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.
Egyptian banks opened LCs worth USD 11.6 billion over a six-week stretch from 1 March to mid- April 2022
Egyptian banks opened LCs worth USD 11.6 billion over a six-week stretch from 1 March to mid- April 2022, an increase of 87% from the USD 6.2 billion in LCs issued for the same period one year ago, said SEE News, citing Central Bank of Egypt (CBE) sources.
The spike coincides with implementation of CBE’s decision to halt use of documentary collections backing import operations and instead require LCs.
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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