The ICC Banking Commission returned to Dubai, UAE, for its 2025 Annual Meeting on 17 February. The one-day event was organized by ICC UAE and hosted by Dubai Chambers. In addition to those participating in-person, others attended virtually.
In the fifth instalment of his DCW article series on major contemporary issues surrounding documentary credit practice, ICC Banking Commission Senior Technical Advisor Dave Meynell offers his thoughts on the highly-charged question: Is it time for UCP to be revised?
Beneficiary presented late shipment documents under an LC. The issuing bank deducted penalties without a refusal notice, raising debate on clause 47A-7, UCP 600, and consent.
This in-depth discussion between two leading figures in the study of LC law & practice is based on an online lecture on 25 February 2024. In their remarks, Saibo JIN and SOH Chee Seng talk about the "thinking" and different methods of analysis adopted by international banking experts.
