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September 2024

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...

Recent News

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

Case: Starr Indemnity & Liability Co...more

ICC release guidelines on the Application of ICC trade finance rules in the context of the Middle East conflict 17/04/2026

Please find HERE the link to the paper just released by the ICC Global Banking Commission: ...more

Latest Question

An import confirmed LC was issued, and the confirming bank claimed its confirmation commission from the issuing bank for the period from the date the LC confirmation was added up to the maturity date plus an additional 5 days, instead of charging only up to the maturity date. The confirming bank advised that reimbursement could be claimed on the maturity date, however the actual receipt of funds may occur between 1 to 5 days thereafter. As such, they included a 5-day buffer period, and the confirmation commission was calculated accordingly on these additional days. In our view, the confirming bank could claim reimbursement at least 2 days prior to the maturity date to mitigate any settlement delays. Furthermore, if the reimbursing bank delays remittance of funds to the claiming bank, the applicant should ideally not be penalized by bearing the cost of the additional 5 days’ commission. We would appreciate your guidance on whether the above approach is considered acceptable market practice.