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.
EU Parliament may keep trade finance instruments' CCF at 20% instead of 50%. Trade specialists urge caution; Cazenove of Societe Generale warns against potential risks to corporates and economies.
