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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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Latest Question

Both the Master LC and Baby LC bill of lading clause reads as : Full set bill of lading made out to order AND endorsed to order of ABC Bank. Middleman : Party M ( Applicant of Baby LC & Beneficiary in Master LC). Bill of lading presented under Baby LC indicates: Shipper : XYZ Co. Ltd Consignee: To Order Endorsement : BLANK This was picked up as a discrepancy. Questions: 1. Based on above bill of lading condition, is the requirement that Shipper XYZ Co. Ltd should be the party endorsing the bill of lading to order of ABC Bank due to the word "AND"? 2. Since the bill of lading is blank endorsed and hence also not meeting the Master LC condition, can Party M insert the wording "To the Order of ABC Bank" unaccompanied by a company stamp and without the authorization from shipper XYZ Co. Ltd, since it is a bearer document? 3. Or, can Party M further endorse the bill of lading "To order of ABC Bank" by signing and stamping with company chop? Will this comply with bill of lading condition in Master LC?