The ICC have circulated two new Draft Opinions for the April 2024 meeting
Last week, the ICC Banking Commission circulated two new Draft Opinions to the ICC National Committees for comments.
The first, TA935rev, is actually not new. The Draft Opinion was discussed at the January 2024 meeting in the ICC Banking Commission. It was decide to “move” the Draft Opinion to the next meeting (April 2024). This time the conclusion has been turned 180 degrees.
However, lets recap the details of the query:
The LC (subject to UCP 600) required presentation of a bill of lading, and further indicated:
“44F: Port of Discharge: CAT LAI PORT, HOCHIMINH CITY, VIETNAM.”
The presented bill of lading indicated:
Port of Discharge: HOCHIMINH CITY, VIETNAM
Place of Delivery: CAT LAI PORT, HOCHIMINH CITY, VIETNAM
The question is if this is acceptable. The current Draft Opinion says “no”. Let’s see where this lands. It will be interesting.
The second, TA940, which relates to a guarantee subject to URDG 758. It basically relates to a rejection of a demand based on the following discrepancies:
1. The invoice copies are dated in 2018
2. The invoice copies refer to a guarantee number that is different from the guarantee under which the demand is made
3. The invoice copies mention “payment terms: Standby L/C 90 days from B/L”
The good question is if these are valid reasons to refuse a demand. Let’s see.
Will keep you posted.
Meanwhile, please care of yourself and the LC … and the guarantee.
Kind regards
Kim