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.
David Williams is a London-based, English-qualified solicitor in a leading multinational bank. He has over 10 years’ experience in trade and commodity finance in private practice and in-house.
Practice rules for independent undertakings do not address "pay and walk" clauses that are being used in some regions and shunned by others. Here, David Williams puts forth an alternative option for consideration.
