US UCC Article 5’s Non-Variable Provisions
How UCC Article 5 governs letters of credit in the US, its non-variable provisions, and the legal nuances that affect issuers and beneficiaries.
The question discussed centered on whether document examiners would pickup Short Drawing as a discrepancy since the LC does not permit tolerance in the amount and the amount drawn is less than the total value of the LC.
Local Guarantor petitioned for rehearing from the Supreme People’s Court of order for Counter Guarantor to terminate payment to Local Guarantor for having committed guarantee fraud and not acting in “good faith”.
Summary takeaways from the ICC Banking Commission Technical Meeting
-- needs image of Marine Certificate of Insurance, p. 46 of May 2023 DCW
In the latest of its ongoing series of technical advisory briefings released on 27 June 2022, the ICC Banking Commission addressed the subject of “Reducing Discrepancy Rates under Documentary Credits” (TAB-3)
Following the release of TAB-1, the ICC announced three future TABs for 2023 and beyond.
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