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?
The recent case of Illinois DNR v. Regions Bank illustrates the importance of clear wording of automatic extension clauses and issuing banks including a final expiration date in their standbys.
BANGLADESH: Bangladesh Bank, the central bank, issued a circular regarding banks’ duty to report required data of back-to-back LCs to the online import monitoring system (OIMS).
According to The Daily Star, some banks have ignored instructions for submitting data on a regular basis.
