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.
Retrial application dismissed in case involving a dispute over alleged fraud and application the PRC Independent Guarantee Provisions to a standby LC governed by ISP98.
For the 25th consecutive year, the Institute of International Banking Law & Practice conducted its one-day Letter of Credit Law Summit. This Executive Summary provides an overview of topics discussed and debated at the conference hosted by Hogan Lovells in New York and conducted as a hybrid event.
The lack of a common nomenclature for counter undertakings invites problems for practice and has plagued the industry for decades.
It doesn't have to be this way.
