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.
The American Bar Association and the American Bankers Association (ABA) jointly hosted their 33rd Financial Crimes Enforcement Conference as a virtual event, 11-13 January 2022.
ICC BC reviewed 6 draft opinions during its 2021, including cases on sanctions clauses, avalisation, and non-payment. Discussions drew input from 33 National Committees and addressed evolving practice, legal interpretation, and rule clarity.
