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4 new Draft ICC Opinions for the November 2026 meeting

For the November 2026 ICC Banking Commission meeting four new Draft Opinions have been circulated to the National Committees for comments.

The Draft Opinions are in the sequence TA965 to TA968:

TA965: Five Powers War Clause

The query concerns an LC that requires an insurance document where ”THERE MUST BE NO EXCLUSIONS IN THE INSURANCE DOCUMENTS WITH RESPECT TO RISKS TO BE COVERED AS PER CREDIT”.

The presented insurance policy did include the phrase "FIVE POWERS WAR CLAUSE" which is (according to the query) considered an exclusion clause.

The main question asked to the ICC is if the phrase "FIVE POWERS WAR CLAUSE" makes the document discrepant.

TA966: Requirement to use the Advise Through bank

The question raised is if a nominated / confirming bank is allowed to advise the LC directly to the beneficiary, thereby bypassing the ”advise through bank” mentioned in the LC.

TA967: Con >... Read The Full Post