This month, DCW unpacks the legal and practical shifts reshaping trade finance interpretation. Why are ICC Opinions becoming increasingly scarce?
Writing as a trade finance professional with a long background in the business, Dave Meynell offers his personal views on factors contributing to the sharp reduction in ICC Official Opinions issued over the past several years.
With the causation defence being increasingly engaged in misdelivery cases, there is a great deal for banks and shipowners to learn from The “Maersk Katalin” case.
In a recent discussion, LC specialists were asked if they would be willing to issue a standby LC subject to
The ISP98 Model Forms are fillable templates written by bankers and lawyers, and are aligned with ISP98 (ICC Publication No. 590), the most widely used rules for standbys.
ISP98 Model Form 1 is a template for a Standby Letter of Credit (SBLC) that also incorporates an annexed Form of Payment Demand with Statement.
ISP98 Model Form 2 is a template for a Standby Letter of Credit (SBLC) providing for extension and incorporating annexed Form of Payment Demand with Alternative Non-Extension Statement.
ISP98 Model Form 3 is a template for a Standby Letter of Credit (SBLC) providing for Reduction and that also incorporates an annexed Form of Reduction Demand.
ISP98 Model Form 4 is a template for a Standby Letter of Credit (SBLC) providing for Transfer and incorporating a template of a Transfer Demand.
ISP98 Model Form 5 is a template for a simple Demand Only Standby Letter of Credit (SBLC).
ISP98 Model Form 6 is a template for a Model Counter Standby Letter of Credit (SBLC) with Annexed Form of Local Bank Undertaking
ISP98 Model Form 7 is a template for a Standby Letter of Credit (SBLC) requiring Confirmation.
ISP98 Model Form 8 is a template for a Confirmation of a Standby Letter of Credit (SBLC).
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