August 2025 ICC Banking Commission Meeting

In Memoriam: Pradeep Taneja

Prior to commencing discussion of the Opinions, ICC Banking Commission Senior Technical Advisor Dave Meynell recognized the life of longtime ICC Banking Commission member, Pradeep Taneja, who passed away 18 July. Pradeep will be remembered as a principled professional whose valued contributions to the development of ICC rules were marked by deep insight and quiet integrity. Meynell echoed the legacy of excellence that Pradeep left behind.

ICC Opinion TA949

Dealing with a Query submitted by ICC Denmark in December 2024 about surrendered bills of lading, Draft ICC Opinion TA949 generated mixed comments from ICC National Committees in advance of the February 2025 ICC Banking Commission Meeting. The term “surrender” or “surrendered” is not recognized in UCP600 or ISBP821. Citing the diversity of comments, the apparent lack of experience with surrendered B/Ls, and the impact of surrendering bills of lading, it was announced at the meeting held in Dubai that the Technical Advisory Team would postpone treatment of Draft ICC Opinion TA949 until the TA Team could seek out and consider comments from transport industry organizations.

The Technical Advisors proceeded to engage in dialogue with maritime legal, maritime technical platform, and shipping association bodies. Thereafter, a revised Draft ICC Opinion TA949 was produced and sent to ICC NCs for comment in July. Although 23 of 32 NCs responding to Draft ICC Opinion TA949rev agreed with its conclusion, the initiator of the Query chose to withdraw its Query and requested that its withdrawal be conditioned upon the topic being handled by the ICC Banking Commission as a detailed Technical Advisory Briefing instead of an Opinion and that the Briefing be given priority treatment. The Banking Commission agreed to this request and will fast-track writing a TAB on “Handling of ‘surrendered’ bills of lading under documentary credits subject to UCP 600”.