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 1:29 AM on 26 March 2024, the 300-meter container vessel Dali lost power as it was departing from Baltimore (Maryland) harbor. Does this constitute a force majeure event?
Further to DCW’s Nov/Dec 2021 Feature, “When is a Guarantee ‘Issued’?”, and comments on how US Revised UCC Article 5 brought clarity to determining when an LC was issued, DCW reprints here the section of a 1993 Study on inappropriate reliance on agency principles.
