diff --git a/cli/smartcontract/generate_test.go b/cli/smartcontract/generate_test.go
index 6b4d5aa2f..e2a31d913 100644
--- a/cli/smartcontract/generate_test.go
+++ b/cli/smartcontract/generate_test.go
@@ -499,3 +499,52 @@ callflags:
 			"--config", cfgPath, "--out", "zzz")
 	})
 }
+
+func TestCompile_GuessEventTypes(t *testing.T) {
+	app := cli.NewApp()
+	app.Commands = NewCommands()
+	app.ExitErrHandler = func(*cli.Context, error) {}
+
+	checkError := func(t *testing.T, msg string, args ...string) {
+		// cli.ExitError doesn't implement wraping properly, so we check for an error message.
+		err := app.Run(args)
+		require.Error(t, err)
+		require.True(t, strings.Contains(err.Error(), msg), "got: %v", err)
+	}
+	check := func(t *testing.T, source string, expectedErrText string) {
+		tmpDir := t.TempDir()
+		configFile := filepath.Join(source, "invalid.yml")
+		manifestF := filepath.Join(tmpDir, "invalid.manifest.json")
+		bindingF := filepath.Join(tmpDir, "invalid.binding.yml")
+		nefF := filepath.Join(tmpDir, "invalid.out.nef")
+		cmd := []string{"", "contract", "compile",
+			"--in", source,
+			"--config", configFile,
+			"--manifest", manifestF,
+			"--bindings", bindingF,
+			"--out", nefF,
+			"--guess-eventtypes",
+		}
+		checkError(t, expectedErrText, cmd...)
+	}
+
+	t.Run("not declared in manifest", func(t *testing.T) {
+		check(t, filepath.Join("testdata", "invalid5"), "inconsistent usages of event `Non declared event`: not declared in the contract config")
+	})
+	t.Run("invalid number of params", func(t *testing.T) {
+		check(t, filepath.Join("testdata", "invalid6"), "inconsistent usages of event `SomeEvent` against config: number of params mismatch: 2 vs 1")
+	})
+	/*
+		// TODO: this on is a controversial one. If event information is provided in the config file, then conversion code
+		// will be emitted by the compiler according to the parameter type provided via config. Thus, we can be sure that
+		// either event parameter has the type specified in the config file or the execution of the contract will fail.
+		// Thus, this testcase is always failing (no compilation error occures).
+		// Question: do we want to compare `RealType` of the emitted parameter with the one expected in the manifest?
+		t.Run("SC parameter type mismatch", func(t *testing.T) {
+			check(t, filepath.Join("testdata", "invalid7"), "inconsistent usages of event `SomeEvent` against config: number of params mismatch: 2 vs 1")
+		})
+	*/
+	t.Run("extended types mismatch", func(t *testing.T) {
+		check(t, filepath.Join("testdata", "invalid8"), "inconsistent usages of event `SomeEvent`: extended type of param #0 mismatch")
+	})
+}
diff --git a/cli/smartcontract/testdata/invalid5/invalid.go b/cli/smartcontract/testdata/invalid5/invalid.go
new file mode 100644
index 000000000..0cae2ed71
--- /dev/null
+++ b/cli/smartcontract/testdata/invalid5/invalid.go
@@ -0,0 +1,7 @@
+package invalid5
+
+import "github.com/nspcc-dev/neo-go/pkg/interop/runtime"
+
+func Main() {
+	runtime.Notify("Non declared event")
+}
diff --git a/cli/smartcontract/testdata/invalid5/invalid.yml b/cli/smartcontract/testdata/invalid5/invalid.yml
new file mode 100644
index 000000000..eda948267
--- /dev/null
+++ b/cli/smartcontract/testdata/invalid5/invalid.yml
@@ -0,0 +1 @@
+name: Test undeclared event
\ No newline at end of file
diff --git a/cli/smartcontract/testdata/invalid6/invalid.go b/cli/smartcontract/testdata/invalid6/invalid.go
new file mode 100644
index 000000000..dd3a3ecdd
--- /dev/null
+++ b/cli/smartcontract/testdata/invalid6/invalid.go
@@ -0,0 +1,7 @@
+package invalid6
+
+import "github.com/nspcc-dev/neo-go/pkg/interop/runtime"
+
+func Main() {
+	runtime.Notify("SomeEvent", "p1", "p2")
+}
diff --git a/cli/smartcontract/testdata/invalid6/invalid.yml b/cli/smartcontract/testdata/invalid6/invalid.yml
new file mode 100644
index 000000000..13933803e
--- /dev/null
+++ b/cli/smartcontract/testdata/invalid6/invalid.yml
@@ -0,0 +1,6 @@
