This month, we're spotlighting the challenges and hard-earned lessons emerging from LC disputes and sanctions enforcement crackdowns. Carter
DCW maintains a list of recently-decided court cases involving commercial letters of credit, standby LCs, demand guarantees, and other trade
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.
The historical challenges of suretyship in English law, emphasizing the need for modernizing guarantee forms. Recent cases, like Shanghai Shipyard, underscore the importance of clarity.
Particularly crucial for AML and KYC concerns, LEI facilitates faster access to finances for SMEs. Despite ongoing challenges, it is advocated by industry bodies and regulators as a pivotal tool in advancing global trade.
Proposed EU Capital Requirements Regulation changes may raise credit conversion factor for standby letters of credit. Limited data suggests low default rates. Banks issue standbys for fees, and despite credit risk, many expire unused.
Use of UCP600 for standbys continues, despite there being better suited rules in ISP98
Exploring the guarantor's right of recourse, analyzing legal concepts, international banking practices, and banking structures in China. Specifically guarantees and counter guarantees.
19-20 October 2022 The ICC Banking Commission held its 2022 Technical Meeting as a hybrid event in-person in Paris and
In Natixis Funding Corp. v. GenOn Mid-Atlantic, the 5th Circuit addresses crucial aspects of letter of credit practice, exploring prepayment, collateralization, structured finance, indemnities, good faith limits, and consequences of drafting errors.
Guarantors Caught Between Home Courts That Do Not Apply the Fraud Exception and Courts in the Counter-Guarantor's Country
The ICC Banking Commission's TAB#4 sheds light on UCP600 Article 35, assuaging concerns about lost documents. The clarification emphasizes the LC issuer's responsibility to honor compliant drawings, even if documents are lost in transit between nominated banks, providing relief to practitioners.
The provisions of URDG can be modified, overridden, or excluded by inserting suitable replacement wording in the text of the guarantee.
Key takeaways from expert report issued in the KEB Hana Bank v. Korean Export Insurance Corporation court case.
A career in standby LCs - reflections from Kris Siebel of Societe Generale.
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