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Recent News

26/11/2024

The latest newsletter is now available in the members trade information section under the category of 'Newsletters'...more

ICC release Technical Advisory Briefing No. 11 - Definition of Trade Finance 19/09/2024

Recognising that there is no global standard for the defining Trade Finance, this Briefing document provides a suggested text and has been recommended for use by the ICC Banking Commisison Steering Committee...more

Latest Question

LC states under field 47A: "Documents presented later than 21 days after the bill of lading date but within the validity of this credit are acceptable" whereas field 48 states period of presentation "21 days / within LC validity". Does the additional condition under field 47A override the period of presentation stated under field 48? Is the advising bank correct in identifying the inconsistency within the credit and requesting the issuing bank to either delete field 48 or the additional condition under field 47A?