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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Following the discussion of ICC Opinions on 2 July 2024, updates on other ICC Banking Commission projects were given.
ICC Banking Commission Senior Technical Advisor Dave Meynell presented a follow-up study on the feasibility of using artificial intelligence (AI) for ICC Opinions. Previously, Meynell ran a test on ICC Opinion TA933rev (2023) using two AI tools and reported in April 2024 both AI tools did well with analyzing the query, but their conclusions were erroneous. In conducting a second phase of evaluating AI’s performance, ChatGPT4 was provided the full content of the queries answered in ICC Opinion TA935rev2 (2024) and ICC Opinion TA939rev (2024). In both instances, Meynell reported that ChatGPT4 reached the correct conclusion with appropriate analysis, although there was no mention of the relevant UCP600 articles. While the application of AI will not displace the current ICC Opinion process in the immediate future, AI is showing improvement and serious potential.
We’re pleased to share the newest edition of DCW’s premium monthly content. This month’s highlights include: * Two
In the first of his series of DCW articles on major issues surrounding potential revision of UCP, ICC Banking Commission Senior Technical Advisor Dave Meynell examines the concept of negotiation.
In addition to treatment of two ICC Draft Opinions, highlighting the first day of the next ICC Banking Commission Meeting
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