DCW Updates
DCW Monthly: July 2025
This month, we explore how digitalisation is reshaping commercial law across key jurisdictions. Marek Dubovec compares UCC Article 12 and
DCW Articles
A Critical Review of ICC Opinion TA.948
Since a draft was included in the presentation at issue in ICC Opinion TA.948, it prompts important questions about examination not only under UCP but also under bills of exchange law.
7 min read
ICC Banking Commission Opinion TA.948 (2024) addressed a Query involving two discrepancies in a particular presentation. One was on drafts. The other was about a packing list. This analysis restricts itself to the matter impacting drafts.
Background of the Discrepancy
The LC required, among others:
BENEFICIARY DRAFT DRAWN ON (ISSUING BANK) AT 90 DAYS FROM INVOICE DATE …
According to the Query, the nominated bank “received from the beneficiary documents containing, among others, drafts, issued to the order of the beneficiary”. The drafts were not further endorsed by the beneficiary to anyone in particular.
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Responding to “A Critical Review of ICC Opinion TA.948”
Writing in a personal capacity as a professional deeply familiar with the ICC Opinion process and the trade finance business, Dave Meynell offers response to three remarks made by Rupnarayan Bose in a June 2025 DCW article on ICC Opinion TA.948.
