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  • Back to Basics – Documentary Credit – Document Negotiation & Financing
    26/01/2022
    Negotiation Definition: the purchase by the nominated bank of drafts (drawn on a bank other than the nominated bank) and/or documents under a complying presentation, by advancing or agreeing to advance funds to the beneficiary on or before the banking day on which reimbursement is due to the nominated bank...
  • Back to Basics – Documentary Credit – Document Examination
    19/01/2022
    A document examiner will usually undertake a number of preliminary checks:   Has the documentary credit expired? Have previous drawings under the documentary credit, if any, been recorded? Is the available balance sufficient for the current drawing? Are all the amendments available?   Banks should always physically record the results of the examination process, either in paper format or electronically...
  • Back to Basics – Documentary Credit – Document Presentation
    12/01/2022
    A covering schedule that accompanies the documents should include a reference number and contact details of the presenter in the event of any problems...
  • Back to Basics – Documentary Credit Transfer & Assignment
    05/01/2022
    Transfer A transferable documentary credit, as defined in UCP 600 sub-article 38 (b), is a credit that specifically states it is transferable, thereby allowing for it to be made available in whole or in part to one or more other beneficiaries (each to be known as a second beneficiary), at the request of the beneficiary (who will become known as the first beneficiary)...
  • Back to Basics – Documentary Credit Advising & Confirmation
    16/12/2021
    Although there is no obligation for an issuing bank to advise a documentary credit through the intermediary of an advising bank, such action facilitates the beneficiary being informed that the documentary credit is apparently authentic, and for documents to be presented to a bank that is local to the beneficiary...
  • Back to Basics – Documentary Credit Amendment
    08/12/2021
    An amendment will generally arise following a request made by the beneficiary to the applicant...
  • Back to Basics – Documentary Credit Issuance
    30/11/2021
    The issuance of a documentary credit is not always a simple formality or an act that can be completed in a standard or repetitive manner...
  • Functional Equivalence
    11/11/2021
    As has been mentioned previously, one of the key issues faced in the digitalisation of the trade world is the treatment of digital documents in order to ensure they receive the same interpretation as paper documents...
  • ICC Banking Commission Technical Advisory Briefings
    03/11/2021
    A proposal was recently forwarded to ICC National Committees and members with regard to delivering briefings on issues surrounding a particular contentious circumstance, or set of circumstances, with a recommended handling solution...
  • ICC Digital Rules compared
    14/10/2021
    A comparison table is compiled below in respect of URDTT Version 1...