Two new papers issued by ICC


When drafting ISBP 745 (International Standard Banking Practice for the Examination of Documents under UCP 600), it was recognised that a more methodical approach to the drafting of credits and/or amendments would act as a positive factor in avoiding many of the problems that can arise when examining documents. 

Enhanced attention to detail, and reflection as to whether or not all requirements are actually necessary, will provide benefit to all involved parties.

With this in mind, the ICC Banking Commission has released 'Guidance Notes for Documentary Credit Formats’, which provides clear and transparent recommendations in respect of the optimal approach required in order to achieve a straightforward, uncomplicated documentary credit format.

On 8 January 2019, the ICC released a guidance paper on the use of drafts. An updated version of that document, containing comments expressed by contributors from around the world has now been made available.

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