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 UKs Serious Fraud Office (SFO) secured the conviction of solicitor William Osmond, who disclosed confidential details about a money laundering investigation and forged a legal document in an attempt to mislead authorities. Osmond was subsequently sentenced to nine months in prison.
