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In the aftermath of the terrorist attacks on the United States, the landscape for conducting international business will change as companies face new hurdles when participating in the global marketplace.
Even the most basic international business transactions -- selling and purchasing goods -- have potentially four contracts within every transaction that may change the underlying sales agreement and the contracts of finance, transportation and insurance. The financial, insurance and transportation services that implement the flow of international commerce are sure to impose in their contracts with customers new provisions directly focusing on terrorist events.
In the financial services area, commonly used letters of credit may begin to include language that modifies or voids the issuer's obligation in the event of terrorist activities.
Under current industry practice, once an irrevocable letter of …