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.
Canada's Court of King’s Bench of Alberta denied injunction application of LC Applicant who sought to enjoin Beneficiary demand on standby LC.
![Pacific Atlantic Pipeline Construction Inc. v. Coastal Gaslink Ltd. [2023]](/content/images/size/w30/2024/08/pacific-atlantic-pipeline-case-2023.jpeg)
To support its obligations for a gas pipeline project in British Columbia, Pacific Atlantic Pipeline Construction Inc. (Contractor/Applicant) applied for and caused HSBC Bank Canada (Issuer) to issue a CAD 117,162,384 standby letter of credit in favour of Coastal Gaslink Ltd. (Principal/Beneficiary).[[1]] Contractor/Applicant, a wholly owned subsidiary of Bonatti, S.p.A. (Contractor Owner), was engaged by Principal/Beneficiary in 2012 to build certain sections of the liquid natural gas pipeline (the Contract). Construction, however, “experienced significant challenges” due to the pandemic, which included a five-month suspension of work pursuant to a Public Health Order.
In the fifth instalment of his DCW article series on major contemporary issues surrounding documentary credit practice, ICC Banking Commission Senior Technical Advisor Dave Meynell offers his thoughts on the highly-charged question: Is it time for UCP to be revised?
Best Theratronics Ltd., a Canadian-based manufacturer of equipment used to treat cancer, is prohibited from resuming operations at its plant
Contractor-applicant appealed dismissal of complaint against principal of insolvent beneficiary and judgment debtor.
Continuing an annual survey written by top legal experts each year since 1992, Carter Klein examines the most significant letter of credit issues emerging from cases decided in 2023.
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