DCW maintains a list of recently-decided court cases involving commercial letters of credit, standby LCs, demand guarantees, and other trade
This month, we sort through some of the big questions shaping LC practice today. Is it time to rewrite UCP
Following his writing in the past two editions of DCW, Robert Parson examines legal developments on sanctions and sanctions clauses that have arisen in courts recently and implications for LC practice.
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, we sort through some of the big questions shaping LC practice today. Is it time to rewrite UCP
Following his writing in the past two editions of DCW, Robert Parson examines legal developments on sanctions and sanctions clauses that have arisen in courts recently and implications for LC practice.
In the fifth instalment of his DCW article series on major contemporary issues surrounding documentary credit practice, ICC Banking Commission Senior Technical Advisor Dave Meynell offers his thoughts on the highly-charged question: Is it time for UCP to be revised?
Beyond questions on the rule of strict construction of LC terms, the In re Spiegel case should engender a discussion of the requirements of UCP vs. ISP on what certified means with respect to a government or court-issued document.
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