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ICC Releases Technical Advisory Briefing No. 5

07/12/2022
Here is a link to the latest in the series of Technical Briefing documents issued by the ICC: https://files-eu-prod.cms.commerce.dynamics.com/cms/api/tptqvzzsbg/binary/ME1lfj?pubver=none#msdynttrid=5vzWILedZl2HkB5aUkizF5KCqvdF2lSh-dQUuzTkMwM

Briefing No. 5 is on the subject of Modifications and Exclusions under Documentary Credits subject to UCP 600.

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A freely negotiable credit stipulated in field 42C (draft at) : sight for 100pct of invoice value quoting credit no. and date. 42A (drawee): issuing bank 46A: invoice, packing list, bill of lading, etc. Field 78: Upon receipt of documents and drafts (if any) at our counter in compliance with terms and conditions of the credit, we will honour. Questions: 1. If the presented draft is not signed by the beneficiary, can the issuing bank refuse the presentation based on the ONLY discrepancy ”draft not signed by the beneficiary"? and why? 2. If the answer to question 1 is yes, after the issuing bank refused the presentation, the beneficiary substituted the draft with duly signed new draft, must the new draft be presented within the presentation period stipulated in the credit, otherwise, the presentation is still discrepant?