Practice rules for independent undertakings do not address "pay and walk" clauses that are being used in some regions and shunned by others. Here, David Williams puts forth an alternative option for consideration.
Applicant sued, claiming that demands on four performance bonds were unconscionable.
The ICC Banking Commission’s quarterly meeting, held via Zoom on 21 October 2025, discussed six draft opinions, the status of Technical Advisory Briefings, a call for comments on the future of UCP and ISBP, and the emergence of stablecoin as relates to ICC rules and digital trade law.
Practice rules for independent undertakings do not address "pay and walk" clauses that are being used in some regions and shunned by others. Here, David Williams puts forth an alternative option for consideration.
The “pay and walk” clause, a curious, rarely-sighted provision in documentary instruments, can evoke raised eyebrows and much head-scratching when encountered outside its original birthplace in the Australian finance market. Pay and walk provisions have increasingly surfaced in Asia-Pacific, the United States and the Middle East, but they have generally not been subject to significant public discourse in the trade finance space,[[1]] and remain somewhat mystifying and controversial. The prevailing view is that pay and walk clauses are, at best, unhelpful in international documentary credit practice. As will be explored below, pay and walk can arguably be rendered unnecessary by instead using long-established cash collateral arrangements.
Applicant sued, claiming that demands on four performance bonds were unconscionable.
The ICC Banking Commission’s quarterly meeting, held via Zoom on 21 October 2025, discussed six draft opinions, the status of Technical Advisory Briefings, a call for comments on the future of UCP and ISBP, and the emergence of stablecoin as relates to ICC rules and digital trade law.
An English High Court on 10 November 2025 ordered the former owners of Ukraine’s largest bank to pay the
The High Court in Kampala (Uganda) upheld an appellate court decision on 25 July 2025 that Equity Bank lawfully sold
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