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.
Calls to simplify the UCP are nothing new—but are we solving the wrong problem? Buddy Baker argues it’s not the rules that need fixing, but the over-complicated letters of credit themselves. Could a simpler LC structure reduce errors, speed up processing, and cut through the red tape?
