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.
The historical challenges of suretyship in English law, emphasizing the need for modernizing guarantee forms. Recent cases, like Shanghai Shipyard, underscore the importance of clarity.