Handling of Certificates under Documentary Credits subject to the UCP 600 ICC Banking Commission Technical Advisory Briefing No. 8 Subject: Handling of Certificates under Documentary Credits subject to the UCP 600 28 November 2023 ISSUE Although not a major issue in respect of the preparation and subsequent submission of documents under documentary credits, it is evident, nevertheless, that a lack of general awareness exists in the market for the handling of … Read More
Title of Invoice ICC Banking Commission Technical Advisory Briefing No. 7 Subject: Title of Invoice 6 July 2023 ISSUE It has recently been noted that frequent observations have been made by practitioners, and on social media, as to the types of invoice that are, or are not, acceptable for presentation under a documentary credit. Unfortunately, a number of misinterpretations have been observed. INTRODUCTION … Read More
ICC Guidance Papers ICC Banking Commission Technical Advisory Briefing No. 6 Subject: ICC Guidance Papers 28 February 2023 ISSUE On occasion, the ICC Banking Commission releases Guidance Papers on subjects considered to be of key importance to practitioners. Whilst these have proven to be of great benefit, they are sometimes overlooked or are no longer easily accessible. INTRODUCTION With this in mind, a … Read More
Modifications and Exclusions under Documentary Credits subject to UCP 600 ICC Banking Commission Technical Advisory Briefing No. 5 Subject: Modifications and Exclusions under Documentary Credits subject to UCP 600 7 December 2022 ISSUE It is a fact that a number of documentary credits are issued with a modification or exclusion of one or more of the UCP 600 articles and/or sub-articles. Whilst this is permitted by the content of article … Read More
WHERE AN INVOICE INDICATES GOODS NOT CALLED FOR IN THE LC QUESTION Dear Mr. Old Man, I have the following case: The beneficiary presented the documents including invoice to our bank for negotiation. In addition to the goods required in the LC, the invoice also indicates additional goods and unit price with a note “no commercial values”, and the total invoice amount does not include the value of these additional goods. … Read More
Documents presented by a nominated or confirming bank under UCP 600 and lost in transit CHỨNG TỪ XUẤT TRÌNH THẤT LẠC TRÊN ĐƯỜNG ĐI Năm 1996 tại VCB ĐN xảy ra một sự cố chưa có tiền lệ, đó là chứng từ xuất trình theo LC bị thất lạc trên đường đi. Câu chuyện đã được Mr. Old Man chia sẻ trong các bài viết về nghiệp vụ đăng trên Tạp chí Ngân hàng cũng … Read More
Reducing discrepancy rates under Documentary Credits ICC Banking Commission Technical Advisory Briefing No. 3 Subject: Reducing discrepancy rates under Documentary Credits 27 June 2022 ISSUE It is estimated that the global percentage of documents refused on first presentation under documentary credits ranges between 65-80%. Whilst this does not necessarily mean that a beneficiary will not receive settlement at all, it is a matter of significant concern … Read More
Meaning of ‘without delay’ in UCP 600 ICC Banking Commission Technical Advisory Briefing No. 2 Subject: Meaning of ‘without delay’ in UCP 600 5 April 2022 ISSUE How should the phrase without delay be interpreted in the context in which it is mentioned in UCP 600? INTRODUCTION Whilst the phrase is used in 4 articles of the UCP 600, no formal definition exists. In practice, relatively few … Read More
Non-documentary conditions in Documentary Credits subject to UCP 600 ICC Banking Commission Technical Advisory Briefing No. 1 Subject: Non-documentary conditions in Documentary Credits subject to UCP 600 13 January 2022 ISSUE As stated in UCP 600 article 2, a complying presentation means a presentation that is in accordance with the terms and conditions of the credit, the applicable provisions of UCP 600 and international standard banking practice. However, from … Read More
BUSAN KOREA AND BUSAN SOUTH KOREA QUESTION Dear Mr. Old Man, Could you please do me a favour? L/C stipulates: PORT OF DISCHARGE: BUSAN, SOUTH KOREA B/L presented shows: PORT OF DISCHARGE: BUSAN, KOREA Am I correct if I say the B/L is acceptable? Looking forward to hearing from you soon. Regards, DTT ————- ANSWER Hi, You are correct. The described B/L is acceptable. “Busan, Korea” … Read More