DCW maintains a list of recently-decided court cases involving commercial letters of credit, standby LCs, demand guarantees, and other trade
This month, we sort through some of the big questions shaping LC practice today. Is it time to rewrite UCP
Following his writing in the past two editions of DCW, Robert Parson examines legal developments on sanctions and sanctions clauses that have arisen in courts recently and implications for LC practice.
Use of UCP600 for standbys continues, despite there being better suited rules in ISP98
The provisions of URDG can be modified, overridden, or excluded by inserting suitable replacement wording in the text of the guarantee.
The ICC’s Incoterms® rules only reflect the most commonly used commercial practice. Therefore, where a situation demands and parties are in agreement, the rules may be amended to deviate from the default provisions or add to the rules to bring more precision.
Practical advice for modifying and excluding UCP600 articles in commercial letters of credit.
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