Debate persists on when an independent undertaking is issued: upon leaving the issuer’s control or only when advised to the beneficiary. Various rules clarify issuance timing.
Ravi Kumar Jinugu is a Senior Trade Associate at Bank of New Zealand. He has been working in international trade for more than 15 years. He has CDCS and a Certificate in Trade Finance from the IIBF.
The ICC’s Incoterms® rules only reflect the most commonly used commercial practice. Therefore, where a situation demands and parties are in agreement, the rules may be amended to deviate from the default provisions or add to the rules to bring more precision.
