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ICC releases guidance document on force majeure clauses that appear in commercial contracts

17/04/2020 Given the many disruptions to corporate business operations in light of COVID-19, and resulting questions on Force Majeure clauses in commercial contracts, the ICC released the following guidance document: https://iccwbo.org/publication/general-considerations-force-majeure-clauses-in-commercial-contracts/

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ICC issues 'Trade Financing and COVID-19’ paper 22/05/2020

In a new paper issued on 20 May 2020, the ICC is estimating that as much as US$5 trillion in market capacity will be needed to return trade volumes close to 2019 levels in 2021...more

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

Latest Question

All of the “EXPLANATORY NOTES FOR USERS” of the Incoterms® 2020 (excluding EXW) includes the following text: ‘or procuring the goods so delivered’—The reference to “procure” here caters for multiple sales down a chain (string sales), particularly common in the commodity trades. How to understand the above text and please gives an example for clarity.