Following the majority vote against UCP revision by ICC National Committees, Dave Meynell offers evidence suggesting education and guidance is the prudent way forward.
For LC bankers to meet the challenge of price verification while upholding the independence principle, there's no substitute for exemplary knowledge of customers and their businesses.
Traditional financial metrics alone are no longer sufficient to support decision-making. Banks are now expected to consider sustainability risks, including environmental impact, supply chain practices, and governance standards. Doaa El Atawy explores the evolving role and where banks are headed.
Exactly what is an issuing bank authorizing or requesting a nominated bank to do when it requests the bank to “add its confirmation” to a credit? Several considerations and questions should be weighed by a would-be confirmer.
In project-driven industries, guarantees and standby letters of credit shape bids and contract negotiations early. Nadia Khirddine of AtkinsRéalis offers a corporate perspective on structuring these instruments and working effectively with banks.
Judges at three court levels in China erred in deciding on the force majeure defense invoked by an applicant as the basis for an issuing bank’s filing for an injunction. Saibo Jin explains the case and its broader implications.
Although ICC has opted not to pursue UCP revision at this time, trade finance consultant Miguel Bustamante explains why he believes both revision and education are needed and are not mutually exclusive.
In the latest installment of this annual survey article series, Carter Klein examines the most significant letter of credit issues emerging from cases decided in 2024.
Paul Roder examines why the Court decision in Starr Indemnity is troubling both in its interpretation of the auto-extension clause and the practical effect it may have on the industry.
Like certain other terms used in the LC and guarantee field, “assignable” can mean different things to different parties. Glenn Ransier reviews what the practice rules say and the importance of clarity.
