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Autumn and Winter 2016 newsletter has been added to the members information page

23/11/2016 The latest newsletter has been added to the Members Information page under 'Collyer Consulting Newsletters'. This newsletter contains an overview of the Opinions approved at the ICC Banking Commission meeting held in Rome on 7 November and an overview of Section L of ISBP 745.

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Letters of Credit Are Not Disappearing; They Are Evolving! 24/09/2026

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Lloyds, SocGen turn to eUCP for digital letters of credit 18/09/2026

Société Générale and Lloyds have completed a fully digital trade transaction between the UK and France, using Enigio’s technology, in what the French lender describes as a first-of-its-kind deal...more

Latest Question

The LC stipulates the following payment terms: Quote +++ 20pct of shipment value (USD384,000.00) will be settled outside this LC +++ 80pct of shipment value (USD1,536,000) to be paid under this LC as below: ++ first payment: 70pct of shipment value USD1,344,000.00 will be paid at sight against presentation of draft (s) and documents from no.1 to no.6 in field 46A within period of presentation which comply with terms and conditions of the LC ++ second payment: 10pct of shipment value up to USD192,000 will be paid at sight against presentation of draft (s) and documents no.1 and no.7 in field 46A and duly signed acceptance test certificate within LC validity but not later than 180 days from the date of last final bill of lading, whichever comes first. Unquote This LC has been confirmed by Bank A. Bank A has presented the documents for claimed amount USD1,536,000 and stated in its covering schedule that the beneficiary will not present documents for the second payment, therefore, considers the second payment to be due 180 days from the date of the bill of lading presented under this presentation. The issuing bank disagrees with this interpretation. It maintains that, under the above clause, the second payment is payable at sight only against presentation of the stipulated documents within the permitted presentation period. Could you please advise which bank's interpretation is correct and provide the rationale?