This November I participated as an arbitrator in the ICC Lex Mercatoria International Moot Competition. The teams were to resolve the mock case prepared by the International Court of Arbitration on the basis of the Rules of Arbitration of the ICC. The venue of ICC Lex Mercatoria was kindly provided by the Belarusian State University. This is the first year of launchin the English Chapter of the Competition. The mock case was based on a real scenario, when a luxury yacht was severely damaged due to the alleged defect in the door locking mechanism. The material problem was focused on relations between the letter of credit (L/C) and the underlying contract, bank's obligations to pay under the L/C in case of the alleged forgery of signature. Procedural issue was arisen from a possibility of extending the ICC arbitration clause in the main contract to the bank by making reference in the L/C, as well as relations between the two arbitrations arising out of the same set of facts, but between different entities.