Case raises important questions and concerns about a URDG guarantee issuer’s obligations and distinguishing an independent bank guarantee from an escrow account arrangement.
For the 26th consecutive year, the IIBLP conducted its one-day Americas Letter of Credit Law Summit. Held in New York City on 5 November 2025 and hosted by Baker McKenzie, the program was organized as a hybrid event. This Executive Summary provides an overview of key topics discussed and debated.
Two Indian banks which lost funds nearly a decade ago from fraudulently obtained letters of credit and non-payment of loans
Contractor-applicant appealed dismissal of complaint against principal of insolvent beneficiary and judgment debtor.
To support its engineering, procurement and construction obligations regarding conversion of a coal power plant to a gas generation plant in Salem, Massachusetts (EPC Contract), Iberdrola Energy Projects (Contractor/Applicant) issued a USD 140 million performance letter of credit on its own account[[2]] in favor of Footprint Power Salem Harbor Development LP (Principal Vehicle/Beneficiary). Principal Vehicle/Beneficiary was a special-purpose entity wholly owned and majority-managed by Oaktree Capital Management LP (Principal). Principal Vehicle/Beneficiary was tasked with leading the conversion effort.
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