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ICC issues addendum to the 2014 Guidance Paper on the use of Sanction clauses in trade finance-related instruments subject to ICC rules

08/05/2020

The ICC has noted a resurgence in the use of sanctions clauses in documentary credits and in demand guarantees, particularly in the form of non-specific clauses that create uncertainty. As a result, the ICC Banking Commission has considered it necessary to emphasise its principled position towards sanctions clauses by way of an update of the Guidance Paper, with the addition of an addendum with a sample clause and guidance for use, the addendum is available here.

 

 


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ICC issues addendum to the 2014 Guidance Paper on the use of Sanction clauses in trade finance-related instruments subject to ICC rules 08/05/2020

The ICC has noted a resurgence in the use of sanctions clauses in documentary credits and in demand guarantees, particularly in the form of non-specific clauses that create uncertainty...more