+name: Test undeclared event
+events:
+  - name: SomeEvent
+    parameters:
+      - name: p1
+        type: String
\ No newline at end of file
diff --git a/cli/smartcontract/testdata/invalid7/invalid.go b/cli/smartcontract/testdata/invalid7/invalid.go
new file mode 100644
index 000000000..41bc20c47
--- /dev/null
+++ b/cli/smartcontract/testdata/invalid7/invalid.go
@@ -0,0 +1,7 @@
+package invalid7
+
+import "github.com/nspcc-dev/neo-go/pkg/interop/runtime"
+
+func Main() {
+	runtime.Notify("SomeEvent", "p1", 5)
+}
diff --git a/cli/smartcontract/testdata/invalid7/invalid.yml b/cli/smartcontract/testdata/invalid7/invalid.yml
new file mode 100644
index 000000000..a217deefd
--- /dev/null
+++ b/cli/smartcontract/testdata/invalid7/invalid.yml
@@ -0,0 +1,8 @@
+name: Test undeclared event
+events:
+  - name: SomeEvent
+    parameters:
+      - name: p1
+        type: String
+      - name: p2
+        type: String
\ No newline at end of file
diff --git a/cli/smartcontract/testdata/invalid8/invalid.go b/cli/smartcontract/testdata/invalid8/invalid.go
new file mode 100644
index 000000000..dba9173ca
--- /dev/null
+++ b/cli/smartcontract/testdata/invalid8/invalid.go
@@ -0,0 +1,17 @@
+package invalid8
+
+import "github.com/nspcc-dev/neo-go/pkg/interop/runtime"
+
+type SomeStruct1 struct {
+	Field1 int
+}
+
+type SomeStruct2 struct {
+	Field2 string
+}
+
+func Main() {
+	// Inconsistent event params usages (different named types throughout the usages).
+	runtime.Notify("SomeEvent", SomeStruct1{Field1: 123})
+	runtime.Notify("SomeEvent", SomeStruct2{Field2: "str"})
+}
diff --git a/cli/smartcontract/testdata/invalid8/invalid.yml b/cli/smartcontract/testdata/invalid8/invalid.yml
new file mode 100644
index 000000000..6c0c34748
--- /dev/null
+++ b/cli/smartcontract/testdata/invalid8/invalid.yml
@@ -0,0 +1,6 @@
+name: Test undeclared event
+events:
+  - name: SomeEvent
+    parameters:
+      - name: p1
+        type: Array
\ No newline at end of file
diff --git a/pkg/compiler/compiler.go b/pkg/compiler/compiler.go
index eac2bdced..2b90ac07e 100644
--- a/pkg/compiler/compiler.go
+++ b/pkg/compiler/compiler.go
@@ -356,16 +356,43 @@ func CompileAndSave(src string, o *Options) ([]byte, error) {
 		if o.GuessEventTypes {
 			if len(di.EmittedEvents) > 0 {
 				for eventName, eventUsages := range di.EmittedEvents {
+					var manifestEvent HybridEvent
+					for _, e := range o.ContractEvents {
+						if e.Name == eventName {
+							manifestEvent = e
+							break
+						}
+					}
+					if len(manifestEvent.Name) == 0 {
+						return nil, fmt.Errorf("inconsistent usages of event `%s`: not declared in the contract config", eventName)
+					}
+					exampleUsage := eventUsages[0]
+					for _, usage := range eventUsages {
+						if len(usage.Params) != len(manifestEvent.Parameters) {
+							return nil, fmt.Errorf("inconsistent usages of event `%s` against config: number of params mismatch: %d vs %d", eventName, len(exampleUsage.Params), len(manifestEvent.Parameters))
+						}
+						for i, actual := range usage.Params {
+							mParam := manifestEvent.Parameters[i]
+							// TODO: see the TestCompile_GuessEventTypes, "SC parameter type mismatch" section,
+							// do we want to compare with actual.RealType? The conversion code is emitted by the
+							// compiler for it, so we expect the parameter to be of the proper type.
+							if !(mParam.Type == smartcontract.AnyType || actual.TypeSC == mParam.Type) {
+								return nil, fmt.Errorf("inconsistent usages of event `%s` against config: SC type of param #%d mismatch: %s vs %s", eventName, i, actual.TypeSC, mParam.Type)
+							}
+							expected := exampleUsage.Params[i]
+							if !actual.ExtendedType.Equals(expected.ExtendedType) {
+								return nil, fmt.Errorf("inconsistent usages of event `%s`: extended type of param #%d mismatch", eventName, i)
+							}
+						}
+					}
 					eBindingName := rpcbinding.ToEventBindingName(eventName)
-					// Take into account the first usage only.
