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.
The onset of the global pandemic in March 2020 necessitated immediate and sometimes drastic changes in how banks and other parties engaged in standby letter of credit business. Some of these abrupt alterations in practice norms were explained in a survey conducted by DCW in the early days of the virus. As time went on, certain adjustments proved fleeting and temporary while others caused the industry to reassess pre-pandemic practice habits. Presented here are observed trends that have captured the attention of some experienced standby LC specialists, as well as a few recommendations.
As a result of, or accelerated by the pandemic, we have increasingly seen:
How UCC Article 5 governs letters of credit in the US, its non-variable provisions, and the legal nuances that affect issuers and beneficiaries.
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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