DCW Monthly: June 2026
A letter of credit is built on a simple promise: the bank pays on a complying demand, and the underlying
Amendments
11 articles
DCW Articles
International Trade and the Strait of Hormuz: Disruptions, Risks, and Systemic Challenges
International trade depends on two inseparable flows: the movement of goods and the movement of money. When goods stop moving, payments stop moving — and when both stall, global trade seizes up. The near total closure of the Strait of Hormuz has exposed this reality with exceptional clarity.
September 2025
A Comparison of URDG 758 and UN Guarantee Convention
URDG 758 and the UN Guarantee Convention both address independent guarantees and in many respects their content is similar, but differences exist in their areas of focus.
DCW Updates
ICC Releases Draft Opinions to be Discussed at August 2025 Session
Three Draft Opinions will be addressed at the next session of ICC Banking Commission’s quarterly discussion of Opinions on
DCW Feature
Analysis and Insights on ISP98 Rule 2.07
DCW Editorial Note: This previously unpublished material reflects the thinking and writing of Professor James E. Byrne over the period
DCW Updates
Latest ICC Briefing Paper on UCP600 Practice Addresses Amendments
In an attempt to clarify aspects of UCP600 Article 10, the ICC Banking Commission has issued its 10th Technical Advisory
DCW Updates
Seeking Best Practice on Tracing Standby LC Detrimental Amendments
In a bankers’ discussion this month, conversation focused heavily on standby LCs, particularly the handling of amendments. One of questions
Amendments
The Milky Whey, Inc. v. HSBC Bank USA, N.A. [2024]
Confirming Bank moved to dismiss Beneficiary complaint for wrongful dishonor. ISP98 Standby subject to New York Law.
Jul/Aug 2016
UCP600 Revision: A Tune-Up Opportunity for this Old Vehicle Called the “Letter of Credit”
Letters of credit have been around for decades, probably since the 19th Century or earlier. We are now in the
