Recent Posts by IIBLP

Status of ICC Opinions TA814rev2 and TA820rev2 Still Pending

Based on feedback received by ICC that the wording of final opinions TA.814rev and TA.820rev did not reflect the wording agreed to at the April 2015 Singapore ICC Banking Commission meeting, the ICC withdrew both Opinions in June and released revised versions of both for comment by ICC National Committees. The comment period closed on...
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ICC Releases Draft Opinions

In advance of its next meeting, the ICC Banking Commission has sent out to national committees and groups its set of 13 draft opinions which will be discussed in Paris on 17 Nov. All but one (dealing with a URC522 collection matter) involve queries relating to UCP600 commercial LCs. These draft opinions address queries regarding: conflicting...
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LC World is Watching China

Concern levels regarding the ongoing economic turmoil affecting China range from major to mild among letter of credit specialists. At both ends of this spectrum however, bankers are keeping a watchful eye on the situation. 

Letter of Credits in China

In a recent...

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IIBLP Returns to New York City!

Join IIBLP in New York this October for the two premier banking law events! On 15 October, the Institute of International Banking Law and Practice will host the annual Standby and Guarantee Forum. Gather together with top experts in the field to discuss pressing topics such as early closure on a business day, automatic extension...
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“Banks Have Created This Themselves”

Since UCP500’s “inconsistent with” standard was replaced by the “not conflict with” test of UCP600 Art. 14(d), has the number of these discrepancies based on “conflict” decreased? Not really. At best, things have stayed the same in this regard.

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During a...

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The Institute of International Banking Law & Practice Returns to Hong Kong

In anticipation of The Annual Survey and Guarantee Forum in Hong Kong right around the corner, see what each event can offer you! On Friday July 10th, join us for a forum focused on guarantees and standbys. We will be discussing recent court cases and sound drafting practices with senior bankers, corporates, and attorneys, and practitioners....
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You Say Dependent, I Say Independent

As usual, the past year featured its share of court cases in which guarantee text was central to the dispute. Was the issued undertaking dependent or independent? In many cases, compelling arguments can be made either way. In one Australian case, text of the disputed guarantee included: “as a primary obligor and not as a...
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Discrepancies Gone Wild

In response to our call for “Dumber Discrepancies” in the November/December issue of DCWthe readers have responded. The best of the worst include:

  • “The document X not as per contract terms”, cited by an Asian bank.  (The LC stated the document to be “as per the...
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UCP600 Article 10 (Amendments)… Are you happy with it?

Some have suggested that the current version of Article 10 (Amendments) seems to be working.

Others, particularly in the Middle East, contend that it could be better written. One of the first queries submitted to ICC after UCP600 went into force asked about an as yet unaccepted amendment which does not impact...

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