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.
Case heard by China's Supreme People’s Court deals with questions regarding alleged fraud and the nature of a transferable credit under UCP600 Article 38.
A dispute involving an ISP98 standby and litigation in two jurisdictions raises a host of considerations. Here, Carter Klein comments on five facets of the Shinetec (Australia) Pty Ltd. v. The Gosford Pty Ltd Australian appellate court decision.
Seventeen customs officials and nine bank employees have been detained in Libya for their alleged involvement in a LYD 1.2 billion (USD 246 million) letter of credit fraud.
The appeal in Zenrock. In a crude oil transaction, a bank issuing an LC accused the buyer of fraud, leading to dishonor of the LC; however, the court ruled in favor of the seller...
