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Autumn & Winter Newsletter added to the Member Information section

08/10/2021 The latest newsletter providing details of the Opinions approved by the ICC at its meeting on 6 October, together with an update on the release of the new Uniform Rules for Digital Trade Transactions can be found in the Members Information section under the Newsletters / Articles / External Publications tab.

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Recent News

ICC Trade Advisory Briefing list updated 28/08/2025

The list of ICC Trade Advisory Briefing notes has been updated with numbers 13 and 14...more

TradeSpeed - the Automated Document Examination platform of choice 22/08/2025

I have mentioned previously that I have been acting as an advisor/consultant to a company called Complidata who are based out of Belgium...more

Latest Question

When the remitting bank’s charges are to be borne by the drawee, as per URC 522 article 4 (b) (viii) “charges to be collected, indicating whether they may be waived or not”, the remitting bank must indicate such information on the collection instruction and indicate whether they may be waived or not. When the remitting bank’s charges are to be borne by the principal, the collection instruction would not show their charges. When the collecting bank’s charges are to be borne by the principal, as per URC 522 sub-article 21 (c) “In all cases where in the express terms of a collection instruction or under these Rules, disbursements and/or expenses and/or collection charges are to be borne by the principal, the collecting bank(s) shall be entitled to recover promptly……”, the remitting bank should indicate such information on the collection instruction Question: When the collecting bank’s charges are to be borne by the drawee, must the collection instruction indicate such information? In other words, if not, i.e., the collection instruction is silent with regard to the collecting bank’s charges, the collecting bank may collect their charges from the principal and deduct their charges from the payment. Is it reasonable?