Addendum to Guidance Paper on the use of Sanctions Clauses 2014
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The ICC has noted a resurgence in the use of sanctions clauses in documentary credits and in demand guarantees, particularly in the form of non-specific clauses that create uncertainty. As a result, the ICC Banking Commission considers it necessary to emphasise its principled position towards sanctions clauses by way of an update of the Guidance Paper, with the addition of an addendum with a sample clause and guidance for use, available here.