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.
Nepali banks said they would follow a “verbal directive” from Nepal Rastra Bank (central bank) to “discourage” traders from opening LCs to import non-essential goods such as motorcycles, scooters, certain automobiles, and other luxury goods.
The move is an effort to curtail the outflow of Nepal’s rapidly depleting foreign exchange reserves. According The Kathmandu Post, bankers have not received formal communication from the central bank. It is also unknown from reporting how the verbal directive was disseminated.
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
Upon request of its customer, Lummus Technology Heat Transfer B.V., Credit Agricole Corporate & Investment Bank issued a letter
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