New Draft ICC Opinions circulated for the April meeting
This week, the ICC circulated the re-submitted draft Opinion TA927rev and new draft Opinion TA930 for discussion during the next Banking Commission meeting which will be held virtually on 18th April 2023.
TA927rev
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).
The draft opinion was first discussed at the January 2023 meeting. Based on the comments to the analysis received from the ICC National Committees at that meeting it was decided that the Draft Opinion was held over to the next meeting (i.e., in April).
TA930
The query concerns an LC when the issuing bank does not honour based on a sanctions clause.
A number of questions are raised mainly related to the issuing banks obligation under the LC and if the sanctions clause is a non-documentary condition.
Kind regards
Kim