At its quarterly meeting on 21 July 2026, the ICC Banking Commission reviewed and finalized six Opinions, including four dealing
Beyond discussion and finalization of six ICC Opinions at its quarterly Technical Advisory Session on 21 July 2026, the ICC
The matter of force majeure was addressed in the first version of UCP[[1]] in 1933 and largely resembles the
Although automatic extension is not addressed in the URDG758 rules, the ISDGP articulated in 2021 contains provisions to help interpret such terms if included in a demand guarantee.
Every bill of lading is issued three times over. Nobody needs 3, the rules don’t insist on 3, and change is coming on 3 September!
Recent ICC guidance addresses practical trade finance issues arising from the Middle East conflict. Having a nimble strategic approach for coping with operational risk is paramount for banks.
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At its quarterly meeting on 21 July 2026, the ICC Banking Commission reviewed and finalized six Opinions, including four dealing
Beyond discussion and finalization of six ICC Opinions at its quarterly Technical Advisory Session on 21 July 2026, the ICC
The matter of force majeure was addressed in the first version of UCP[[1]] in 1933 and largely resembles the
Although not defined in UCP600, the expression “third party documents” in LC practice is commonly taken to mean documents issued
Banks are increasingly turning to risk-sharing structures to manage regulatory capital, control funding costs, and expand capacity.
As previously reported in DCW, two recent breakthroughs in China that are substantially consistent with the UNCITRAL Model Law on
The first in a three-part series on the trade finance skills cliff.
In case where Seller pursued claim for purchase price, court determined LCs were conditional, not absolute, forms of payment
The first in a three-part series on the trade finance skills cliff.
Assessing the risk of breaching regulatory and compliance requirements while simultaneously examining for documentary compliance under stringent time pressures has complicated banks’ trade finance operations for years. A UK Supreme Court decision provides a degree of comfort and clarity to banks.
Following the majority vote against UCP revision by ICC National Committees, Dave Meynell offers evidence suggesting education and guidance is the prudent way forward.
For LC bankers to meet the challenge of price verification while upholding the independence principle, there's no substitute for exemplary knowledge of customers and their businesses.
At its quarterly meeting on 21 July 2026, the ICC Banking Commission reviewed and finalized six Opinions, including four dealing
Beyond discussion and finalization of six ICC Opinions at its quarterly Technical Advisory Session on 21 July 2026, the ICC
The matter of force majeure was addressed in the first version of UCP[[1]] in 1933 and largely resembles the
Although not defined in UCP600, the expression “third party documents” in LC practice is commonly taken to mean documents issued
In case where Seller pursued claim for purchase price, court determined LCs were conditional, not absolute, forms of payment
Case involved LCs containing a condition that Issuing Bank would only honor demands if Applicant first furnished indemnification to Issuing Bank.
Case from China's Jiangsu High People’s Court involving issuing bank suing carrier for compensation for carrier’s release of cargo against applicant’s letter of indemnity in lieu of original bill of lading contains important lessons for banks.
The legal consequences of backdating paper bills of lading under letters of credit and use of surrendered bills of lading emerge from the China case, Ningbo Nanheng Import and Export Co. Ltd. v. Shinhan Bank Co.
Trade Finance Career Spotlights: David Williams As an in-house trade finance lawyer, David Williams has worked on a wide
A Conversation with Marina Zhiltsova Once introduced to letters of credit in her professional work, Marina Zhiltsova, Trade Finance Specialist
Trade Finance Career Spotlights: Kim Sindberg Kim Sindberg, Expert Product Manager at Nordea in Denmark and an ICC Banking Commission
Trade Finance Career Spotlights: A.T.M. Nesarul Hoque From his early days in banking, A.T.M. Nesarul Hoque’
DCW reports quarterly LC issuance statistics for the top 600 banks headquartered in the US. Numbers are in USD 1,
DCW reports quarterly LC issuance statistics for the top 600 banks headquartered in the US. Numbers are in USD 1,
DCW is beginning a series of visualizations drawn from our long-running U.S. LC statistics dataset. This first chart
DCW’s LC Issuance Statistics for U.S. banks have an upgrade and a new look. The updated statistics now
The American Bankers Association’s 37th Financial Crimes Enforcement Conference took place in Arlington, Virginia in October 2025, as banks and regulators grappled with AML reform, rising fraud, stablecoins, and the growing impact of AI on financial crime controls.
For the 26th consecutive year, the IIBLP conducted its one-day Americas Letter of Credit Law Summit. Held in New York City on 5 November 2025 and hosted by Baker McKenzie, the program was organized as a hybrid event. This Executive Summary provides an overview of key topics discussed and debated.
For the 19th consecutive year, IIBLP conducted its Americas Standby & Guarantee Forum. Held in New York City on 4 November 2025 and hosted by Baker McKenzie, the program was organized as a hybrid event. This Executive Summary provides an overview of key topics discussed and debated.
The ICC Banking Commission’s quarterly meeting, held via Zoom on 21 October 2025, discussed six draft opinions, the status of Technical Advisory Briefings, a call for comments on the future of UCP and ISBP, and the emergence of stablecoin as relates to ICC rules and digital trade law.
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.
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