The ICC Banking Commission conducted its final meeting of 2024 virtually via Teams on 20-21 November. Four separate portions of the event open to Banking Commission members and ICC National Committee representatives took place.
ICC TAB 9 points out that there is a risk of documents being presented to more than one bank at the same time, especially under an LC that is freely negotiable, but it stops short of making any recommendations for avoiding this risk. Here’s my suggestion.
The ICC Banking Commission's TAB#4 sheds light on UCP600 Article 35, assuaging concerns about lost documents. The clarification emphasizes the LC issuer's responsibility to honor compliant drawings, even if documents are lost in transit between nominated banks, providing relief to practitioners.
I am somewhat surprised that it seems that most banks are resisting issuing standby letters of credit that allow beneficiaries to present documents as scans attached to an email.
