Unpublished Opinions of the ICC Banking Commission 1995-2004 eBook
Pub No. : 660 eBook
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ICC NO. 660 eBook
Unublished Opinions of the ICC Banking Commission, 1995-2004, is now available. This new volume contains more than 120 Opinions never before published in book form.
Opinions relating to the eUCP, the UCP 500's Supplement for Electronic Presentation of Documents, and ISBP, International Standard Banking Practice for the Examination of Documents under Documentary Credits are addressed for the first time. The ISBP, widely praised by practitioners, has been credited with reducing unacceptably high L/C discrepancy rates.
Broad Range of Topics
Opinions are decided on a broad range of topics, including:
- For UCP 500 - when a non-bank issues a documentary credit
- For eUCP - questions concerning electronic records
- For ISBP - whether the ISBP is binding in the same manner as the UCP
- For URR 522 - whether a collecting bank complies with the provisions of URC 522
- For URDG 458 - fundamental questions relating to the interpretation of the URDG
Each Opinion quotes the question, reviews the Banking Commission's analysis of the facts, and provides the conclusion decided by Banking Commission experts.
Unpublished Opinions also includes three useful indexes:
- an index, by Article, lists the Opinions in the chronological order of the Articles that appear in each set of ICC rules
- a consolidated key words index now covers both volumes of Opinions, takes terms from the Opinions (i.e., bill of lading, collecting bank, etc.) and refers you directly to the appropriate Opinion(s)
- a new, cross-reference index links the draft answer to the Opinion to the final version as approved by the Banking Commission.
For ease of reference, Unpublished Opinions also includes the full texts of UCP 500, eUCP and ISBP.
No practitioner dealing with letters of credit, collections or guarantees can afford to be without this latest edition in the celebrated series of ICC Banking Commission Opinions.
For more information, please read the following ICC press release:
Paris, July 1, 2005
The latest publication in the popular series of ICC Banking Commission opinions, Unpublished Opinions 1995-2004, is now available from ICC Publishing.
ICC talked to Gary Collyer, Technical Adviser, ICC Banking Commission and Editor, Unpublished Opinions 1995-2004, to discover why no practioner dealing with letters of credit, collections or guarantees can afford to be without a copy.
Why are these books of opinions so important?
Collyer: The opinions, which are based on questions from practitioners, tell us which articles of ICC rules may have problems that need to be rectified in any future revision. We are currently working on a revision of UCP, ICC's universally used rules on letters of credit. Opinions are clearly the starting point for determining what may need changing in the next version of UCP. The opinions also indicate how the rules are used in day-to-day practice. By necessity, the UCP and other ICC rules are somewhat general, but the opinions deal with everyday problems, filling in the gaps between the general framework of the rules and the daily work of the practitioner.
How does this new volume of opinions differ from previous ones?
Collyer: For the first time, the bookof opinions contains ICC Banking Commission responses to questions on the ISBP (International Standard Banking Practice). The ISBP, approved in 2003, is a checklist of practices for the examination of documents under documentary credits. It has received wide circulation, and indications are that it is already having a positive impact on redcuing discrepancy rates. Significantly, more than 15 opinions in the present volume center on interpretations of the ISBP. There are also opinions on the eUCP, the supplement to the UCP for electronic presentation of documents, as well as on other ICC rules - the ICC Uniform Rules for Collections and the ICC Uniform Rules for Demand Guarantees. It is a very thorough compilation.
With a new version of the UCP on the horizon in the next few years, what is the value of a book that focuses largely on the present version of these rules?
Collyer: The fact that a revision is currently being undertaken does not necessarily remove the general principles of the rules, the creation of documents or numerous other responsibilites of banks and other UCP users. Many of the principles set forth in these opinions will remain valid even after a new UCP becomes effective. This book will be a valuable resource for many years to come.
The new volume features a key word index to refer the user directly to the opinion containing the term.