives confidence that the lawyer is on top of the client's concerns”. Zhida was also featured on Prestige Singapore’s 40 Under 40 in 2021.
 
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 1 July 2022)
Registration fee of S$481.50* (inclusive of GST) applies. 

 

b. Regular Price (registration after 1 July 2022)
Registration fee of S$535* (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 8 July 2022.

SMU Law Academy reserves the right to cancel or postpone any event. In such case, we will arrange for the refund of fees paid.
 

 

The SMU Law Academy (previously known as CLE) has an established track record of providing the legal profession with high quality seminars and other opportunities to remain fully informed about contemporary legal developments in Singapore and beyond. Its carefully curated listing of seminars is developed with the profession’s multi-faceted needs in mind and meets the requirements of the CPD scheme. The Academy also administers the Auditing Scheme which enables members of the legal profession to consolidate and upgrade their understanding of the law by auditing courses in the School’s LL.B., J.D. and LL.M. programmes. For an overview of upcoming SMU Law Academy events, please click here.

This programme is an Accredited CPD Activity under the SILE’s CPD Scheme. Participants who wish to obtain CPD Points are reminded that they must comply strictly with the Attendance Policy set out in the CPD Guidelines. For this activity, this includes signing in on arrival and signing out at the conclusion of the activity in the manner required by the organiser, and not being absent from the entire activity for more than 15 minutes. Participants who do not comply with the Attendance Policy will not be able to obtain CPD Points for attending the activity. Please refer to http://www.silecpdcentre.sg for more information.

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