Since a draft was included in the presentation at issue in ICC Opinion TA.948, it prompts important questions about examination not only under UCP but also under bills of exchange law.
Since a draft was included in the presentation at issue in ICC Opinion TA.948, it prompts important questions about examination not only under UCP but also under bills of exchange law.
The ICC has neither accepted the draft as a standard requirement, nor have they been successful in casting it out from LC practice. This article is an attempt to resolve the confusion and place bills of exchange laws and the UCP in their proper perspectives.
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.
In the fourth instalment of his DCW article series on major issues surrounding potential revision of UCP, ICC Banking Commission Senior Technical Advisor Dave Meynell reinforces the case for simple documentary credits and offers tips on how to construct them.
