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ICC releases its decision on a revision of UCP 600

15/06/2017

At the ICC Banking Commission meeting held in Jakarta in Aril 2017, it was decided that there was no current justification for a revision of the UCP 600. The ICC has now issued a paper outlining the rationale for that decision. A copy can be obtained from the link below.

ICC Decision - UCP 600 Revision.pdf 


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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?