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.
For the 31st consecutive year, the Institute of International Banking Law & Practice conducted its Americas Annual LC Survey conference, 8-9 June 2023.
ICC BC reviewed 6 draft opinions during its 2021, including cases on sanctions clauses, avalisation, and non-payment. Discussions drew input from 33 National Committees and addressed evolving practice, legal interpretation, and rule clarity.
A DCW reader asked about the impact of a specific clause in a counter guarantee issued by a US bank under ISP98 and Saudi law. This clause raises concerns about the presentation of documents and potential payment restrictions.
