DCW maintains a list of recently-decided court cases involving commercial letters of credit, demand guarantees, and other trade finance instruments.
We’re excited to announce an exclusive new benefit for DCW subscribers—select IIBLP eBooks are now included as part
Important login update We’ve heard from a few users about login issues, so here’s a quick guide to
Beneficiary Bayport Polymers appealed temporary injunction restraining presentation of LC documents.
To support its engineering and construction work on a high-density polyethylene plant in Bayport, Texas, CB&I, LLC (Contractor/Applicant) applied for and caused an unspecified issuing bank to issue a standby letter of credit in favor of Bayport Polymers, LLC (Beneficiary). A key metric in Contractor/Applicant’s progress was “RFHI Completion” whereby Beneficiary would be able to introduce hydrocarbons into the plant. This completion date was originally expected for about one-thousand days after the effective contract date of October 8, 2021. Each week past planned completion would result in liquidated damages owed by Contractor/Applicant (capped at 6% of contract value). Beneficiary could pursue such damages in three ways: (1) invoice Contractor/Applicant for damages with a 30-day due date; (2) withhold amounts already due and payable to Contractor/Applicant; or (3) “collect on either letter of credit”.
Receive updates on the latest DCW releases
