2 New ICC Opinions approved
Yesterday (20 April 2022) the ICC held their Global Banking Commission Annual Meeting session on Opinions.
Prior to the meeting 3 Draft Opinions in the sequence TA922-924, were circulated for National Committee Comments. However, also prior to the meeting TA922 was withdrawn by the initiator.
For that reason, a total of 2 new Draft Opinions were discussed and approved at the meeting:
TA923rev: Is the B/L correctly signed?
TA924rev: Insurance details in the System Database
A total of 38 National Committees had provided comments in advance. This is a very high number.
Some highlights:
TA923rev: Is the B/L correctly signed?
For this, 37 NC’s agree with the conclusion. 5 with added comments). 1 NC disagrees.
There were some discussions, but at the end TA923 was approved as circulated.
The crunch of the issue was if a bill of lading presented under an LC was signed according to UCP 600. It was signed as follows:
xxxxx
As part of the letterhead, the presented bill of lading indicates XYZ shipping company as the carrier, and signed as follows:
AS AGENT FOR THE CARRIER:
XYZ shipping company
for and on behalf of
ABC Ltd
Signature
[Authorized Signature(s)]
xxxxx
The conclusion was that the bill of lading was signed according to the UCP 600, and that the discrepancy was not valid.
TA924rev: Insurance details in the System Database
For this 32 NC’s agreed with conclusion. 4 with added comments). 1 NC partially agreed. 5 NC’s disagreed.
This query was discussed a lot, and at the end TA924 was approved with suggested changes.
The crunch of the issue was an insurance certificate presented under an LC including the following wording:
Quote
“If there is a difference between the details on this printed certificate and the details contained in the System Database, the information in the System Database shall be deemed correct.”
Unquote
The conclusion was that this wording did not make the document discrepant.
The next lcviews blog will take a deep dive into this Opinion – as it has some very interesting angles. Look out for it.
Already now, reviews of the new Opinions can be found in lcviews premium duly linked relevant articles, paragraphs and topics.
And ps; a really good Opinions session; perfectly run by Dave Meynell as always.
Thanks to the ICC for taking good care of the LC!
Kind regards
Kim