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.
Writing in a personal capacity as a professional deeply familiar with the ICC Opinion process and the trade finance business, Dave Meynell offers response to three remarks made by Rupnarayan Bose in a June 2025 DCW article on ICC Opinion TA.948.
The ICC has neither accepted the draft as a standard requirement, nor have they been successful in casting it out from LC practice. This article is an attempt to resolve the confusion and place bills of exchange laws and the UCP in their proper perspectives.
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.
