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.
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.
