DCW maintains a list of recently-decided court cases involving commercial letters of credit, standby LCs, demand guarantees, and other trade
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This month we’re digging into the legal, operational, and regulatory tensions at the core of LC and guarantee practice.
As part of an underlying trade between PT Borneo Guna Energi (Seller), an Indonesian company, and Oilboy DMCC (Buyer), a Dubai, UAE company, Kuvera Resources Pte Ltd. (Trader), a trader of Indonesian coal based in Singapore, advanced funds to Seller for purchase of 35,000 metric tonnes of coal (± 10%) to resell to Buyer (the Sales Contract). Trader was party to the Sales Contract which required that the coal be delivered in two shipments and payment made by two letters of credit obtained by Buyer from “a major or international bank” and further confirmed by a bank in Singapore. Accordingly, Buyer/Applicant caused Issuer, based in Dubai, to issue two UCP600 letters of credit of favour of Trader/Beneficiary (hereinafter “Beneficiary”) with terms pursuant to draft LCs attached to the Sales Contract.
Landlord sued Lessee for use and occupancy of commercial lease.
On appeal, Court considered whether trial court: erred in holding that Subcontractor/Applicant was contractually precluded from relying on the unconscionability exception; correctly held that Contractor/Beneficiary’s demand was not fraudulent; and erred in declining to discharge the injunction.
For the 7th year, the Institute of International Banking Law & Practice conducted its one-day Americas Trade Finance Compliance Annual Meeting. This summary provides an overview of topics discussed at the conference hosted by S&P Global on 2 April 2025 in New York and conducted as a hybrid event.
A survey conducted by DCW reinforces the notion that the eUCP Directory to date has been unable to boost confidence in the rules supplement designed for electronic commercial credits.
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