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BREAKING NEWS: ICC Banking Commission approves ISDGP

31/03/2021 At the virtual ICC Banking Commission meeting today, the Commission approved the release of the ISDGP (International Standard Demand Guarantee Practice) publication. Only 2 countries voted against the text. More details will be provided in the members Spring/Summer 2021 Newsletter that will be released soon.

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Recent News

Spring 2026 Newsletter added to the Members Trade Information section 02/04/2026

The content of this latest newsletter reflects on the discussions at the recent ICC Banking Commission meeting around a possible revision of UCP 600 and the continual updating of ISBP...more

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

At the end of 2025, the ICC Banking Commission requested feedback from its members as to whether it was time for a revision of UCP 600 and/or an update to ISBP 821...more

Latest Question

Refer to your answer of the question: "Beneficiaries would prefer sight payment credits as they would receive settlement immediately. What does "settlement immediately" mean in reality? Does the issuing bank have a maximum of 48 hours to effect payment after the fifth banking day from the day they receive the documents?" There is no concept of "settlement immediately" under the UCP 600. For an issuing bank, sub-article 15 (a) states "When an issuing bank determines that a presentation is complying, it must honour." Although sub-article 14 (b) states that an issuing bank has a period of 5 banking days following the day of presentation to determine if a presentation is complying, this period is described as a MAXIMUM and not the normal. Putting the two sub-articles together, when the issuing bank determines that the documents comply, whether this is on day 1, 2, 3, 4 or 5 following the day of presentation, it must commence the process of honour. That process could be an hour or it could be longer, but certainly not (in my view) longer than 48 hours after the time that compliance has been determined." So, if it is within 48 hours acceptable or resaonable in your opinion?