How UCC Article 5 governs letters of credit in the US, its non-variable provisions, and the legal nuances that affect issuers and beneficiaries.
English Court of Appeal (Civil Division) reversed trial judgments in favour of standby beneficiaries.
Canada's Court of Appeal of Alberta affirmed trial judgment, dismissing LC Applicant's appeal and terminating short term interim injunction.
The ICC announced on 13 August 2023 release of the first application programming interface (API) industry standards for bank guarantees and standby letters of credit in a joint effort with Swift. The collaborative work involved banks, corporates, fintech platforms, and service providers to create innovative standards to streamline the entire life cycle of financial instruments, including issuance, advising, amendments, cancellations, and claims.
In another post, DCW will report further on what this development means for trade finance practitioners and next steps regarding testing, implementation, and adoption by the industry.
This Executive Summary provides an overview of topics discussed and debated by leading professionals at the conference.
Five draft opinions – some garnering much more attention than others – were finalized in an ICC Banking Commission quarterly discussion session
Following the discussion of ICC Opinions on 2 July 2024, updates on other ICC Banking Commission projects were given. ICC
In an attempt to clarify aspects of UCP600 Article 10, the ICC Banking Commission has issued its 10th Technical Advisory
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