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.
Case heard by China's Supreme People’s Court deals with questions regarding alleged fraud and the nature of a transferable credit under UCP600 Article 38.
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.