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.
Chang Soon Thomas Song, Esq. is Senior Advisor / Attorney at Law in the Trade Services Department of KEB Hana Bank, Seoul, Korea. He can be reached by email at: changsoonthomas@gmail.com
Korean Supreme Court dismisses Instructing Bank's appeal in URDG458 case [2021]. Extend or Pay request ruled invalid; Counter Indemnitor not obliged to pay. Learn more about the construction dispute.
In McNeil & NRM Inc. v. SA Bank Audi France, the court ruled on a dispute over an advance payment guarantee. The case highlights the importance of precise guarantee wording and adherence to standard practices in international transactions.
