DCW Updates
DCW Monthly: December 2024
We’re thrilled to share the newest edition of DCW’s premium monthly content. This month’s highlights include: * Five
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UCP Revision – Hot Topics from Practitioners!
DCW is pleased to announce a new section of the journal where experienced practitioners from around the world express their views on what they consider hot topics for revision or exclusion from the UCP rules.
Our first hot topic deals with what is sometimes referred to as “the hidden rule” of UCP600, Article 14(c): “A presentation including one or more original transport documents subject to articles 19, 20, 21, 22, 23, 24 or 25 must be made by or on behalf of the beneficiary not later than 21 calendar days after the date of shipment as described in these rules, but in any event not later than the expiry date of the credit.”
DCW is pleased to announce a new section of the journal where experienced practitioners from around the world express their views on what they consider hot topics for revision or exclusion from the UCP rules.
Our first hot topic deals with what is sometimes referred to as “the hidden rule” of UCP600, Article 14(c): “A presentation including one or more original transport documents subject to articles 19, 20, 21, 22, 23, 24 or 25 must be made by or on behalf of the beneficiary not later than 21 calendar days after the date of shipment as described in these rules, but in any event not later than the expiry date of the credit.”
The current version of Uniform Customs and Practice for Documentary Credits (UCP600) sets forth consistent rules and practices for letters of credit established by the International Chamber of Commerce (ICC). However, despite its standardized guidelines, conflicts arise between the interpretation of these rules and the format of SWIFT MT700 messages used in opening credits, leading to significant challenges for both exporters and importers in international trade.
One of the key points of conflict lies in the presentation period stipulated by these rules. The contrast between the UCP600 provisions and the SWIFT MT700 format often leads to confusion regarding the timeframe within which documents must be presented for payment or negotiation under LCs. This confusion can result in delays, disputes, and financial losses for traders.
Read next
DCW Updates
DCW Monthly: December 2024
We’re thrilled to share the newest edition of DCW’s premium monthly content. This month’s highlights include: * Five
DCW Conference Report
November 2024 ICC Banking Commission Meeting: Executive Summary
The ICC Banking Commission conducted its final meeting of 2024 virtually via Teams on 20-21 November. Four separate portions of the event open to Banking Commission members and ICC National Committee representatives took place.
DCW Updates
Latest TAB Sheds Light on UCP600 Article 14(d) “read in context with”
In an attempt ensure global understanding of the wording “read in context with” as used in UCP600 Article 14(d)
DCW Updates
ICC Revises Guidance on Use of Sanctions Clauses
Stemming from Kuvera Resources Pte Ltd. v. JPMorgan Chase Bank, N.A. where the High Court of Singapore determined that