US UCC Article 5’s Non-Variable Provisions
How UCC Article 5 governs letters of credit in the US, its non-variable provisions, and the legal nuances that affect issuers and beneficiaries.
The abrupt mid-March 2023 closures of Silicon Valley Bank (SVB) and Signature Bank sent shockwaves through the US banking system
In advance of Ramadan 2023, the Pakistan government listed tea as an essential commodity in order to meet high domestic demand for tea, and the government ordered State Bank of Pakistan to issue mandatory instructions for banks to open letters of credit for tea, declaring tea a ‘primary import’.
The ICC Banking Commission has announced its intention to compile an eUCP Directory in order to bring attention to banks’ capacities to handle eUCP letters of credit.
Bankers share opinions on what it means when a non-extension notice is sent more than 60 days prior to expiry, but then LC extended 6 months anyway.
This is the first installment of FinCEN's guidance materials to assist the public in understanding beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA).
Following its decision to initiate a six-month review of all 140 ICC Opinions issued since formulation of ISBP745 in 2013
Further to previous reporting (“Aviation Company Says Bank Wrongfully Dishonored LCs Backing Russian-Leased Planes”, April 2022 DCW 6), the Commercial
For the 31st consecutive year, the Institute of International Banking Law & Practice conducted its Americas Annual LC Survey conference, 8-9 June 2023.
Court of Appeal allows payment in Euros despite contract in US Dollars. Implications for LCs & guarantees? RTI vs. MUR case questions currency and force majeure clauses' role in trade finance.
ICC republished four guidance papers on recommended principles and usages around the UCP600 rules in February 2023. The collection of
In a recent group discussion, LC professionals took up the matter of guarantee text referencing a consumer price index (CPI)
In Wellington Cantonment Board v. Gharpure Engineering & Constructions, the Madras High Court (India) set aside a District Judge order
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