ICC Draft Opinions January 2023

A credit was issued providing for shipment of a cooking range and its spare parts for an amount of XXX (the credit amount). The presented documents including an invoice which displayed three rows under the header ‘Commodity’:
Cooking range
Spare parts
Spare parts (f.o.c)

The issuing bank refused the presentation stating that ‘free of charge’ goods were not allowed by the credit. 

The nominated bank considered that, as the credit did not stipulate a price for the spare parts, ‘free of charge’ spare parts were acceptable under the credit. 

It is queried as to whether the discrepancy is valid, and whether an invoice stating goods free of charge is acceptable. 

A credit, subject to UCP 600, required an insurance document. Accordingly, the presented document was required to comply with UCP 600 article 28 which provides the default requirements for an insurance document and coverage. 

The presented insurance policy contained a brand name/logo and was signed by a branch. 

The question has been raised as to whether or not the insurance policy complies with UCP 600. 

A presentation was made under a documentary credit, subject to UCP 600, where the presented bill of lading had been generated via an electronic document platform. The bill of lading was initially only available in electronic form, and the digital content reflected that ownership was transferred by way of endorsement. 

The question is whether or not image signatures can be used to endorse a paper bill of lading pursuant to UCP 600 article 3, where a paper bill of lading is printed at the end of the electronic process? 

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