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ICC Releases Technical Advisory Briefing No. 1

02/02/2022

For many years, the ICC Banking Commission has issued official opinions, DOCDEX decisions, and decisions and guidance papers on a range of topics. These have provided invaluable information and direction to documentary credit practitioners globally.

Due to the need to obtain agreement of ICC National Committees to any proposed text, this can be a long drawn out process.

To hasten the delivery of guidance on topical matters, and at an educational level, the ICC Banking Commission has commenced the process of issuing what will be known as ‘Briefing Notes’ that are designed, and stated to be, for educational purposes only. These briefing notes are developed by the Technical Advisory team with input from a core group made up of representatives from ICC National Committees.

The first of the briefing notes is on the subject of ‘non-documentary conditions under the UCP 600’ and can be downloaded here

The next three in the series have already been determined and are ‘without delay’, ‘reducing discrepancy rates’ and ‘lost documents’.

All further briefing notes will be made available on this website as they are released. The next one is scheduled for March 2022.

Members will be able to locate all the briefing notes in a dedicated section under the topic ‘ICC Banking Commission Documents’.


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Latest Question

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?