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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Get Ready for Istanbul’s Annual Survey

The Institute of International Banking Law & Practice’s 2015 Europe Annual Survey of Letter of Credit Law & Practice is fast approaching! Join us on May 14th and 15th at the Ramada Istanbul Taksim in Beyoğlu, Turkey. Some topics slated for the active discussion on May 14th include UCP 700 Wish List, as well as AML...
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The Community Speaks: The UCP700 Wish List

At the 2015 Americas Annual Survey conference in Tampa earlier this month, participants began compiling a list of items to consider for the next UCP revision. Ideas include: removal of standbys; dealing with the absence in UCP600 Art. 7 of reference to documents presented to the confirming bank; clearer treatment of original LCs; incorporation of...
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Honors Bestowed to LC Professionals at Tampa Survey

At the Americas Annual Survey on 12 March, two distinguished members of the LC community are honored for their contributions.

  IIBLP recognized Michael F. Quinn, Managing Director, F.I. Product Executive, JP Morgan Chase, as inaugural recipient of its LC Executive of the Year Award. James G. Barnes (left) and Professor James...
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