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Spring/Summer 2020 Newsletter added to Members Trade Information section

04/06/2020 The latest newsletter has been added to the Members Trade Information page. This newsletter includes an overview of the 5 Opinions that have recently been approved by the ICC Banking Commission and released by the ICC today. It also provides an overview of the ICC Guidance paper concerning the handling of trade finance transactions subject to ICC rules during the COVID-19 pandemic.

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In the textbook, a red clause credit is often described as a credit which stipulates that an advance payment is to be made by the nominated bank but under the protection of the issuing bank. The beneficiary must repay the value of the advance payment received plus the financing fee from proceeds of the drawing made under the credit. If no complying presentation is made, the issuing bank would pay the nominated bank the total amount due (the advance payment amount plus the financing fees). But, nowadays, we often see this kind of credit, e.g., Part A covering 30pct of goods value is payable as an advance payment against a simple receipt only. Part B covering 70pct of goods value is payable against shipping documents. Question: Can this kind of credit be called a ‘red clause credit’ or ‘anticipatory credit’?

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Spring/Summer 2020 Newsletter added to Members Trade Information section

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Collyer Consulting 'virtual' Letter of Credit MasterClass 2020 24/07/2020

ICC releases the 2020 Global Survey on Trade Finance incorporating an assessment of the impact of COVID-19 21/07/2020

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