Coronavirus (COVID-19)—implications for trade and commodity finance transactions
Coronavirus (COVID-19)—implications for trade and commodity finance transactions

The following Banking & Finance practice note provides comprehensive and up to date legal information covering:

  • Coronavirus (COVID-19)—implications for trade and commodity finance transactions
  • Impact of coronavirus on the trade and commodity finance market
  • International Chamber of Commerce (ICC) guidance on its rules
  • Force majeure
  • Modifying ICC rules for specific trade finance instruments
  • The use of electronic documents
  • Delivery of documents
  • Trade finance instruments and force majeure
  • Commercial letters of credit
  • Standby letters of credit
  • More...

This Practice Note sets out the key issues relevant to trade and commodity finance during the coronavirus (COVID-19) outbreak.

For information on the general issues arising from the coronavirus outbreak that are likely to be of interest to banking & finance lawyers in general, see Practice Note: Coronavirus (COVID-19) implications for Banking & Finance lawyers and, in particular Force Majeure, Execution of documents, Brexit, LIBOR, Regulation for banking lawyers, Restructuring, and Corporate.

For information on general lending issues arising from the coronavirus outbreak, see Practice Notes: Coronavirus (COVID-19)—implications for lending transactions and Coronavirus (COVID-19)—Banking & Finance frequently asked questions.

Impact of coronavirus on the trade and commodity finance market

Geoffrey Wynne, partner and head of the trade and export finance practice at international law firm Sullivan, considers the impact that coronavirus may have on the trade and commodity finance market and looks at the practical steps that lenders and borrowers should be taking in relation to their trade finance documentation in News Analysis: The impact of coronavirus (COVID-19) on trade and commodity finance.

International Chamber of Commerce (ICC) guidance on its rules

The ICC has issued a guidance paper on the impact of COVID-19 on trade finance transactions issued subject to ICC rules. The guidance paper provides technical guidance to the market on:

  1. issues of force majeure

  2. elements to consider in modifying ICC rules for specific trade finance instruments

  3. possible

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