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.
In a crude oil transaction, a bank issuing an LC accused the buyer of fraud, leading to dishonor of the LC; however, the court ruled in favor of the seller...
Two years after news of the Hin Leong Trading debacle surfaced and fraud in the commodity trading sector came to light, repercussions are still being felt.
In AXA v. Chiu Teng, Singapore’s top court confirms liability under a performance bond absent a prior ruling or admission of breach. The case highlights the importance of precise drafting and reinforces the binding nature of bond terms over labels like “guarantee” or “on-demand.”
Bank of China’s fraud lawsuit against BP Singapore over $125M in LC payments tied to non-existent oil survives dismissal. The court found sufficient grounds to proceed on claims of fraud, negligence, and conspiracy—raising the stakes for LC compliance in commodity trades.
Conflicting interpretations persist over whether insurance documents issued on the actual flight date—but after a transport document’s issuance—are discrepant. This article examines the implications under ISBP 745, UCP600, and CIP Incoterms® 2020, and explains how to avoid costly risk gaps.
A Singapore court case highlights critical pitfalls in handling demand guarantees. This article unpacks lessons for bankers on documentation, fraud risk, counter-guarantees, and navigating complex cross-border disputes.
![Crédit Agricole Corp. & Inv. Bank, Singapore Branch v. PPT Energy Trading Co. [2022]](/content/images/size/w30/wordpress/2022/03/Credit-agricole-v-PPT-energy-DCW.jpeg)
