New ICC Draft Opinions are out (March 2021)
This week the ICC circulated five Draft Opinions, to be discussed at the next ICC Banking Commission meeting which will be held virtually 31 March 2021.
The Draft Opinions are in the sequence TA909-910 & 912-914:
TA.909; which asks for clarification about the “Interpretative Paper on the correct interpretation of the first paragraph of UCP 600 article 35”.
TA.910; which deals with two LCs where the issuing bank did not pay at maturity.
(TA911 has been held-over pending further information.)
TA.912; which deals with an LC where the issuing bank did not pay at maturity.
TA.913; which deals with a refusal based on the pre-printed text on an insurance document.
TA.914; which deals with the applicability of URDG 758 to a counter-guarantee. The Draft Opinion has been reviewed by the Guarantee Task Force.
More information will be made available once the final versions have been circulated. Likewise, reviews of the Opinions will be made available in lcviews premium.