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.
Low default rates, increased flexibility, technological advancements and evolving regulations make standby letters of credit (SBLCs) an appealing option in international trade
The ICC Banking Commission conducted its final meeting of 2024 virtually via Teams on 20-21 November. Four separate portions of the event open to Banking Commission members and ICC National Committee representatives took place.
EU Parliament may keep trade finance instruments' CCF at 20% instead of 50%. Trade specialists urge caution; Cazenove of Societe Generale warns against potential risks to corporates and economies.
DCW executive summary of ICC Banking Commission annual meeting covering ICC Opinions, Swift messaging, the trade finance gap, sustainable trade finance and more.
ICC BC reviewed 6 draft opinions during its 2021, including cases on sanctions clauses, avalisation, and non-payment. Discussions drew input from 33 National Committees and addressed evolving practice, legal interpretation, and rule clarity.
