Debate persists on when an independent undertaking is issued: upon leaving the issuer’s control or only when advised to the beneficiary. Various rules clarify issuance timing.
Following release and review of Technical Advisory Briefing No. 1 (Non-Documentary conditions in Documentary Credits subject to UCP 600), ICC Banking Commission Senior Technical Advisor David Meynell announced subjects that will be addressed in subsequent Technical Advisory Briefings (TABs):
TAB-2 = “Meaning of ‘without delay’ in UCP 600”
TAB-3 = “Reducing discrepancy rates under Documentary Credits”
TAB-4 = “Lost documents”
All three Briefings are presently under varying stages of development and the ICC Banking Commission is eager to receive more feedback (via ICC National Committees) on other possible topics. TAB-2 is projected for release in March 2022 with other TABs expected to be rolled out on an individual basis every couple of months.
Meynell also hinted that ICC National Committees could soon have a look at ISBP (International Standard Banking Practice) with a view towards possible revision.
Debate persists on when an independent undertaking is issued: upon leaving the issuer’s control or only when advised to the beneficiary. Various rules clarify issuance timing.
On 15 Feb 2023, DCSA members pledged to issue 50% of bills of lading (B/Ls) electronically by 2028 and 100% by 2030, aiming to cut costs and boost global trade.
