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.
Explore ISP98's evolution and global impact on standby LCs - 25 years on. Discover its unique features, comparisons with UCP 600 & URDG 758, and the challenges users face.
The silent confirmation market is still active and prevalent for LCs in Asian countries as silent confirmation is one of the means for a beneficiary to mitigate issuing bank and country risk when it does not want other banks to confirm its credit.
Prompted by the perceived lack of general awareness of ISBP 821 provisions for handling certificates, the ICC Banking Commission addressed “Handling of Certificates under Documentary Credits subject to the UCP 600” in Technical Advisory Briefing No. 8 (TAB-8).
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.
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