This month, DCW unpacks the legal and practical shifts reshaping trade finance interpretation. Why are ICC Opinions becoming increasingly scarce?
Writing as a trade finance professional with a long background in the business, Dave Meynell offers his personal views on factors contributing to the sharp reduction in ICC Official Opinions issued over the past several years.
With the causation defence being increasingly engaged in misdelivery cases, there is a great deal for banks and shipowners to learn from The “Maersk Katalin” case.
English Court of Appeal (Civil Division) reversed trial judgments in favour of standby beneficiaries.
To support leases of civilian aircrafts, AirBridge Cargo Airlines LLC and JSC Aurora Airlines (collectively, “Applicants”), Russian companies, applied for and caused Sberbank Povolzhsky Head Office (Issuer) to issue seven standby letters of credit[[1]] in favour of Celestial Aviation Services Ltd. (Celestial-Beneficiary), an Irish aircraft lessor.[[2]] The standbys were later confirmed by UniCredit Bank GmbH, London Branch (Confirming Bank),[[3]] subject to English law and UCP600, and were payable in US dollars. Provided standby text from Issuer and Confirming Bank is reprinted below.
To support separate aircraft lease obligations, the AirBridge-Applicant again applied for and caused Issuer to issue five standby LCs[[4]] in favour of Constitution Aircraft Leasing (Ireland) 3 & 5 Ltd. (Constitution-Beneficiaries). These standbys were also subject to English law and UCP600. Confirming Bank added confirmations.
Applicant appealed Singapore trial court decision granting partial injunction on performance bond.
Bench trial for negligent misrepresentation claim by beneficiary against advising bank.
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.
Contractor-applicant appealed dismissal of complaint against principal of insolvent beneficiary and judgment debtor.
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