Shahed, I would agree that a confirming bank does what it does under UCP "without recourse" (a term not defined in UCP) unless of course, the confirming bank qualifies its engagement to the bene in a separate "negotation agreement." UCP implies that a nominated bank that has not ...

The hotels the IIBLP is recommending on their site is as follows (including ING Discount rates): Mercure aan de Amstel ING Room Rate: Single person EUR 125 VAT Incl. Breakfast Included Hotel code: 1244 - Tel : (+31)20/6658181 - Fax : (+31)20/6948735 - @ : H1244@accor.com Holiday Inn ING Room Rate: E...

As Jeremy and Kim know, I usually don’t comment on Forum questions, but this is a good question and one that is of interest to me. First, let me say that I’ve enjoyed your exchange at a distance. I don’t recall how many of you were at the Vienna 2006 Banking Commission meeting, the last “open discus...

I see that another issue was raised re sub-Article 14(b). FYI, I have it from a good source, that, a law firm in Hong Kong, recommended to beneficiaries to delete 14(d). Personally, I would have added 14(f) or if I were a power bene, modify along the lines of: Notwithstanding sub-Article 14.d and 14...

In my view, this was an unnecessary sub-provision. The incidences of lost documents are rare enough and could well have been handled by the existing ICC Opinion. I wonder how many National Committtees voted to revise this portion of UCP -- this one had to be an issue for the drafting committee or on...

I love it! The issues, this is just one such issue, raised but ignored by the drafting group may have come home to haunt UCP600. As I recall, at the May 2007 BC meeting in Vienna, members vociferously commented that paragraph 2 of Article 35 (guess you will have to buy the Commentary, for insights a...

I usually do not respond to questions in chat rooms as it conflicts with my consultancy. However, I find this question re inconsistency interesting and in my opinion, representative of the next crisis issue for the UCP, following “original” and “notice of refusal.” “Inconsistency” is the new and mos...

Remember, my scenario is based on a given set of circumstances for a particular transaction. I am not trying to create a solution for this transaction. For this discussion, I am simply sharing a similar experience. In my case, the bank had no concerns re political motivation by the government agency...

Your case is reminiscent of what I refer to as “USFDA” credits issued by US banks some years ago. In my scenario, US banks were asked to issue LCs that would protect the importer in the event that goods (foodstuffs subject to inspection by the US Department of Agriculture Food & Drug Administrat...