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ICC issues Interpretative Paper on the application of UCP 600 article 35

05/06/2020

Following the release of the ICC Guidance paper on the impact of COVID-19 on trade finance transactions subject to ICC rules on 6 April 2020, certain comments had been made by lawyers and law firms regarding the reference in sections B and C sub-sections (iii)-(v) of the ICC Guidance paper to a nominated bank being protected by UCP 600 article 35, where documents could not be handed over to a courier or postal service. In response to this, it was decided that the ICC would issue a paper clarifying the scope of the first paragraph of UCP 600 article 35.

This paper, which is described as an interpretative paper on the correct interpretation of the first paragraph of UCP 600 article 35, has now been issued and can be downloaded here COVID - Interpretative Paper on Article 35 UCP 600.pdf.


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We, as issuing bank, issued a credit available with any bank by negotiation at sight with the following clauses in field 78: +T/T reimbursement allowed +Our bank will pay the amount within 4 working days following the day of our receipt of reimbursement claim by SWIFT and email copies of documents from the negotiating bank certifying that the documents presented are fully complied with the terms and conditions of our credit. The claiming SWIFT has also to give the following details : shipment date, B/L NO., shipment quantity, description of goods, the courier service name and the relative courier service number. The negotiating bank must send the full set of documents by courier service to us the same day of your sending us the reimbursement claim. The negotiating bank must email the full set of documents with the covering schedule to the issuing bank email address :xxx@sina.com the same day of reimbursement claim. Question: According to the A/M clauses, which view is correct and why? View 1: when the issuing bank receives the copy of documents sent by email, the issuing bank should check the copy of documents. If they find them discrepant, the issuing bank should send advice of refusal to the negotiating bank. (In other words, the credit allows the presentation of documents by email and by T/T reimbursement claim?) View 2: ONLY when the issuing bank receives the full set of ORIGINAL set of documents by courier, the issuing bank will begin to check the documents. If they find them discrepant, the issuing bank should send advice of refusal to the negotiating bank.