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February 2019

Recent News

Spring 2026 Newsletter added to the Members Trade Information section 02/04/2026

The content of this latest newsletter reflects on the discussions at the recent ICC Banking Commission meeting around a possible revision of UCP 600 and the continual updating of ISBP...more

Results of ICC Survey regarding a possible revision of UCP and/or update to ISBP 821 12/02/2026

At the end of 2025, the ICC Banking Commission requested feedback from its members as to whether it was time for a revision of UCP 600 and/or an update to ISBP 821...more

Latest Question

Could you advise us if the invoice was compliant or not for the following Oil LC case: Field 45A:  PRICE IN US DOLLARS PER U.S. BARREL IS THE ARITHMETIC AVERAGE OF THE MEAN QUOTATION FOR SING GASOIL 0.05PCT SULFUR (AAFEX00), AS PUBLISHED BY PLATTS ASIA-PACIFIC/ARAB GULF MARKETSCAN UNDER THE HEADING ASIA PRODUCTS/ FOB SINGAPORE, PLUS US DOLLARS 2.380 PER U.S BARREL EFFECTIVE FOR THE NOMINATION DATE (NOMINATION DATE EQUAL TO DAY ONE). IF THE NOMINATION DATE IS A SATURDAY, SUNDAY OR A WEEKDAY HOLIDAY FOR WHICH THERE IS NO QUOTATION PUBLISHED THEN THE ONE PUBLISHED QUOTATION IMMEDIATELY BEFORE THE NOMINATION DATE SHALL APPLY. ALWAYS ONE PUBLISHED QUOTATION SHALL APPLY. IF THERE IS ANY PUBLISHED CORRECTION TO THE RELEVANT QUOTATION, IT SHALL BE TAKEN INTO ACCOUNT. THE BUYER SHALL HAVE THE OPTION TO TRIGGER PRICING FROM 1 DAY AFTER LC ISSUANCE TILL 35 DAYS AFTER B/L. THE APPLICABLE QUANTITY AND PRICING DATE SHALL BE NOMINATED BY BUYER BEFORE 1200HRS SINGAPORE TIME ON THE PRICING DAY. THE NOMINATED QUANTITY MUST BE AT LEAST 20KB AND BUYER CAN NOMINATE MORE THAN ONE TIME PER DAY. ALL UN-NOMINATED QUANTITY SHALL BE PRICED OFF ON THE LAST PRICING DAY. THE FINAL PRICE SHALL BE CALCULATED TO THREE DECIMAL PLACES Field 47A: IN THE EVENT THAT THE FINAL UNIT PRICE IS NOT KNOWN AT THE TIME OF INVOICING, THE BENEFICIARY SHALL ISSUE AND THE APPLICANT SHALL MAKE PAYMENT AGAINST A PROVISIONAL INVOICE. THE PROVISIONAL INVOICE SHALL, UNLESS OTHERWISE AGREED BETWEEN THE PARTIES, BE CALCULATED IN ACCORDANCE WITH THE ABOVE PRICE CLAUSE, BASIS ALL AVAILABLE QUOTATIONS KNOWN AT THE TIME OF INVOICING. ONCE THE FINAL UNIT PRICE IS KNOWN, THE SETTLEMENT FOR THE DIFFERENTIAL AMOUNT BETWEEN THE FINAL INVOICE AND THE PROVISIONAL INVOICE WILL BE MADE AS FOLLOWS: + IN THE EVENT THAT THE PROVISIONAL INVOICE AMOUNT IS LESS THAN THE FINAL INVOICE AMOUNT, THE BENEFICIARY WILL ISSUE AND PRESENT THE FINAL INVOICE BASED ON THE PRICE CLAUSE UNDER THE DOCUMENTARY CREDIT ALONG WITH ALL PHOTOCOPIES OF THE RELEVANT PROVISIONAL INVOICE PRESENTED WITHIN THE LC VALIDITY AND THAT DIFFERENTIAL AMOUNT WILL BE SETTLED WITHIN THIS LETTER OF CREDIT ON MATURITY DATE OR AT SIGHT, WHICHEVER IS LATER. The presented invoice only showed the price without indicating the details as per Field 45A, especially not including the phrase: “Invoicing based on the price clause under the documentary credit” - as underlined above. Is it acceptable?