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.
In a bankers’ discussion this month, conversation focused heavily on standby LCs, particularly the handling of amendments. One of questions asked: How many times do banks send tracers for detrimental amendments?
For detrimental amendments, multiple specialists favored the approach of incorporating the initial (pending) amendment into a new amendment. It is clear that an issuing bank cannot force the beneficiary to accept or reject an amendment. Hence, the question of sending tracers. But the discussion focused on packaging the existing amendment into a new one, so is that a more effective way of inducing a response instead of repeating the sending one or more tracers? And then there is the possibility of confusion regarding amendment numbering.
Francisco Rodriguez, CDCS – GLS, agreed to share further comments with DCW readers:
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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