Unfortunately, as bankers in West Virginia know, these forms are in several respects at odds with letter of credit law and practice. Thus the forms not only are problematic from the standpoint of issuers, but also, they may fail to protect the very agencies that draft them.
A project led by the Institute of International Banking Law & Practice, a non-profit educational organization, seeks to offer some guidance to these agencies. This article will summarize some of the issues that commonly arise with governmentally- mandated forms, using a West Virginia form as an example, and summarize the Task Force's work.
Originally published in West Virginia Banker on August 5, 2014.
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Topics: Banking Sector, Banks, Contract Drafting, Legal Forms, Letter of Credit, Municipalities, Public Entities
Published In: General Business Updates, Finance & Banking Updates, Government Contracting Updates, Labor & Employment Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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