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.
Fraud prevention is a crucial pursuit, but is an interim/hybrid solution requiring a beneficiary’s bank to vouch for the beneficiary the answer? Or does it introduce added risks?
Korean Supreme Court dismisses Instructing Bank's appeal in URDG458 case [2021]. Extend or Pay request ruled invalid; Counter Indemnitor not obliged to pay. Learn more about the construction dispute.
