The ICC Banking Commission Opinions series is the only publication of this kind that carries the authority of ICC, representing the Commission’s official interpretations of how ICC’s banking rules are to be used in specific situations. A must-have for any trade finance practitioner!
The International Chamber of Commerce (ICC) provides bankers and lawyers with essential rules and standards that have over the years helped to harmonize trade finance practice. However, even though widely praised for their clarity and precision of language, as with any rules, there will always be questions about how they are to be applied in daily practice i.e.:
• When and on what conditions must a prepayment or purchase of a deferred payment under-taking be effected?
• Do all of the rights and protections of UCP 600 continue to prevail for all parties to a transaction once an extension to the maturity date has occurred?
• What characterizes a description of the goods that corresponds with the description given in the credit?
• How can a signing party be considered to be duly identified?
The ICC Banking Commission’s Opinions have for decades provided unrivalled guidance to practitioners and been referred to by judges worldwide in disputes involving ICC rules. This volume covers all 69 official Opinions issued by the International Chamber of Commerce’s Banking Commission during the years 2009-2011; including the very first decisions on URDG758, ICC’s demand guarantee rules that have been revised in 2010.