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.
A survey conducted by DCW reinforces the notion that the eUCP Directory to date has been unable to boost confidence in the rules supplement designed for electronic commercial credits.
The ICC Banking Commission conducted its final meeting of 2024 virtually via Teams on 20-21 November. Four separate portions of the event open to Banking Commission members and ICC National Committee representatives took place.
The ICC Banking Commission has announced its intention to compile an eUCP Directory in order to bring attention to banks’ capacities to handle eUCP letters of credit.
