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 ICC Banking Commission held its 2024 Annual Meeting on 9-10 April in-person in Paris and virtually via Teams. An opening session on the ISBP review process was followed by the ICC Official Opinions session. Day 2 featured thematic sessions and the Commission’s semi-annual Plenary Meeting.
