ICC Opinion TA926rev approved by the Banking Commission
Last week ICC in Paris hosted the ICC Global Banking Commission on a hybrid version, meaning there was both a physical (ICC HQ in Paris) and virtual mode of attending the meetings. The meeting took place 19-20 October 2022.
Prior to the meeting the ICC Banking Commission have circulated one Draft Opinion to be discussed and approved:
TA926: Late presentation due to delay by the courier service
The key question raised in the query relates to the fact that a presentation (of corrected documents) was made late to the issuing bank, i.e., whether the issuing bank was obligated to honour. The LC was available at the counters of the issuing bank by Deferred Payment.
Already now a review of the new Opinion (linked to relevant rules and practices) is available in lcviews premium.