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.
Regarding possible revision of ICC Rules and/or Practices, the ICC Banking Commission announced on 12 July 2022 that the deadline for feedback from ICC National Committees on the matter was extended to end- September 2022 (the closing date for comment was later specified as 5 September).
As of mid-July, insufficient feedback had been received to determine whether UCP and/or ISBP should be revised. Up to that point, an ICC survey of views on the content and structure of ICC Rules and Practices for documentary credits indicated that a majority of respondents were either “satisfied” or “very satisfied” with UCP600 (58%) and ISBP745 (56%).
The sense is that while UCP600 remains robust, there may be movement toward a revision of ISBP745 but indications from ICC are that much more feedback is needed to make a strong business case for revision.
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
Upon request of its customer, Lummus Technology Heat Transfer B.V., Credit Agricole Corporate & Investment Bank issued a letter
In an attempt to clarify aspects of UCP600 Article 10, the ICC Banking Commission has issued its 10th Technical Advisory
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