US UCC Article 5’s Non-Variable Provisions
How UCC Article 5 governs letters of credit in the US, its non-variable provisions, and the legal nuances that affect issuers and beneficiaries.
Summary takeaways from the ICC Banking Commission Technical Meeting
Dave Meynell and Gary Collyer identify elements from the ISBP 821 drafting process that could potentially form the basis of a revision to UCP600.
A look into application of US UCC Article 5 for letter of credits outside of the United States
Energy LEAP, a not-for-profit organisation in which member companies across the oil trading industry work to define standards which offer
Further to previous reporting (“Aviation Company Says Bank Wrongfully Dishonored LCs Backing Russian-Leased Planes”, April 2022 DCW 6), the Commercial
Despite advancements, eUCP has limited use, especially in China. The article discusses the challenges of electronic presentation and underscores the importance of recognizing electronic records on par with paper documents in LC transactions.
Three Draft Opinions were presented for discussion at the ICC Banking Commission’s latest quarterly meeting on 31 January 2023.
In a recent discussion, standby specialists took up the matter of a US issuer of a non-transferable standby being presented
Different jurisdictional interpretations of guarantee law reinforce the need for practice rules in demand guarantee transactions.
The position of a banker in the trade finance environment includes trying to reconcile opposite demands of a buyer and a seller.
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