This month, DCW unpacks the legal and practical shifts reshaping trade finance interpretation. Why are ICC Opinions becoming increasingly scarce?
Writing as a trade finance professional with a long background in the business, Dave Meynell offers his personal views on factors contributing to the sharp reduction in ICC Official Opinions issued over the past several years.
With the causation defence being increasingly engaged in misdelivery cases, there is a great deal for banks and shipowners to learn from The “Maersk Katalin” case.
In the first of a two-part article, Robert Parson looks back at major LC court cases of 2024 and their impact on an increasingly complex environment for trade finance.
This is Part 1 of this article series. View Part 2 here
Reviewing the last year, 2024 saw a steady flow of decisions involving documentary and standby letters of credit across senior courts in the world’s trading centres. In the past, high volumes of LC-related cases giving rise to significant points of law in this area have often coincided with step changes in commercial practice such as the introduction of UCP 600 in 2007, knock-on effects from major frauds such as the Solo Industries affair in 1999, or the Saad Group collapse in 2009.
This month, DCW unpacks the legal and practical shifts reshaping trade finance interpretation. Why are ICC Opinions becoming increasingly scarce?
Writing as a trade finance professional with a long background in the business, Dave Meynell offers his personal views on factors contributing to the sharp reduction in ICC Official Opinions issued over the past several years.
With the causation defence being increasingly engaged in misdelivery cases, there is a great deal for banks and shipowners to learn from The “Maersk Katalin” case.
URDG 758 Article 15(c) makes clear that the requirement stated in Article 15(a) always applies unless expressly excluded in the guarantee, but does ISDGP help or harm in explaining this provision?
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