-					// TODO: extend it to the rest of invocations.
-					for typeName, extType := range eventUsages[0].ExtTypes {
+					for typeName, extType := range exampleUsage.ExtTypes {
 						if _, ok := cfg.NamedTypes[typeName]; !ok {
 							cfg.NamedTypes[typeName] = extType
 						}
 					}
 
-					for _, p := range eventUsages[0].Params {
+					for _, p := range exampleUsage.Params {
 						pBindingName := rpcbinding.ToParameterBindingName(p.Name)
 						pname := eBindingName + "." + pBindingName
 						if p.RealType.TypeName != "" {
diff --git a/pkg/smartcontract/binding/generate.go b/pkg/smartcontract/binding/generate.go
index 33bb21dd2..bd7d42cbc 100644
--- a/pkg/smartcontract/binding/generate.go
+++ b/pkg/smartcontract/binding/generate.go
@@ -265,3 +265,34 @@ func TemplateFromManifest(cfg Config, scTypeConverter func(string, smartcontract
 func upperFirst(s string) string {
 	return strings.ToUpper(s[0:1]) + s[1:]
 }
+
+// Equals compares two extended types field-by-field and returns true if they are
+// equal.
+func (e *ExtendedType) Equals(other *ExtendedType) bool {
+	if e == nil && other == nil {
+		return true
+	}
+	if e != nil && other == nil ||
+		e == nil && other != nil {
+		return false
+	}
+	if !((e.Base == other.Base || (e.Base == smartcontract.ByteArrayType || e.Base == smartcontract.StringType) &&
+		(other.Base == smartcontract.ByteArrayType || other.Base == smartcontract.StringType)) &&
+		e.Name == other.Name &&
+		e.Interface == other.Interface &&
+		e.Key == other.Key) {
+		return false
+	}
+	if len(e.Fields) != len(other.Fields) {
+		return false
+	}
+	for i := range e.Fields {
+		if e.Fields[i].Field != other.Fields[i].Field {
+			return false
+		}
+		if !e.Fields[i].ExtendedType.Equals(&other.Fields[i].ExtendedType) {
+			return false
+		}
+	}
+	return (e.Value == nil && other.Value == nil) || (e.Value != nil && other.Value != nil && e.Value.Equals(other.Value))
+}
diff --git a/pkg/smartcontract/binding/generate_test.go b/pkg/smartcontract/binding/generate_test.go
new file mode 100644
index 000000000..64522d28c
--- /dev/null
+++ b/pkg/smartcontract/binding/generate_test.go
@@ -0,0 +1,229 @@
+package binding
+
+import (
+	"testing"
+
+	"github.com/nspcc-dev/neo-go/pkg/smartcontract"
+	"github.com/stretchr/testify/assert"
+)
+
+func TestExtendedType_Equals(t *testing.T) {
+	crazyT := ExtendedType{
+		Base:      smartcontract.StringType,
+		Name:      "qwertyu",
+		Interface: "qwerty",
+		Key:       smartcontract.BoolType,
+		Value: &ExtendedType{
+			Base: smartcontract.IntegerType,
+		},
+		Fields: []FieldExtendedType{
+			{
+				Field: "qwe",
+				ExtendedType: ExtendedType{
+					Base:      smartcontract.IntegerType,
+					Name:      "qwer",
+					Interface: "qw",
+					Key:       smartcontract.ArrayType,
+					Fields: []FieldExtendedType{
+						{
+							Field: "as",
+						},
+					},
+				},
+			},
+			{
+				Field: "asf",
+				ExtendedType: ExtendedType{
+					Base: smartcontract.BoolType,
+				},
+			},
+			{
+				Field: "sffg",
+				ExtendedType: ExtendedType{
+					Base: smartcontract.AnyType,
+				},
+			},
+		},
+	}
+	tcs := map[string]struct {
+		a           *ExtendedType
+		b           *ExtendedType
+		expectedRes bool
+	}{
+		"both nil": {
+			a:           nil,
+			b:           nil,
+			expectedRes: true,
+		},
+		"a is nil": {
+			a:           nil,
+			b:           &ExtendedType{},
+			expectedRes: false,
+		},
+		"b is nil": {
+			a:           &ExtendedType{},
+			b:           nil,
+			expectedRes: false,
+		},
+		"base mismatch": {
+			a: &ExtendedType{
+				Base: smartcontract.StringType,
