Because standbys and demand guarantees often contain automatic extension clauses, ICC Opinion TA954 offers important lessons for practice and the need for sound drafting of such clauses.
Andrea Hauptmann worked in Trade Finance at Raiffeisen Bank for 40 years, 27 as Dept Head. She was a member of the URDG 758 Drafting Group & the ICC Task Force on Guarantees, chairing it since 2012.
URDG 758 and the UN Guarantee Convention both address independent guarantees and in many respects their content is similar, but differences exist in their areas of focus.
