Debate persists on when an independent undertaking is issued: upon leaving the issuer’s control or only when advised to the beneficiary. Various rules clarify issuance timing.
Professor James E. BYRNE was the Founder and Director of the Institute of International Banking Law & Practice, Inc. and taught at George Mason University School of Law.
The definition of “Banking Day” in UCP600 Article 2 ¶ 3 requires interested and affected parties to look outside the terms of the UCP to determine what days are actually banking days.
