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 the second instalment of his DCW article series on major issues surrounding potential revision of UCP, ICC Banking Commission Senior Technical Advisor Dave Meynell considers the problems contributing to chronically high discrepancy rates and offers viable solutions.
