Force Majeure
Force Majeure Defenses against a Beneficiary’s Demand under an Independent Guarantee
Judges at three court levels in China erred in deciding on the force majeure defense invoked by an applicant as the basis for an issuing bank’s filing for an injunction. Saibo Jin explains the case and its broader implications.
Business as Usual in Dubai, but Fluid Situation
In the initial weeks since the war against Iran began 28 February, trade finance operations in banks in Dubai have
Revising UCP 600: Weighing the Issues, Merits, and Challenges
In the fifth instalment of his DCW article series on major contemporary issues surrounding documentary credit practice, ICC Banking Commission Senior Technical Advisor Dave Meynell offers his thoughts on the highly-charged question: Is it time for UCP to be revised?
Baltimore’s Bridge Collapse: Force Majeure Event (or Not)?
At 1:29 AM on 26 March 2024, the 300-meter container vessel Dali lost power as it was departing from Baltimore (Maryland) harbor. Does this constitute a force majeure event?
2023 Americas Annual LC Survey • Executive Summary (Part 1)
For the 31st consecutive year, the Institute of International Banking Law & Practice conducted its Americas Annual LC Survey conference, 8-9 June 2023. This Executive Summary provides an overview of topics discussed and debated by leading professionals at Day 1 of the conference.
Euros Instead of Dollars Due to Force Majeure Clause?
Court of Appeal allows payment in Euros despite contract in US Dollars. Implications for LCs & guarantees? RTI vs. MUR case questions currency and force majeure clauses' role in trade finance.
Turkey Declares State of Emergency after Quakes
Turkey, by way of Presidential Decree No. 6785, has declared a three-month state of emergency in ten provinces impacted by
Bad Standby LC Wording from Beneficiaries: Push Back or Get Pulled In
A chronic concern for banks is when intended LC beneficiaries – often government agencies, municipalities, insurance companies, and other so-called power
India Abruptly Imposes Wheat Export Ban
Reversing course from a previous statement, the Indian government announced it is banning wheat exports. Only wheat exports backed by
