Writing as a trade finance professional with a long background in the business, Dave Meynell offers his personal views on factors contributing to the sharp reduction in ICC Official Opinions issued over the past several years.
How are LC specialists to understand UCP600 Article 38(k) in situations where a second beneficiary bypasses the transferring bank and presents documents directly to the issuing bank? Scenarios, fundamental issues, and a proposal for revising this UCP sub-article are addressed here.
