ICC Revises Guidance on Use of Sanctions Clauses

Stemming from Kuvera Resources Pte Ltd. v. JPMorgan Chase Bank, N.A. where the High Court of Singapore determined that the sanctions clause in question “does not come within the scope of the (UCP) rule prohibiting non-documentary conditions”, the ICC Banking Commission decided to revisit and revise one aspect of its guidance on how sanctions clauses are to be categorized and considered.