DCW Updates
September Roundup
September's DCW is live! We have an exciting fresh batch of content that's just launched. Scroll
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UCP Revision – Hot Topics from Practitioners!
DCW is pleased to present the next instalment of its discussion series where experienced practitioners from around the world express their views on what they consider hot topics for revision or exclusion from the UCP rules.
DCW is pleased to present the next instalment of its discussion series where experienced practitioners from around the world express their views on what they consider hot topics for revision or exclusion from the UCP rules.
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UCP600 Article 32 (Instalment Drawings or Shipments) enables an irrevocable credit to cease to be available before its expressly stated expiry date for presentation. Like the presentation provision of UCP600 Article 14(c) addressed last month in DCW, this is another ‘hidden rule’ that goes against the fundamental principles of documentary credits and must go!
Think about it … when we started as practitioners in LCs years ago, we learned that the most impressive, intrinsically valued and unique principle of this financial instrument was its irrevocability from the date of issuance until the date of expiry.
This simple, straightforward and strong tenet forms the cornerstone of letter of credit operations: A CREDIT IS IRREVOCABLE UNTIL ITS EXPIRY DATE.
Read next
DCW Articles
Confirmation Concerns and Considerations Arising from Strange LC Requirements
When issuing banks insert complex reimbursement terms and self-serving conditions into their credits, it distorts the purpose of the product, causes problems for confirming banks, and drives exporters away from using LCs.
DCW Articles
Analysis and Insights on ISP98 Rule 2.07
DCW Editorial Note: This previously unpublished material reflects the thinking and writing of Professor James E. Byrne over the period
DCW Articles
eDocuments: how harmonization is driving adoption
Argentine lawyer Jorge Riva highlights how ICC rules are already providing an adequate environment for accommodating electronic means and how intense work continues for expanded use of electronic credits.
DCW Articles
Trade Finance Magic
Balancing wonder with accessibility is vital for innovation and ethical use of trade tech, especially as advancements transform trade finance, making it more efficient and secure.
