The ICC Banking Commission’s quarterly meeting, held via Zoom on 5 August 2025, covered three draft opinions, updates on Technical Advisory Briefings, and the status of the ISBP Revision and ISBP Education Project.
From courtrooms in Illinois to conference halls in Singapore, this issue unpacks the rulings, risks, and rule debates in today’
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?
A dispute involving an ISP98 standby and litigation in two jurisdictions raises a host of considerations. Here, Carter Klein comments on five facets of the Shinetec (Australia) Pty Ltd. v. The Gosford Pty Ltd Australian appellate court decision.
Matt Kozakowski’s case summary of Shinetec (Australia) Pty Ltd. v. The Gosford Pty Ltd. [2024] NSWCA 174 [Australia] gives an excellent overview of the 67-page Australian appellate court case in which an injunction is sought against the beneficiary, Gosford, and the issuer, Bank of China (BoC), against Gosford’s pending draw of AUD 37 Million under BoC’s LC. As a US letter of credit attorney and an outsider to Australian and Chinese letter of credit law, I have a number of questions and observations about the case. These comments are selected and not a comprehensive discussion of the complexities, arguments, statements, and rulings made by the Australian court in the case.
From courtrooms in Illinois to conference halls in Singapore, this issue unpacks the rulings, risks, and rule debates in today’
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.
CPBLs, governed by UCP600 Article 22 and addressed in several ISBP821 paragraphs, are required under credits for certain types of shipments. It is important to appreciate the operational aspects, risks, and risk mitigation techniques of CPBLs.
Gain full access to analysis, cases, eBooks and more with a DCW Free Trial
