DCW maintains a list of recently-decided court cases involving commercial letters of credit, demand guarantees, and other trade finance instruments.
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UCP600 Article 32 (Instalment Drawings or Shipments) enables an irrevocable credit to cease to be available before its expressly stated expiry date for presentation. Like the presentation provision of UCP600 Article 14(c) addressed last month in DCW, this is another ‘hidden rule’ that goes against the fundamental principles of documentary credits and must go!
Think about it … when we started as practitioners in LCs years ago, we learned that the most impressive, intrinsically valued and unique principle of this financial instrument was its irrevocability from the date of issuance until the date of expiry.
This simple, straightforward and strong tenet forms the cornerstone of letter of credit operations: A CREDIT IS IRREVOCABLE UNTIL ITS EXPIRY DATE.
We’re pleased to share the newest edition of DCW’s premium monthly content. This month’s highlights include: * Two
In the first of his series of DCW articles on major issues surrounding potential revision of UCP, ICC Banking Commission Senior Technical Advisor Dave Meynell examines the concept of negotiation.
Letter of credit cases can reveal a great deal about how the industry's practice rules and standards are viewed and interpreted by the courts.
DCW delivers quarterly LC issuance statistics from the top 600 US-based banks. Here’s the latest data for Q2 2024.
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