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.
Dr. Hasan Apaydin is a member of the ICC Turkiye National Committee since 2006, has participated on task forces, and is currently a member of several task forces. He is a trainer, mentor, advisor.
UCP600 interpretation challenges arise as banks often misconstrue article purposes. Beneficiaries risk losing payment guarantees due to misinterpretation during credit-complying presentations
