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April 2014

Recent News

Enabling digital trade through legal reform: A guide for policymakers and practitioners 12/05/2026

The ICC’s Digital Standards Initiative recently published a new MLETR implementation guide “Enabling digital trade through legal reform: A guide for policymakers and practitioners”, to support adoption of legally recognised electronic transferable records...more

Is your automatic extension (evergreen) clause as specific as it should be? 21/04/2026

Case: Starr Indemnity & Liability Co...more

Latest Question

Under a documentary credit, field 45A originally stipulated "GAS SPRINGS AND ACCESSORIES AS PER PURCHASE ORDER NUMBERS: 5000/LV1003162 DATED 12/03/2026", and the invoice requirement called for "BENEFICIARY'S SIGNED COMMERCIAL INVOICE IN QUADRUPLICATE ADDRESSED TO XXXX (APPLICANT) AND CERTIFYING MERCHANDISE TO BE OF CHINA ORIGIN, QUOTING IMPORT UNDER FOREIGN TRADE POLICY OF 2023 AND CERTIFYING THAT GOODS SUPPLIED ARE AS APPLICANT'S P.O. NO.: 5000/LV1003162 DATED 12/03/2026". The credit was later amended to increase the amount and revised field 45A to "GAS SPRINGS AND ACCESSORIES AS PER PURCHASE ORDER NUMBERS: 5000/LV1003162 DATED 12/03/2026 AND 5000/LV1003177 DATED 22/04/2026", with the invoice requirement also amended to certify that goods supplied are as per the applicant’s two purchase orders as stated; the beneficiary accepted the amendment and shipped the first lot of goods under P.O. 5000/LV1003162 only, so the goods description on the presented invoice showed "AS PER PURCHASE ORDER NO. 5000/LV1003162 DATED 12/03/2026" alone, while the certification clause quoted the amended requirement in full stating "WE ALSO CERTIFY THAT GOODS SUPPLIED ARE AS APPLICANT'S P.O. NO. 5000/LV1003162 DATED 12/03/2026 AND 5000/LV1003177 DATED 22/04/2026". However, the issuing bank refused the presentation citing that the invoice omitted to evidence P.O. 5000/LV1003177 DATED 22/04/2026 in the goods description and was not in compliance with field 45A, to which the beneficiary and the presenting bank objected, opining that the invoice was prepared in accordance with ISBP 821 C4. We therefore seek your opinion as to whether the issuing bank’s refusal is reasonable.