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.
David Meynell updates the ICC on the UK Electronic Trade Documents Act (ETD Act), highlighting its synergy with the UN Model Law, ICC rules, and practice guidelines. The paper explores key clauses, emphasizing harmonization and functional equivalence between the ETD Act and international frameworks.
UK Electronic Trade Documents Act 2023 marks a sea change in trade finance industry. At its core, the Act does something incredibly simple: it provides legal status to electronic trade documents, making them equivalent to their paper counterparts
The ICC Banking Commission held its 2023 Annual Meeting as a virtual event conducted via the Zoom online platform. An ICC Official Opinion session attracting more than 200 participants took place on 18 April, followed by a Plenary session on 19 April.
Potentially game-changing amendments have been proposed for the Uniform Commercial Code (UCC) to govern commercial transactions, including Articles 2 (Sales), 3 (Commercial Paper), 5 (Letters of Credit), and more.
Singapore's TradeTrust, developed by IMDA, integrates global standards, UNCITRAL's MLETR, and blockchain, allowing verification of electronically issued documents for global trade.
