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Achieving inclusive AI - a paper issued by ICC 08/07/2025

With AI becoming more and more involved with trade finance, the ICC has issued the following paper...more

ICC release Technical Advisory Briefing No. 11 - Definition of Trade Finance 19/09/2024

Recognising that there is no global standard for the defining Trade Finance, this Briefing document provides a suggested text and has been recommended for use by the ICC Banking Commisison Steering Committee...more

Latest Question

In European countries like France, UK, …. if a bank issues a first demand guarantee subject to the local law, when the guarantee expires (we suppose the guarantee contains an expiry date), the guarantor will consider the guarantee is terminated even if a release letter has not been received from the beneficiary. Normally, when the guarantee is expired, the guarantor will stop invoicing the bank commission (even if the release letter from the beneficiary has not been received). It seems that for most banks in Middle East (for example, Saudi Arabia) and Maghreb and even in China, whenever a guarantee is issued, even if the guarantee (subject to local law) has expired according to its own terms (for example, the guarantee contains an expiry date), the guarantor will nevertheless consider the guarantee is only terminated when a signed release is received from the beneficiary. As far as I know, It is not the local law which invalidates the expiry dates in those countries, but rather usual local practices used by local banks. 1) Do you agree with me? Please let me have your advice. 2) Now, in the case a first demand guarantee is issued by a European bank, subject to the laws of Saudi Arabia, for example, if the guarantee contains an expiry date, will the bank consider that the guarantee is terminated when the guarantee is expired or when a release letter has been received from the beneficiary?

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Recent News

Achieving inclusive AI - a paper issued by ICC 08/07/2025

ICC release Technical Advisory Briefing No. 11 - Definition of Trade Finance 19/09/2024

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