Following the majority vote against UCP revision by ICC National Committees, Dave Meynell offers evidence suggesting education and guidance is the prudent way forward.
Exactly what is an issuing bank authorizing or requesting a nominated bank to do when it requests the bank to “add its confirmation” to a credit? Several considerations and questions should be weighed by a would-be confirmer.
Although ICC has opted not to pursue UCP revision at this time, trade finance consultant Miguel Bustamante explains why he believes both revision and education are needed and are not mutually exclusive.
