This month, DCW unpacks the legal and practical shifts reshaping trade finance interpretation. Why are ICC Opinions becoming increasingly scarce?
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.
With the causation defence being increasingly engaged in misdelivery cases, there is a great deal for banks and shipowners to learn from The “Maersk Katalin” case.
The article “My Take on the Need for ICC Interpretation of UCP 600 Article 35” by Pavel Andrle (Oct 2020 DCW p. 31) caught my eye, not least because he mentions at the start that moderator Vincent O’Brien had asked him, “Did we need an ICC Interpretation of Article 35 of UCP600?” during the IIBLP’s 2020 US/EU Annual LC Survey conference session on “Document Delivery”. Like Mr. Andrle, I also had the pleasure of being a panelist on the same topic moderated by Mr. O’Brien at the IIBLP’s 2020 APAC Annual LC Survey conference in July.
URDG 758 Article 15(c) makes clear that the requirement stated in Article 15(a) always applies unless expressly excluded in the guarantee, but does ISDGP help or harm in explaining this provision?
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.
In the fifth instalment of his DCW article series on major contemporary issues surrounding documentary credit practice, ICC Banking Commission Senior Technical Advisor Dave Meynell offers his thoughts on the highly-charged question: Is it time for UCP to be revised?
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