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.
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”.
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)
