DCW maintains a list of recently-decided court cases involving commercial letters of credit, standby LCs, demand guarantees, and other trade
This month, we're spotlighting the challenges and hard-earned lessons emerging from LC disputes and sanctions enforcement crackdowns. Carter
The article “My Take on the Need for ICC Interpretation of UCP 600 Article 35” by Pavel Andrle (Oct 2020 DCW p. 31) caught my eye, not least because he mentions at the start that moderator Vincent O’Brien had asked him, “Did we need an ICC Interpretation of Article 35 of UCP600?” during the IIBLP’s 2020 US/EU Annual LC Survey conference session on “Document Delivery”. Like Mr. Andrle, I also had the pleasure of being a panelist on the same topic moderated by Mr. O’Brien at the IIBLP’s 2020 APAC Annual LC Survey conference in July.
The LC concept of negotiation has led to considerable misunderstanding and confusion in practice. In his article, Abdurrahman Özalp attempts to wade through areas of uncertainty and cast light on difficulties that confirming banks and beneficiaries could encounter.
When issuing banks insert complex reimbursement terms and self-serving conditions into their credits, it distorts the purpose of the product, causes problems for confirming banks, and drives exporters away from using LCs.
English Court of Appeal (Civil Division) reversed trial judgments in favour of standby beneficiaries.
Five draft opinions – some garnering much more attention than others – were finalized in an ICC Banking Commission quarterly discussion session
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