Latest Blog Post
The UCP 600 Revision - Now you see it. Now you don'tby Kim Sindberg | April 24, 2017
I have noted that on the social media, and my inbox there is a question that keeps repeating:
Will there be a revision of the UCP 600?
And to quote Dylan Moran: "Ahhh I don't know"
However, at the recent meeting in the ICC Banking Commission - beginning April 2017 in Jakarta - the issue was on the agenda - and in this blog post I will relay the information given at that meeting - as far as I remember it …. so here goes:
6 October 2016 the ICC Banking Commission circulated a message to the NC's basically saying that the decision has been made NOT to revise the UCP 600. However the NC's were invited to revert back if they felt that there was a need for a revision. In such case it should be accompanied with a business case justifying a rev... Read The Full Post
The Case of the 8 Containersby Kim Sindberg | April 12, 2017
Last week the ICC Banking Commission – at their meeting in Jakarta – approved 6 new Opinions. One of those has been the subject of a number of discussions; namely TA.869rev.
As was mentioned at the meeting, when presenting the Opinions (and the suggested changes), even within the group of ICC Technical Advisors there were more discussions around this Query than is normally the case. In fact, different drafts were made, in order to determine which one was the better interpretation of international standard banking practice.
The purpose of this Blog Post is to show the details of the Query, the Opinion – as well as the counter arguments.
First to outline the case:
Extracts from the LC
32B Currency Code, Amount: USD... Read The Full Post