+			},
+			b: &ExtendedType{
+				Base: smartcontract.IntegerType,
+			},
+			expectedRes: false,
+		},
+		"name mismatch": {
+			a: &ExtendedType{
+				Base: smartcontract.ArrayType,
+				Name: "q",
+			},
+			b: &ExtendedType{
+				Base: smartcontract.ArrayType,
+				Name: "w",
+			},
+			expectedRes: false,
+		},
+		"number of fields mismatch": {
+			a: &ExtendedType{
+				Base: smartcontract.ArrayType,
+				Name: "q",
+				Fields: []FieldExtendedType{
+					{
+						Field:        "IntField",
+						ExtendedType: ExtendedType{Base: smartcontract.IntegerType},
+					},
+				},
+			},
+			b: &ExtendedType{
+				Base: smartcontract.ArrayType,
+				Name: "w",
+				Fields: []FieldExtendedType{
+					{
+						Field:        "IntField",
+						ExtendedType: ExtendedType{Base: smartcontract.IntegerType},
+					},
+					{
+						Field:        "BoolField",
+						ExtendedType: ExtendedType{Base: smartcontract.BoolType},
+					},
+				},
+			},
+			expectedRes: false,
+		},
+		"field names mismatch": {
+			a: &ExtendedType{
+				Base: smartcontract.ArrayType,
+				Fields: []FieldExtendedType{
+					{
+						Field:        "IntField",
+						ExtendedType: ExtendedType{Base: smartcontract.IntegerType},
+					},
+				},
+			},
+			b: &ExtendedType{
+				Base: smartcontract.ArrayType,
+				Fields: []FieldExtendedType{
+					{
+						Field:        "BoolField",
+						ExtendedType: ExtendedType{Base: smartcontract.BoolType},
+					},
+				},
+			},
+			expectedRes: false,
+		},
+		"field types mismatch": {
+			a: &ExtendedType{
+				Base: smartcontract.ArrayType,
+				Fields: []FieldExtendedType{
+					{
+						Field:        "Field",
+						ExtendedType: ExtendedType{Base: smartcontract.IntegerType},
+					},
+				},
+			},
+			b: &ExtendedType{
+				Base: smartcontract.ArrayType,
+				Fields: []FieldExtendedType{
+					{
+						Field:        "Field",
+						ExtendedType: ExtendedType{Base: smartcontract.BoolType},
+					},
+				},
+			},
+			expectedRes: false,
+		},
+		"interface mismatch": {
+			a:           &ExtendedType{Interface: "iterator"},
+			b:           &ExtendedType{Interface: "unknown"},
+			expectedRes: false,
+		},
+		"value is nil": {
+			a: &ExtendedType{
+				Base: smartcontract.StringType,
+			},
+			b: &ExtendedType{
+				Base: smartcontract.StringType,
+			},
+			expectedRes: true,
+		},
+		"a value is not nil": {
+			a: &ExtendedType{
+				Base:  smartcontract.ArrayType,
+				Value: &ExtendedType{},
+			},
+			b: &ExtendedType{
+				Base: smartcontract.ArrayType,
+			},
+			expectedRes: false,
+		},
+		"b value is not nil": {
+			a: &ExtendedType{
+				Base: smartcontract.ArrayType,
+			},
+			b: &ExtendedType{
+				Base:  smartcontract.ArrayType,
+				Value: &ExtendedType{},
+			},
+			expectedRes: false,
+		},
+		"byte array tolerance for a": {
+			a: &ExtendedType{
+				Base: smartcontract.StringType,
+			},
+			b: &ExtendedType{
+				Base: smartcontract.ByteArrayType,
+			},
+			expectedRes: true,
+		},
+		"byte array tolerance for b": {
+			a: &ExtendedType{
+				Base: smartcontract.ByteArrayType,
+			},
+			b: &ExtendedType{
+				Base: smartcontract.StringType,
+			},
+			expectedRes: true,
+		},
+		"key mismatch": {
+			a: &ExtendedType{
+				Key: smartcontract.StringType,
+			},
+			b: &ExtendedType{
+				Key: smartcontract.IntegerType,
+			},
+			expectedRes: false,
+		},
+		"good nested": {
+			a:           &crazyT,
+			b:           &crazyT,
+			expectedRes: true,
+		},
+	}
+	for name, tc := range tcs {
+		t.Run(name, func(t *testing.T) {
+			assert.Equal(t, tc.expectedRes, tc.a.Equals(tc.b))
+		})
+	}
+}