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.
In many respects, the MLEC served as a starting point for treatment of electronic transport documents in the MLETR. This article explains the consistency of some provisions contained in the two Model Laws and areas where the MLETR differs and has advanced further.
Debate persists on when an independent undertaking is issued: upon leaving the issuer’s control or only when advised to the beneficiary. Various rules clarify issuance timing.
