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Following the approval of the International Standard Banking Practice (ISBP) Publication 745, the ICC has announced that two previously approved Opinions have now been withdrawn due to contrasting positions that appear in ISBP.
18/06/2013
ICC Opinion R751 is superceded by the content of paragraphs D1 (c) and E1 (a) i...
Recent News
Achieving inclusive AI - a paper issued by ICC
08/07/2025
With AI becoming more and more involved with trade finance, the ICC has issued the following paper...
more
ICC release Technical Advisory Briefing No. 11 - Definition of Trade Finance
19/09/2024
Recognising that there is no global standard for the defining Trade Finance, this Briefing document provides a suggested text and has been recommended for use by the ICC Banking Commisison Steering Committee...
more
Latest Question
Could you please advise if the presentation is discrepant or not? A standby subject to ISP98 has the following clause: Beneficiary can claim under the standby by presenting a statement of default certifying the applicant has not paid invoices within 60days after shipment date including invoice no.123. The beneficiary presents a statement of default certifying the applicant has not paid invoices within 60 days after shipment date including invoice no.123. And an invoice no.123. The thing is the invoice no. 123 is not addressed to the standby LC but another named entity. The issuer refused due to the invoice not being made out in the name of the standby applicant. The issuer believes there are two kinds of document required under this standby. However, the beneficiary argued that the standby only requires the statement of default with the certified content quoting exactly as per standby term. And sending invoice no.123 is only for reference, if applicable. Please advise.
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