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ICC issues guidelines for the creation of BPO customer contracts

25/08/2015 Following a request from a number of banks, ICC and SWIFT formed a drafting group under the chair of Gary Collyer to create guidelines to assist banks when creating customer agreements relative to the use of the BPO and associated bank products and financing solutions. Details can be found in the link below:

http://www.iccwbo.org/Advocacy-Codes-and-Rules/Document-centre/2015/ICC-Guidelines-for-the-Creation-of-BPO-Customer-Agreements/

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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?