At its quarterly meeting on 21 July 2026, the ICC Banking Commission reviewed and finalized six Opinions, including four dealing
Beyond discussion and finalization of six ICC Opinions at its quarterly Technical Advisory Session on 21 July 2026, the ICC
The matter of force majeure was addressed in the first version of UCP[[1]] in 1933 and largely resembles the
Although not defined in UCP600, the expression “third party documents” in LC practice is commonly taken to mean documents issued by persons or entities other than the beneficiary. Mindful of confusion and questions surrounding this category, the ICC Banking Commission issued Technical Advisory Briefing No. 16 -- “Third party documents: usage, examination and acceptance under UCP 600” on 27 July 2026.
The default UCP600 position is that documents may be issued by a person or entity other than the beneficiary, except for drafts or if an LC’s terms or UCP600 provisions for a specific document explicitly require such document be issued solely by the beneficiary.
Referring to ISBP 821 Paragraph A19 (Expressions Not Defined in UCP 600), the Briefing reinforces that the phrase “third party documents not acceptable” has no meaning and is to be disregarded, but distinguishes this from clauses like “third party as shipper not acceptable” which serve to specify the identity of the shipper in a transport document. Elsewhere, ISBP 821 Paragraph A19 states that the phrase “third party documents acceptable” should not be used as it is not defined in UCP 600. Where it is used, the Briefing advises that it simply affirms the default UCP 600 position.
The Briefing emphasizes that a document issued by a third party “does not alter the bank’s examination standard under UCP 600, nor does it change the principle that banks deal with documents, not with goods, services, or underlying conduct.”
Due to inconsistencies in banks’ interpretations and differing national regulatory requirements regarding treatment of third party documents, the Briefing urges that “trade finance practitioners must ensure clarity in their documentary credit terms, explicitly stating any restrictions or allowances regarding third party issuance. Moreover, applicants and beneficiaries should align their documentary practices with ISBP 821 best practices to reduce the risk of discrepancies.”
TAB-16 and all previously issued technical advisory briefings are freely available at the ICC Digital Library.
At its quarterly meeting on 21 July 2026, the ICC Banking Commission reviewed and finalized six Opinions, including four dealing
Beyond discussion and finalization of six ICC Opinions at its quarterly Technical Advisory Session on 21 July 2026, the ICC
The matter of force majeure was addressed in the first version of UCP[[1]] in 1933 and largely resembles the
Banks are increasingly turning to risk-sharing structures to manage regulatory capital, control funding costs, and expand capacity.
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