Sanctions Clauses – Here to Stay, so How to Deal with Them?

Following his writing in the past two editions of DCW, Robert Parson examines legal developments on sanctions and sanctions clauses that have arisen in courts recently and implications for LC practice.

DCW Updates

ICC Re-Releases Guidance Papers on Aspects of UCP Use

Christopher Byrnes Feb 17, 2023

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.