In the latest rollout of its Technical Advisory Briefings (TABs), the ICC Banking Commission has issued TAB No. 13, “Confirmation
Six Draft Opinions will be addressed at the next session of ICC Banking Commission’s quarterly discussion of Opinions on
Shockwaves went through the reinsurance industry when reports surfaced in July 2023 that employees of the Israeli insurtech Vesttoo Ltd.
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.
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.
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.
In the latest rollout of its Technical Advisory Briefings (TABs), the ICC Banking Commission has issued TAB No. 13, “Confirmation
Six Draft Opinions will be addressed at the next session of ICC Banking Commission’s quarterly discussion of Opinions on
ICC Banking Commission meets in Singapore to discuss UCP revision, Basel III advocacy, ICC Trade Register expansion, and digital trade finance.
URDG 758 and the UN Guarantee Convention both address independent guarantees and in many respects their content is similar, but differences exist in their areas of focus.
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