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.
CPBLs, governed by UCP600 Article 22 and addressed in several ISBP821 paragraphs, are required under credits for certain types of shipments. It is important to appreciate the operational aspects, risks, and risk mitigation techniques of CPBLs.
