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Spring & Summer 2017 Newsletter added to the Members Trade Information section

11/04/2017 The latest newsletter has been added to the 'Newsletters / Articles / External Publications' section of the Members Trade Information page. This newsletter contains an overview of the Opinions that were approved at the ICC Banking Commission meeting on 6 April.


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Results of ICC Survey regarding a possible revision of UCP and/or update to ISBP 821 12/02/2026

At the end of 2025, the ICC Banking Commission requested feedback from its members as to whether it was time for a revision of UCP 600 and/or an update to ISBP 821...more

Technical Advisory Briefing No. 17 - Handling of ‘surrendered’ bills of lading under documentary credits subject to UCP 600 09/02/2026

The latest ICC Trade Advisory Briefing can be found in the following link: https://library...more

Latest Question

Issue 1: FIELD 31D: 260330 IN SINGAPORE FIELD 41D: ANY BANK IN SINGAPORE BY NEGOTIATION FIELD 45A: COMMODITY: PALANCA BLEND CRUDE OIL FIELD 46A (PAYMENT TERMS): 100PCT INVOICE VALUE WILL BE PAID AT 7 CALENDAR DAYS FROM THE NOTICE OF READINESS (NOR) TENDER AT THE DISCHARGE PORT DATE (NOR DATE TO COUNT AS DAY ONE) FIELD 47A: + DOCUMENTS OR SWIFT MESSAGE ARRIVING AT ISSUING BANK'S COUNTER LATER THAN 03.00 PM ON BANKING DAY (VIETNAM LOCAL TIME) WILL BE CONSIDERED TO BE RECEIVED ON ITS NEXT BANKING DAY + IN THE EVENT PAYMENT FALLS DUE ON A SATURDAY OR NEW YORK BANK HOLIDAY OTHER THAN MONDAY, PAYMENT SHALL BE EFFECTED ON THE LAST PRECEDING NEW YORK BANKING DAY. IN THE EVENT PAYMENT FALLS DUE ON A SUNDAY OR NEW YORK MONDAY HOLIDAY, PAYMENT SHALL BE EFFECTED ON THE NEXT SUCCEEDING NEW YORK BANKING DAY. FIELD 78: UPON RECEIPT OF DOCUMENTS DRAWN UNDER AND IN STRICT COMPLIANCE WITH THE TERMS AND CONDITIONS OF THIS LC, AND AN AUTHENTICATED SWIFT MESSAGE FROM NEGOTIATING BANK STATING THAT ALL DOCS HAVE BEEN SENT TO ................, WE UNDERTAKE TO REMIT PROCEEDS IN ACCORDANCE WITH YOUR INSTRUCTIONS ON DUE DATE PROVIDING SAID DOCUMENTS IS RECEIVED LATEST THREE NEW YORK WORKING DAY PRIOR TO DUE DATE. IF RECEIVED LATER, PAYMENT WILL BE EFFECTED THREE NEW YORK WORKING DAY AFTER RECEIPT OF SAID DOCUMENTS. The documents were received with the following details: • Bill amount: USD 76,394,028.97 • Time of receipt at issuing bank counter: 3.01pm (Vietnam local time) 24Feb2026 • Due date as per covering letter and invoice: 27Feb2026 • NOR date on invoice: 21Feb2026 Given that the documents were received after 03.00pm (Vietnam local time), and therefore deemed received on the next banking day (25 Feb 2026), May the issuing bank defer the due date to 2 March 2026 on the grounds that the documents were not received at least three New York working days prior to the due date as required under Field 78? Issue 2: Furthermore, in other cases where: • Field 31D: in beneficiary country • Field 41D: Any bank/Confirming bank/Nominated bank by negotiation • And the due date is less than five banking days for examination Would the bank be entitled to effect payment on the fifth banking day after the date of receiving documents?