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Spring & Summer 2017 Newsletter added to the Members Trade Information section

11/04/2017 The latest newsletter has been added to the 'Newsletters / Articles / External Publications' section of the Members Trade Information page. This newsletter contains an overview of the Opinions that were approved at the ICC Banking Commission meeting on 6 April.

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A nominated bank received and advised a transferable LC to the 1st beneficiary. The LC required the following documents: Invoice, Bill of Lading, Certificate of Origin, Packing List and Inspection Certificate issued at Port of Loading Except for the Invoice, the LC does not require the other documents to show unit prices or value of goods. The 1st beneficiary presented their transfer request in compliance with sub-article 38 (g). In order not to disclose the value of the 2nd beneficiary's Invoice to the applicant, the 1st beneficiary requested the nominated / transferring bank to add an additional condition to the transferred LC as follows: "Except Invoice, documents should not show any value of goods or unit prices". The nominated / transferring bank refused to add the above condition claiming that the issuing bank should first issue an amendment to the Master LC adding the same condition. The beneficiary objected, claiming that the additional condition does not contradict any other condition in the Master LC, therefore an amendment of the Master LC is not required. We believe that the required clause does not contradict any of the Master LC conditions and does not affect the application of sub-article 38 (i), if necessary, the transferring bank should abide by the 1st beneficiary's request.

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Spring & Summer 2017 Newsletter added to the Members Trade Information section

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