Following the approval of the International Standard Banking Practice (ISBP) Publication 745, the ICC has announced that two previously approved Opinions have now been withdrawn due to contrasting positions that appear in ISBP.
18/06/2013ICC Opinion R751 is
superceded by the content of paragraphs D1 (c) and E1 (a) i.e., that the
routing in the credit will determine the applicable article of UCP when
the wrong or inappropriate transport document is indicated. ICC Opinion
R766 is superceded by paragraph K10 (c) i.e., that an insurance
document dated later than the date of shipment but indicating coverage
is made on a warehouse-to-warehouse basis will not be evidence that
insurance was effective as of the date of shipment.
Recognising that there is no global standard for the defining Trade Finance, this Briefing document provides a suggested text and has been recommended for use by the ICC Banking Commisison Steering Committee...more
This briefing, focussing on the acceptance and rejection of amendments, describes the necessary process for the proper handling of tamendments and the best practices associated with determining their acceptance or rejection...more
