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.
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
