DCW maintains a list of recently-decided court cases involving commercial letters of credit, demand guarantees, and other trade finance instruments.
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One Draft Opinion will be discussed at the ICC Banking Commission’s next quarterly meeting in October 2022. The Draft Opinion was released in July to ICC National Committees for review. The pre-meeting comment period closed 23 August.
Draft Opinion TA926 involves a query submitted by ICC Pakistan where corrected invoices were sent by the presenting bank to the issuing bank within the latest presentation period, but the documents were only delivered to the issuing bank after the latest presentation date due to delay in the courier service’s delivery of the documents for reasons beyond its control. Issuing bank refused to honour.
Citing UCP600 Article 35 (Disclaimer on Transmission and Translation) and a previous ICC opinion, the presenting bank challenged the refusal but the issuing bank defended its stance. The presenting bank queried ICC whether the issuing bank is obligated to honour where corrected documents were sent within the latest presentation period and also whether UCP600 Article 35 applies to the situation in question and obligates the issuing bank to honour.
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