October 2025
DCW Monthly: December 2025
As the year draws to a close, this month’s DCW focuses on the issues likely to carry into 2026.
DCW Articles
Export Controls a Vital Catalyst for WMD Controls
Past experience has shown effective implementation and enforcement of export controls are a key to counteracting WMD programmes.
5 min read
One of the themes of the 2025 New York Trade Finance Compliance Annual Meeting on 2 April 2025 was the role of export controls. They are used by the US for example, to choke-off the flow of sensitive goods, materials, and technology in areas such as artificial intelligence, quantum computing, and drone development to China and Iran.
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DCW Articles
Views on ICC Opinion TA954
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.
DCW Articles
First Brands Bankruptcy Casts Spotlight on Supply Chain Finance
The September 2025 bankruptcy filing of First Brands has thrust supply chain finance into the industry spotlight again. Supply chain specialist Tat Yeen Yap explains how certain forms of SCF techniques work and addresses whether they can give rise to opaque accounting and hidden financial debt.
DCW Articles
Don’t Walk Away: A Tried and Tested Alternative to “Pay and Walk”?
Practice rules for independent undertakings do not address "pay and walk" clauses that are being used in some regions and shunned by others. Here, David Williams puts forth an alternative option for consideration.
DCW Articles
Comments on ICC Banking Commission Opinion TA954
The auto-extension clause used in a UCP 600 standby that gave rise to ICC Opinion TA954 illustrates the serious concerns that can emerge when ambiguous wording is inserted in a credit. Li Huang identifies and examines issues to consider.
