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.
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:
This month, we sort through some of the big questions shaping LC practice today. Is it time to rewrite UCP
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.
In 2022, the ICC Banking Commission began handling and discussing ICC Opinions on a quarterly basis instead of on a
A presentation made at a recent meeting of LC bankers offered insights regarding specialists’ understanding of US regulatory requirements with
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