ICC Releases Draft Opinions for London Meeting

ICC Draft Opinions

ICC Releases Draft Opinions for London Meeting 

In advance of its next meeting, the ICC Banking Commission released in early September 2017 a set of ten Draft Opinions and urged National Committees to comment (or otherwise respond with agreement) on or before 25 October. All ten Draft Opinions involve matters relating to commercial LCs subject to UCP600. They address queries supplied by the ICC National Committees of Belgium (3), Czech Republic, Denmark (2), Finland, Italy, Pakistan, and South Korea.

The set includes TA865rev, a query withdrawn during the previous Banking Commission Meeting and re-submitted, asks whether or not a particular customs export declaration was properly authenticated.

Other ICC Draft Opinions:

TA870 (validity of discrepancies regarding payment terms and tolerance on invoice and language on certificate of analysis); TA871 (calculation of the maturity date); TA872 (whether stated tolerance applied to total or individual quantity); TA873 (inconsistent goods description, missing Incoterm, and adequacy of refusal notice); TA875 (validity of discrepancies regarding company designation after beneficiary name and goods value stated on invoice); TA876 (presented shipping certificate stated incorrect LC number); TA877 (presented bill of lading showed two different ports of discharge); TA878 (if issuer sent a proper refusal notice and whether credit contained a non-documentary condition); TA879 (whether issuer can deny interest for delayed payment without nominated bank producing proof it honoured sight LC).

These Draft Opinions will be discussed at the next ICC Banking Commission Technical Meeting on 8 November in London.

 


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