Q3 2025 CPD Certificates Available
DCW members earn CPD credit each quarter. Following the first certificate released earlier this year, your Q3 2025 certificate is
DCW Articles
LCs That Contain a Law and Jurisdiction Clause
Given the success of practice rules and banks’ ability to more readily find resources for the proper interpretation of the rule sets, does it not make sense to avoid inclusion of a governing law or jurisdiction clause?
6 min read
As many DCW readers may know, I am not a legal professional which begs the question: Why is he writing about letters of credit, demand guarantees and similar “independent undertakings” (IU) which may be issued subject only to law (and/or jurisdiction) or which include a governing rule set and are also subject to the laws of Country A (and any court matters to be brought in Country B jurisdiction)?
I am writing because of some recent conversations I have had with other trade finance specialists on this very topic and it is an area where opinions can differ significantly.
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September 2025
A Comparison of URDG 758 and UN Guarantee Convention
URDG 758 and the UN Guarantee Convention both address independent guarantees and in many respects their content is similar, but differences exist in their areas of focus.
DCW Articles
Delhi High Court Decides for Beneficiary. What Took So Long?
The Indian judicial process can move at a sluggish pace, but the facts of this LC case suggest it should not have lingered. Ashish Madan considers the discrepancies and asks questions if other factors contributed to the delay.
DCW Articles
New York Legislature Passes 2022 UCC Amendments
Enactment of the 2022 Amendments to the Uniform Commercial Code updates New York’s commercial law to fully recognize electronic records. They also affirm that signed electronic letters of credit have the same legal effect as paper-based LCs.
DCW Articles
The UK’s New “Failure to Prevent Fraud” Law
The UK "Failure to Prevent Fraud" law presents challenges for global banks operating in the UK. Read how the law applies, and generally what banks should be doing to comply.
