Given the success of practice rules and banks’ ability to more readily find resources for the proper interpretation of the rule sets, does it not make sense to avoid inclusion of a governing law or jurisdiction clause?
The recent case of Illinois DNR v. Regions Bank illustrates the importance of clear wording of automatic extension clauses and issuing banks including a final expiration date in their standbys.
Jorge Riva is an Argentine lawyer and member of the Argentine Banking Commission (ICC Argentina). He has written several books on international trade and exchange markets.
Argentine lawyer Jorge Riva highlights how ICC rules are already providing an adequate environment for accommodating electronic means and how intense work continues for expanded use of electronic credits.
