The Cyprus Draft Opinions are out
Beginning this week, the ICC Banking Commission circulated the new bundle of Draft ICC Opinions that should have been discussed at the technical meeting in Cyprus this October. However, due to covid-19, the meeting has been cancelled. The process for handling the opinions is basically the same as for the Opinions that should have been discussed in Dubai in April. Namely that comments will be received via e-mail from the ICC National Committees and based on those the Final Opinions will be circulated. The deadline for the comments from the ICC National Committees is 14 October 2020.
The bundle includes a total of five Draft Opinions in the sequence TA903 – TA908 (TA905 was withdrawn).
An overview of the new Draft ICC Opinions is:
TA903: Presentation of an AWB on two separate sheets.
TA904: Do previous waivers affect future presentations?
TA906: Issuing bank unable to pay because the applicants account has been frozen.
TA907: Recovery of funds from a counter guarantor.
TA908: Insurance document including a “claims restricting clause”.
Once the final ICC Opinions are available, reviews of the same will be available in lcviews premium.
Meanwhile, please take care of each other and the LC.
Kind regards
Kim