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ICC Releases Technical Advisory Briefing No. 4

27/09/2022 Further to previous postings providing access to the ICC Trade Briefing Papers 1-3, Briefing Paper 4 has now been released by the ICC and can be accessed here

Briefing Paper 4 is on the subject of ‘Documents presented by a nominated bank or confirming bank under UCP 600 and lost in transit.”

Please note that these Briefing Papers are not official ICC Publications and are issued for educational guidance only.

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Recent News

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Latest Question

According to sub-article 37 (c) : 'A bank instructing another bank to perform services is liable for any commissions, fees, costs or expenses ("charges") incurred by that bank in connection with its instructions. If a credit states that charges are for the account of the beneficiary and charges cannot be collected or deducted from proceeds, the issuing bank remains liable for payment of charges.' For cases where LCs have expired unutilised, can the instructed party unilaterally take a decision to debit the instructing party's account maintained with them (without the instructing party's authorisation) to recover those charges and advise the instructing party of the same? Would this be an acceptable practice?