ICC republished four guidance papers on recommended principles and usages around the UCP600 rules in February 2023. The collection of materials address the following topics:
- “Recommendations in Respect of the Requirements for an On Board Notation” (Document No. 470/1128, 22 April 2010);
- “Notes on the Principle of Strict Compliance” (Document No. 470/1261; 24 May 2016);
- “Additional Material Relating to the Guidance Paper – The Use of Drafts under Documentary Credits” (8 January 2019); and
- “Guidance Notes for Documentary Credit Formats” (17 December 2019).
The Set of Guidance Papers (41 pages) is freely available on the ICC website.
Read next
DCW Monthly: April 2025
This month, DCW unpacks the legal and practical shifts reshaping trade finance interpretation. Why are ICC Opinions becoming increasingly scarce?
ICC Opinions: Why has Usage Reduced?
Writing as a trade finance professional with a long background in the business, Dave Meynell offers his personal views on factors contributing to the sharp reduction in ICC Official Opinions issued over the past several years.
Singapore Paper Reveals Banks Pass Inspection, but have Room for Improvement
Four years after the Association of Banks in Singapore (ABS) roll out of a “Code of Best Practices – Commodity Financing”