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.
Recent court cases in Singapore have shone a spotlight on the serious perils of relying on a letter of indemnity (LOI) in lieu of presentation of shipping documents.
Research conducted by Fitch Ratings suggests that European banks appear to be increasing lending to commodity trading firms facing extraordinary liquidity needs due to fierce commodity price volatility.
