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.
Following coordination of price cap sanctions on Russian origin crude oil and petroleum products first put in place in December 2022 by an international coalition of countries, a cross industry group within the Energy LEAP organization has drafted relevant compliance clauses that are publicly available for download.
Structured based on the US, UK, and EU 2022 Russia sanctions, the clauses are intended to be used when a buyer is purchasing non-Russian origin crude oil or oil (petroleum) products. Such clauses are designed to assist the seller and buyer in demonstrating that the cargo sold and delivered is not Russian and therefore is not subject to the price cap sanctions.
The contractual clauses address such considerations as vessel nomination, definitions, and warranty wording concerning cargo origin and proof of origin.
Energy LEAP, which is also active in drafting standby LC wording for the oil industry (see April 2023 DCW, p. 5), invites input regarding its draft compliance clauses and ongoing work.
English Court of Appeal (Civil Division) reversed trial judgments in favour of standby beneficiaries.
This Executive Summary provides an overview of topics discussed and debated by leading professionals at the conference.
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
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