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.
The ICC Banking Commission has released a Steering Committee Statement to its members and ICC National Committees regarding withdrawal of ICC Opinions and the need for ICC to clarify its processes and principles.
The Statement was issued 26 November 2025 following concerns raised by one of its National Committees. Recently, DCW had also raised questions about the ICC Opinion handling process.
The Steering Committee’s Statement addresses an ICC National Committee’s right to withdraw a request for an Opinion, conditional withdrawal and subsequent actions, the role and mandate of Technical Advisory Briefings, ensuring clarity and consistency, and the ICC Banking Commission’s commitment to open dialogue.
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.
