How UCC Article 5 governs letters of credit in the US, its non-variable provisions, and the legal nuances that affect issuers and beneficiaries.
English Court of Appeal (Civil Division) reversed trial judgments in favour of standby beneficiaries.
Canada's Court of Appeal of Alberta affirmed trial judgment, dismissing LC Applicant's appeal and terminating short term interim injunction.
The Central Bank of Egypt announced in mid-February 2022 that Egyptian banks must only accept letters of credit for the purchase of imports.
The Central Bank of Egypt announced in mid-February 2022 that Egyptian banks must only accept letters of credit for the purchase of imports. Exemptions exist for the import of medicines, certain food and drink, imports valued at less than USD 5,000, and imports by foreign companies and their subsidiaries. Banks may accept invoices for goods shipped before the change was announced.
Several trade and business associations have expressed staunch opposition toward the new rules, which take effect 1 March 2022, saying that they could aggravate supply chain problems, increase production costs, and worsen inflationary pressures. According to media reports, banks have been asked to facilitate LC use by lowering issuance fees to match the fee structure for documentary collections.
Five draft opinions – some garnering much more attention than others – were finalized in an ICC Banking Commission quarterly discussion session
Following the discussion of ICC Opinions on 2 July 2024, updates on other ICC Banking Commission projects were given. ICC
Upon request of its customer, Lummus Technology Heat Transfer B.V., Credit Agricole Corporate & Investment Bank issued a letter
In an attempt to clarify aspects of UCP600 Article 10, the ICC Banking Commission has issued its 10th Technical Advisory
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