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ICC issues updated guidance paper regarding sanction clauses

12/06/2014 The ICC today issued an updated version of its guidance paper (first issued in 2010) regarding the use of sanction clauses in trade finance instruments such as documentary credits, standby letters of credit and guarantees.

Guidance Paper - Use Of Sanctions Clauses.pdf

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Latest Question

We issued a LC. Field 45A:"Phosphorus Oxychloride. Incoterms 2020 CIF any port in country Y". Field 44E: any port in country Y. Field 44F: any port in country X. Commercial invoice shows the exact description and claims the full LC amount. Underneath the goods description, there are three more items as drum, bubbler etc. and they are described as "non-commercial value, return after use" between brackets for each which have quantity and unit price. But the values of those three items are not added to the total invoice amount. Additionally, port of loading on bill of lading is ABC port, country X. Invoice states "CIF DEF port in country Y, bubblers need to return, CIF ZZZ port, country X." We call it a discrepancy that commercial invoice shows goods not described in the LC. Q1. Is it correct? Q2. Is there any other discrepancy related to the Incoterms?