ICC Annual Meeting in Miami Approaches - Draft Opinions Released

Draft Opinions Released in advance of ICC Annual Meeting

Last week the ICC Banking Commission released its set of Draft Opinions that will be discussed at its upcoming Annual Meeting in Miami on 5-6 April 2018. The five Draft Opinions all deal with commercial LC matters.

• Issuing Bank declining interest payment to Nominated Bank & when reimbursement is due (receipt of documents or MT754); TA879
• When Issuing Bank is obligated to honour & can UCP defeat injunction order of Issuing Bank’s local court; TA880
• Issuing Bank obligation to pay Beneficiary under mixed payment LC if acceptance certificate not presented; TA881
• Relationship between ISBP and UCP & use of “third party documents not acceptable” in LC; TA882
• Discrepancies pertaining to AWB raised in second refusal notice; TA883     

Annual Meeting attendance is open to ICC members as well as non-members. Programme and registration details can be found here.

For more ICC related news, see our recent post about the ongoing eUCP and eURC project, and about moving forward with UCP600. For other trade finance event related news, see the Charlotte Annual LC Survey Preview.