The Tbilisi Opinions are out
Last week the ICC circulated the Draft Opinions for discussion at the October 2018 Banking Commission meeting to be held in Tbilisi.
This time there are only 2 (two) Opinions to be discussed at the meeting. This is the lowest number I have ever seen. At the previous meeting (Miami April 2018) the number of Opinions was also low; 5 opinions – and one was even held over from the meeting before. The good question is of course why the level of Opinions is decreasing. One can of course hope that it is because there are no more questions and confusion in respect of the UCP 600. From my desk that does not seem to be the case (!!). Another possible answer is pure chance; that, that is just all the Queries there was for this meeting. No other explanation.
The answer I fear the most to be true, is that no one bothers asking the ICC for Opinions anymore, because they do not think that the answer will make ant difference. Arguably, the ICC have no enforcing power (although one would sometimes wish they had). However, to say that the ICC Opinions do not make any difference is far from the truth. Just recently, I was part of solving a case by presenting two Official ICC Opinions supporting our case. Of course it does not always work out like that. However, the ISBP 745 – describing the International Standard Banking Practice – rests on a foundation of ICC Opinions….
In any case, if this level of ICC Opinions continues, surely there is a need to re-think the structure and handling process.
And so, to the two ICC Opinions to be discussed in Tbilisi: They are in the sequence TA884-885, and the first is an old classic; a rejection to pay based on a sanctions clause in the LC. No doubt that one will create some discussion. The latter one deals with the discrepancy “Bill of lading states that empty containers to return to ICD TKD on consignees risk and account whereas LC states no such condition.” Also an interesting discussion may follow from that one.
No matter what, I look forward to the Tbilisi meeting because I am sure that it will take care of the LC.
Kind regards
Kim