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August 2017

UN endorses ICC Uniform Rules for Forfaiting (URF 800)
23/08/2017
At its 50th plenary session held in Vienna on 14 July, the United Nations Commission on International Trade Law (UNCITRAL) officially endorsed the ICC publication 800 "Uniform Rules for Forfaiting" (URF 800)...

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Latest Question

1. When a credit requires a draft at 180 days after air waybill date, which date should be used to calculate the maturity date? Air waybill issuing date or when air waybill indicates BOTH actual flight date AND issuing date, the actual flight date will be used to calculate the maturity date? 2. Is a draft's tenor "180 days after air waybill date" deemed not clear? Someone argued that ISBP 821 paragraph B2 (c) is only applicable to bill of lading date. Can this paragraph also be applied to air waybill, that is, when air waybill indicating both actual flight date AND issuing date, the actual flight date will be used to calculate the maturity date?