ICC opinion 618
Posted: Sat Feb 14, 2009 8:30 pm
dear all,
ICC opinion 618 states
ICC opinion 618 states
is this opinion still applicable since as per swift handbook, there is no requirement to put + or - signBy the wording of the SWIFT handbook, the use of "00/00" in field 39A of the SWIFT MT700 has no effect on the amount that can be drawn under the credit. The completion of figures within this field are to denote the plus and/or minus percentage to be applied to the credit amount. Any drawing under the credit would still be subject to the allowances made in UCP 500 sub-article 39(b) or (c), depending on the terms of the credit and the underlying drawing. A drawing of up to 5% less in the credit amount would be allowed under the credit.