The year’s first ICC Opinions Session
Today the ICC held the first ICC Opinions Session in 2023. The meeting was held virtually and had 3 new Draft Opinions to be discussed:
TA927: Spare parts free of charge
The query concerns an LC which calls for “COOKING RANGE AND ITS SPARE PARTS”.
In the invoice presented, there are spare parts with a price; but also, some that are free of charge.
The core question is of this is a discrepancy according to ISBP 745 paragraph C12(b).
Based on the comments to the analysis received from the ICC National Committees it was decided that the Draft Opinion will be held over to the next meeting. Prior to the next meeting, the ICC Technical Advisors will provide a new draft Opinion and allow for new comments by the ICC National Committees.
TA928: Does the insurance document show insurance company?
The question concerns a refusal on the basis that the presented insurance document does not should who the insurance company is. The document does however include the following “preprinted text”:
“We hereby agree, in consideration of the payment to us by or on behalf of the Assured of the premium agreed, to insure against loss, damage or expenses in the manner hereinafter provided”.
The question is of the refusal is valid.
The Draft Opinion was approved with some changes to the analysis. The conclusion that the insurance document was not discrepant was approved.
TA929: B/L endorsed by image signature
The question concerns an eB/L that was converted into a paper B/L to be presented under an L/C. The document (the paper B/L) was refused on the basis that the bill of lading is not manually endorsed on the reverse with an ink signature.
The question is of the refusal is valid.
The Draft Opinion was approved with some changes to the analysis. The conclusion that the image signature that forms part of the endorsement is in accordance with UCP 600 article 3 (Interpretation of signed).
In addition, it was reported that during 2022, 5 Technical Advisory Briefings has been published, i.e.:
1. Non-documentary conditions in Documentary Credits subject to UCP 600 (13 January 2022)
2. Meaning of ‘without delay’ in UCP 600 (6 April 2022)
3. Reducing discrepancy rates under Documentary Credits (27 June 2022)
4. Documents presented by a nominated or confirming bank under UCP 600 and lost in transit (23 September 2022)
5. Modifications and Exclusions under Documentary Credits subject to UCP 600 (7 December 2022)
Currently, there is one new on the way, which will cover a summary of ICC Guidance Papers.
Finally, it was reported that the next meetings will be 18 April 2023 and 11 July 2023.
All in all, a good meeting.
Take care of each other and the LC.
Kind regards
Kim