This month, DCW unpacks the legal and practical shifts reshaping trade finance interpretation. Why are ICC Opinions becoming increasingly scarce?
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.
With the causation defence being increasingly engaged in misdelivery cases, there is a great deal for banks and shipowners to learn from The “Maersk Katalin” case.
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.
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