ICC issues updated guidance paper regarding sanction clauses
12/06/2014
The ICC today issued an updated version of its guidance paper (first issued in 2010) regarding the use of sanction clauses in trade finance instruments such as documentary credits, standby letters of credit and guarantees.
Lloyds, SocGen turn to eUCP for digital letters of credit 18/09/2026
Société Générale and Lloyds have completed a fully digital trade transaction between the UK and France, using Enigio’s technology, in what the French lender describes as a first-of-its-kind deal...more
UK Court endorsement of the letter of credit autonomy principle 18/09/2026
Although the central issue in the case of Trafigura v SONARA [2026] EWHC 1914 (Comm) concerned an anti-suit injunction to enforce the exclusive English jurisdiction clause in a sale contract, the Commercial Court's decision serves to reaffirm the principle and purpose underpinning letters of credit: that the obligation to pay under a letter of credit is autonomous and independent of the underlying trade transaction, the objective being to shift the risk of non-payment under the underlying contract from the seller to the buyer...more
