Debate persists on when an independent undertaking is issued: upon leaving the issuer’s control or only when advised to the beneficiary. Various rules clarify issuance timing.
September's DCW is live! We have an exciting fresh batch of content that's just launched. Scroll down to see the full content breakdown, which includes:
But first, one last plug: Don't miss IIBLP's annual New York events - the Standby & Guarantee Forum + LC Law Summit! In person and Online participation available.
Rule 2.07 deals with routing amendments, cancellations, and notices of non-extension between issuers and nominated banks. Rule 2.07(a) requires that the issuer follow the routing used to advise a standby in advising a proposed amendment... by: James E. Byrne
Balancing wonder with accessibility is vital for innovation and ethical use of trade tech, especially as advancements transform trade finance, making it more efficient and secure. by: Dave Meynell
Houthi attacks in the Red Sea have led to major disruptions in global trade routes. With increased criminal activity and reduced visibility, banks are under increased pressure to meet sanctions and counter terrorism requirements. by:Claire Franklin & Isabel Baldock
Letters of credit represent the bulk of trade services offered by banks in Bangladesh and the country’s tense governmental transition has been closely watched by the industry. In this article, Bangladesh's political and economic challenges and their impact on trade are considered. by: ATM Nesarul Hoque
Argentine lawyer Jorge Riva highlights how ICC rules are already providing an adequate environment for accommodating electronic means and how intense work continues for expanded use of electronic credits.eDocuments: how harmonization is driving adoption. by: Jorge Riva
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. by: Zahoor Dattu
Chris Sandler is the COO of the Institute of International Banking Law & Practice, the organization which produces DCW. Reach Chris at sandler@iiblp.org
Debate persists on when an independent undertaking is issued: upon leaving the issuer’s control or only when advised to the beneficiary. Various rules clarify issuance timing.
On 15 Feb 2023, DCSA members pledged to issue 50% of bills of lading (B/Ls) electronically by 2028 and 100% by 2030, aiming to cut costs and boost global trade.
The Bank of England reversed its plan to raise trade finance capital requirements from 20% to 50%, aligning with the EU approach but raising insurance-related requirements.
