August 2026
DCW Monthly: August 2026
Every industry eventually meets the bill for a problem it saw coming and filed away for later. Michael Byrne, IIBLP&
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.
4 min read
I have read Li Huang’s comments on ICC Opinion TA954 published in DCW with great interest.
Despite the fact that Opinion TA954 was approved smoothly during the October 2025 online ICC Banking Commission meeting (majority NCs agreed, with some minor comments), it is worth mentioning that there have been different views on the matter.
Above all, the ICC Banking Commission technical advisors were of the view that the issue was very marginal, claiming that it should have been treated as an Educational Opinion. I beg to differ.
Read next
DCW Articles
How ISDGP Sees Automatic Extension of Guarantees
Although automatic extension is not addressed in the URDG758 rules, the ISDGP articulated in 2021 contains provisions to help interpret such terms if included in a demand guarantee.
DCW Articles
Three Originals, One Misunderstanding
Every bill of lading is issued three times over. Nobody needs 3, the rules don’t insist on 3, and change is coming on 3 September!
DCW Articles
Trade Finance in Times of Conflict: Key Lessons from the ICC Guidance Document
Recent ICC guidance addresses practical trade finance issues arising from the Middle East conflict. Having a nimble strategic approach for coping with operational risk is paramount for banks.
DCW Articles
The Trolley Problem Comes to Trade Finance
The first in a three-part series on the trade finance skills cliff.
