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.
Pradeep Taneja is the Co-Chairman of ICC Bahrain. He retired from Bank ABC, Bahrain and now has his own consulting firm, Taneja Global Trade Consulting. Email pradeep.taneja@yahoo.com
Those who forget the lessons of history are condemned to repeat them. Trade finance frauds are no exception. Lessons from Solo Industries, Credit Agricole v. PPT, and practical advice for trade financiers.
