Exactly what is an issuing bank authorizing or requesting a nominated bank to do when it requests the bank to “add its confirmation” to a credit? Several considerations and questions should be weighed by a would-be confirmer.
A member of the ISP drafting group offers perspective on the vision, birth, development, and future of the international rules built 25 years ago for standby LC practice.
Potentially game-changing amendments have been proposed for the Uniform Commercial Code (UCC) to govern commercial transactions, including Articles 2 (Sales), 3 (Commercial Paper), 5 (Letters of Credit), and more.
