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.
Practical challenges and recommendations for financial institutions regarding the monitoring of AIS outages and suspicious vessel activity
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A conviction by a Danish court for violating EU sanctions against Syria has underscored the knowledge governments expect of companies of the end destination of their products.
Singapore's TradeTrust, developed by IMDA, integrates global standards, UNCITRAL's MLETR, and blockchain, allowing verification of electronically issued documents for global trade.
Following release of a US Government joint advisory document, “Guidance to Address Illicit Shipping and Sanctions Evasion Practices”, one prominent trade finance specialist reviews its key elements and collects feedback from fellow bankers on what it means for practice.
Conflicting interpretations persist over whether insurance documents issued on the actual flight date—but after a transport document’s issuance—are discrepant. This article examines the implications under ISBP 745, UCP600, and CIP Incoterms® 2020, and explains how to avoid costly risk gaps.
Calls to simplify the UCP are nothing new—but are we solving the wrong problem? Buddy Baker argues it’s not the rules that need fixing, but the over-complicated letters of credit themselves. Could a simpler LC structure reduce errors, speed up processing, and cut through the red tape?
A Singapore court case highlights critical pitfalls in handling demand guarantees. This article unpacks lessons for bankers on documentation, fraud risk, counter-guarantees, and navigating complex cross-border disputes.
The lack of a common nomenclature for counter undertakings invites problems for practice and has plagued the industry for decades.
It doesn't have to be this way.
