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.
