DCW maintains a list of recently-decided court cases involving commercial letters of credit, demand guarantees, and other trade finance instruments.
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This Executive Summary provides an overview of topics discussed and debated by leading professionals at the conference.
For the 25th consecutive year, the Institute of International Banking Law & Practice conducted its Annual LC Survey conference for the Singapore LC market. Held on 9 May 2024 and hosted by Baker McKenzie, the program was organized as a hybrid event, permitting attendees to join in-person or virtually.
In a troubling paradox, one LC specialist noted that criminals are continuing to utilize letters of credit for fraudulent purposes while LC use is declining among reputable companies who are instead seeking forms of pre- and post-financing more than ever. Another specialist countered that LCs reflect what’s happening in the world and in wartime there is need for the LC as a risk mitigating device. They are seeing an increase from corporates for confirmed LCs from the export side.
From an operations perspective, the ratcheting up of regulatory expectations (vessel tracking, price checking, etc.) is vexing. This has led to lengthy LCs with sanctions clauses and increased reliance on letters of indemnity (LOIs). One experienced manager acknowledged that AI is here to stay and urged bankers to embrace AI as a means of coping with regulatory expectations.
In the first of his series of DCW articles on major issues surrounding potential revision of UCP, ICC Banking Commission Senior Technical Advisor Dave Meynell examines the concept of negotiation.
Letter of credit cases can reveal a great deal about how the industry's practice rules and standards are viewed and interpreted by the courts.
On 15 Feb 2023, DCSA members pledged to issue 50% of bills of lading (B/Ls) electronically by 2028 and 100% by 2030, aiming to cut costs and boost global trade.
Seeking to capitalize on recent meetings with high level officials of Russia and following a July 2024 session of the
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