DCW maintains a list of recently-decided court cases involving commercial letters of credit, demand guarantees, and other trade finance instruments.
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Various articles from the June 2024 edition of DCW caught the attention of ICC Banking Commission Senior Technical Advisor Dave Meynell who offers the following comments.
In his article, “Banks Authenticating Beneficiaries’ Drawings: Advantageous or Unnecessary?”, Glenn Ransier makes a number of excellent points, querying whether hybrid solutions have actually resolved any potential fraud situations. Personally, I am not convinced that such hybrid approaches would definitively avoid potential legal intervention.
Accordingly, in view of the cost, resource, and time effort involved in such a process, Glenn is absolutely right to question the practicality. Market feedback will be very interesting on this specific issue.
I’m always pleased to see observations with regard to a Technical Advisory Briefing (TAB), as it promotes broader awareness of these helpful guidance topics.
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In the first of his series of DCW articles on major issues surrounding potential revision of UCP, ICC Banking Commission Senior Technical Advisor Dave Meynell examines the concept of negotiation.
Letter of credit cases can reveal a great deal about how the industry's practice rules and standards are viewed and interpreted by the courts.
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