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 a complex legal saga involving the purchase of light naphtha, a letter of credit mishap, and a cargo delivery dispute, the High Court of Singapore explores issues of contractual breach, the lawful holder status of bills of lading, and the application of English and Singapore law.
