Debate persists on when an independent undertaking is issued: upon leaving the issuer’s control or only when advised to the beneficiary. Various rules clarify issuance timing.
In the first session of the two-day ICC Banking Commission Annual Meeting on 9 April 2024, David Meynell delivered a first assessment to ICC National Committee members of the ISBP working group’s efforts to date. The working group has identified 43 issues that would warrant revision.
In terms of the way forward, ICC National Committees are now asked to choose one of 3 options:
Maintain the current version of ISBP 821
Initiate a limited revision of the 43 identified issues; or
Move forward with a full, formal revision process of ISBP. ICC National Committees will have until 28 June 2024 to select their preferred options and provide feedback.
Regardless of the path ultimately taken, it was also announced that a separate Education Project will be commenced immediately to determine strategies for raising awareness of ISBP. The ICC Banking Commission acknowledges that ISBP is still not penetrating key markets like Bangladesh and other places with heavy LC use. Fresh dialogue, followed by concrete action is needed for solving the chronic problem of ISBP availability.
LC Rules & Laws
All the applicable international rules and laws for standbys, guarantees and trade in one place
Debate persists on when an independent undertaking is issued: upon leaving the issuer’s control or only when advised to the beneficiary. Various rules clarify issuance timing.
On 15 Feb 2023, DCSA members pledged to issue 50% of bills of lading (B/Ls) electronically by 2028 and 100% by 2030, aiming to cut costs and boost global trade.
