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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 an unconfirmed Letter of Credit (LC) through EXIM Bank, available with “any bank” in India. The LC was advised to the beneficiary by EXIM Bank. Subsequently, the beneficiary informed EXIM Bank that the LC had been misplaced/lost at their premises. Based on the beneficiary’s Letter of Indemnity, which was accepted by EXIM Bank, the bank issued a Certificate of True Copy (duplicate LC) to the beneficiary. EXIM Bank also requested us, as the Issuing Bank, to accept documents under the said LC only through EXIM Bank and not to accept any presentation from other banking or financial institutions, in order to mitigate the risk of dual negotiation or potential fraudulent use of the lost original LC. However, documents have now been presented through YES Bank. Kindly advise on the way forward.