DCW Monthly: April 2025
This month, DCW unpacks the legal and practical shifts reshaping trade finance interpretation. Why are ICC Opinions becoming increasingly scarce?
How are LC specialists to understand UCP600 Article 38(k) in situations where a second beneficiary bypasses the transferring bank and presents documents directly to the issuing bank? Scenarios, fundamental issues, and a proposal for revising this UCP sub-article are addressed here.
Although ICC’s Technical Advisory Briefing No. 9 released in March 2024 addresses the subject of direct presentation of documents to an issuing bank, it did not take up the matter of it arising under a transferable documentary credit. Here, I would like to examine UCP treatment of such situations.
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