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Autumn 2023 Newsletter added to the Members Trade Information section

09/11/2023 News from the ICC Banking Commission meeting of 24 & 25 October 2023 including an overview of the approved Opinions TA931rev, TA932rev, TA933rev and TA934rev are included within the newsletter.

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A nominated bank received and advised a transferable LC to the 1st beneficiary. The LC required the following documents: Invoice, Bill of Lading, Certificate of Origin, Packing List and Inspection Certificate issued at Port of Loading Except for the Invoice, the LC does not require the other documents to show unit prices or value of goods. The 1st beneficiary presented their transfer request in compliance with sub-article 38 (g). In order not to disclose the value of the 2nd beneficiary's Invoice to the applicant, the 1st beneficiary requested the nominated / transferring bank to add an additional condition to the transferred LC as follows: "Except Invoice, documents should not show any value of goods or unit prices". The nominated / transferring bank refused to add the above condition claiming that the issuing bank should first issue an amendment to the Master LC adding the same condition. The beneficiary objected, claiming that the additional condition does not contradict any other condition in the Master LC, therefore an amendment of the Master LC is not required. We believe that the required clause does not contradict any of the Master LC conditions and does not affect the application of sub-article 38 (i), if necessary, the transferring bank should abide by the 1st beneficiary's request.

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Autumn 2023 Newsletter added to the Members Trade Information section

Recent News

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

Technical Advisory Briefing No. 17 - Handling of ‘surrendered’ bills of lading under documentary credits subject to UCP 600 09/02/2026

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