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.
On 12 October 2022, HL Bill 57 – the Electronic Trade Documents Bill – was presented before the United Kingdom Parliament. The Bill, based on UK Law Commission recommendations and draft legislation, proposes changes to the law that would allow for the legal recognition of electronic versions of trade documents such as bills of lading and bills of exchange.
The Law Commission had been asked by the Government to set out reforms to the legal status of electronic trade documents in 2020. Following a consultation period, the Law Commission published its recommendations in March 2022.
The Bill will now go through the UK House of Lords before going to the House of Commons. If passed, the Bill would modernize the UK’s Bills of Exchange Act 1882 and Carriage of Goods by Sea Act 1992 to give digital trade documents the same legal status as their paper-based equivalents.
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
In an attempt to clarify aspects of UCP600 Article 10, the ICC Banking Commission has issued its 10th Technical Advisory
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