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.
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.
The auto-extension clause used in a UCP 600 standby that gave rise to ICC Opinion TA954 illustrates the serious concerns that can emerge when ambiguous wording is inserted in a credit. Li Huang identifies and examines issues to consider.
The ICC Banking Commission’s quarterly meeting, held via Zoom on 21 October 2025, discussed six draft opinions, the status of Technical Advisory Briefings, a call for comments on the future of UCP and ISBP, and the emergence of stablecoin as relates to ICC rules and digital trade law.
