The January 2023 Draft Opinions are out
This week the ICC circulated the new Draft Opinions to be discussed at the January 2023 Banking Commission meeting which will be held virtually 24 January 2023 - 14:00 CET.
The package consists of 3 new draft Opinions in the sequence TA927-929.
The Draft Opinions are covering the following topics:
TA927: Spare parts free of charge
The query concerns an LC which calls for “COOKING RANGE AND ITS SPARE PARTS”.
In the invoice presented, there are spare parts with a price; but also some that are free of charge.
The core question is of this is a discrepancy according to ISBP 745 paragraph C12(b).
TA928: Does the insurance document show insurance company?
The question concerns a refusal on the basis that the presented insurance document does not should who the insurance company is. The document does however include the following “preprinted text”:
“We hereby agree, in consideration of the payment to us by or on behalf of the Assured of the premium agreed, to insure against loss, damage or expenses in the manner hereinafter provided”.
The question is of the refusal is valid.
TA929: B/L endorsed by image signature
The question concerns an eB/L that was converted into a paper B/L to be presented under an L/C. The document was refused on the basis that the bill of lading is not manually endorsed on the reverse with an ink signature.
The question is of the refusal is valid.
I am sure the above will trigger good discussions.
Already now reviews have been added to lcviews premium; not including the ICC answer, review of which will be added once the Opinions are final.
Take care of each other and the L/C.
Kind regards
Kim