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ICC announce postponement of the ICC Banking Commission Technical Meeting scheduled to be held in Limassol, Cyprus on 26-29 October 2020

25/06/2020

The ICC released the following on 25 June 2020:

“Due to the ongoing global health crisis, the Banking Commission leadership and ICC Secretariat  in close consultation with ICC Cyprus has to inform you that the ICC Banking Commission Technical Meeting in Limassol originally scheduled on 26-20 October 2020 will be postponed.

This decision was made to:

•    Ensure the health and safety of our employees, delegates, speakers and partners, which is our number one priority. 

•    Anticipate that many of you will not be in a position to travel due to ongoing restrictive measures. The Banking Commission events have always been an inclusive gathering of the trade and trade finance network. It is through this diversity and scope that our events have become the success they are today. That is why we want to give banks and the trade finance community the necessary time they need to adjust and recover.  

We will work closely with the Chairs of the various Workgroups and Task Force to carry on with the programme of the ICC Banking Commission on a virtual basis. We will be in touch with you all once relevant information will be made available.    

We look forward to seeing you all in Dubai for our Annual Meeting in 2021.”


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A credit required: “1 COPY OF APPL'S CERTIFICATE OF CONFIRMATION OF THE AMOUNT TO BE PAID (THE REMAINING CLAIMING AMOUNT). THE REMAINING CLAIMING AMOUNT IS THE DIFFERENCE BETWEEN THE FINAL PURCHASE PRICE AMOUNT AND EIGHTY PERCENT (80%) INVOICE AMOUNT OF THE PROVISIONAL INVOICE. WITHIN FIVE (05) BUSINESS DAYS AFTER THE RECEIPT OF COPY OF FINAL INVOICE FROM THE BENEFICIARY THROUGH ELECTRONIC MAIL, THE APPLICANT SHALL SEND COPY OF APPLICANT'S CERTIFICATE OF CONFIRMATION OF DRAWING CERTIFYING THAT THE DRAWING AMOUNT IS IN ORDER. IN THE EVENT THAT APPLICANT'S CERTIFICATE OF CONFIRMATION IS NOT RECEIVED WITHIN ABOVE MENTIONED TIME, THE BENEFICIARY SHALL PRESENT 20% LC DOCUMENT AGAINST DISCHARGE PORT DOCUMENTS WITHOUT APPLICANT'S CERTIFICATE OF CONFIRMATION OF DRAWING.” Beneficiary presented their confirmation with amount to be paid being the difference between the final purchase price amount and 80% invoice amount of the provisional invoice. Can issuing bank raise a discrepancy of: 1. Certificate of confirmation not issued by the applicant as LC required or 2. Unpresentation 1 copy of applicant’s certificate of confirmation unpresentation. Because issuing bank received applicant’s confirmation that amount to be paid differs with amount to be paid by beneficiary (applicant showed deduction which is not mention under LC) plus applicant provided proof that applicant sent email to beneficiary within 5 banking days as LC required and amount to be paid. Whether or not applicant is protected by any terms or conditions of UCP, ISBP or ICC opinions,… because they presented applicant’s confirmation to beneficiary but beneficiary did not present applicant's document under their presentation?