Problematic Provisions in Standby Auto-Extension Clauses
By: Thomas Volet
Documentary Credit World
In the April 2014 issue of Documentary Credit World (a publication of the Institute of International Banking & Law Practice) Thomas Volet discusses problems arising from imprecisely drafted automatic extension clauses in standby letters of credit. Tom is a member of the IIBLP's Task Force on Model ISP98 Governmentally Mandated Standbys.