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.
Citing media misinformation intended to create uncertainty in the oil and gas market, the State Bank of Pakistan (SBP) issued a 1 Dec 22 press release to clarify that it “has not placed any restriction (verbal or otherwise) on opening of Letters of Credit (LCs) or contracts for import of crude oil, LNG and petroleum products.”
