UCP600 Article 35
ICC Opinions Finalized at July 2024 Session
Five draft opinions – some garnering much more attention than others – were finalized in an ICC Banking Commission quarterly discussion session
Baltimore’s Bridge Collapse: Force Majeure Event (or Not)?
At 1:29 AM on 26 March 2024, the 300-meter container vessel Dali lost power as it was departing from Baltimore (Maryland) harbor. Does this constitute a force majeure event?
Documents Delayed, Beneficiary Learns Hard Way Article 35 Does Not Apply
UCP600 interpretation challenges arise as banks often misconstrue article purposes. Beneficiaries risk losing payment guarantees due to misinterpretation during credit-complying presentations
Technical Advisory Briefing #4 on Lost Documents Should Cause Much Relief for Practitioners
The ICC Banking Commission's TAB#4 sheds light on UCP600 Article 35, assuaging concerns about lost documents. The clarification emphasizes the LC issuer's responsibility to honor compliant drawings, even if documents are lost in transit between nominated banks, providing relief to practitioners.
ICC Briefing Takes Up Topic of Lost Documents
In the latest of its ongoing educational series, the ICC Banking Commission addresses the subject of “Documents presented by a
ICC Draft Opinion for October 2022 Meeting Released
One Draft Opinion will be discussed at the ICC Banking Commission’s next quarterly meeting in October 2022. The Draft
