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.
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.
