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.
How are LC specialists to understand UCP600 Article 38(k) in situations where a second beneficiary bypasses the transferring bank and presents documents directly to the issuing bank? Scenarios, fundamental issues, and a proposal for revising this UCP sub-article are addressed here.
