DCW maintains a list of recently-decided court cases involving commercial letters of credit, demand guarantees, and other trade finance instruments.
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The following scenario was widely discussed during a recent meeting among bankers. The relevant details: Outgoing collection documents were sent
In a bankers’ discussion this month, conversation focused heavily on standby LCs, particularly the handling of amendments. One of questions
The question discussed centered on whether document examiners would pickup Short Drawing as a discrepancy since the LC does not permit tolerance in the amount and the amount drawn is less than the total value of the LC.
Issuing bank received a timely demand that complied with the standby. However, on the beneficiary’s cover letter, the payment instruction request to remit payment to their account with a different bank than what is stated on the certification.
-- needs image of Marine Certificate of Insurance, p. 46 of May 2023 DCW
Bankers share opinions on what it means when a non-extension notice is sent more than 60 days prior to expiry, but then LC extended 6 months anyway.
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