Debate persists on when an independent undertaking is issued: upon leaving the issuer’s control or only when advised to the beneficiary. Various rules clarify issuance timing.
Following a career of more than 50 years as a lawyer, including more than three decades concentrating on letters of credit, James G. Barnes has retired. A supremely accomplished lawyer, Jim spent his entire professional career with Baker & McKenzie. His seminal contributions to understanding and developing LC law and practice cannot be overstated.
Most in the LC industry who followed and benefited from his wisdom and insights associate Jim Barnes’ many contributions to field with his collaborative work with Professor James E. Byrne, founder of IIBLP and DCW. Unmatched by any other duo operating in the area of LCs, Jim & Jim effectively influenced the course and direction of codified US law governing letters of credit and were the masterminds behind the creation of the first set of international rules specifically for standby LCs, ISP98.
On the occasion of his self-described “slow rolling retirement” from LC matters, Jim Barnes recognizes his collaboration with Jim Byrne (p. 12). Other LC professionals who frequently interacted with Jim on projects and at LC events then offer their reflections on Jim Barnes and what he meant to the letter of credit field.
Debate persists on when an independent undertaking is issued: upon leaving the issuer’s control or only when advised to the beneficiary. Various rules clarify issuance timing.
On 15 Feb 2023, DCSA members pledged to issue 50% of bills of lading (B/Ls) electronically by 2028 and 100% by 2030, aiming to cut costs and boost global trade.
