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.
Continuing an annual survey written by top legal experts each year since 1992, Carter Klein examines the most significant letter of credit issues emerging from cases decided in 2023.
A member of the ISP drafting group offers perspective on the vision, birth, development, and future of the international rules built 25 years ago for standby LC practice.
For the 17th consecutive year, the Institute of International Banking Law & Practice conducted its Americas Standby & Guarantee Forum on 11 October 2023. This summary provides an overview of topics discussed and debated at the program hosted by Hogan Lovells in New York and held as a hybrid event.
The Windsor Township v. Tompkins Financial Corp. case emphasizes the significance of original letters of credit but questions their necessity in modern electronic transactions.
Developer Greth Development secured a letter of credit from Tompkins Financial to ensure completion of a townhouse project for Windsor Township. After project delays and a breach, Windsor sued the developer and demanded payment from Tompkins, who refused.
