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.
