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Letters of Credit
New Opinions on UCP 600, ISBP 681, UCP 500, URC 522 and URDG 758 The ICC Banking Commission Opinions series is the only publication of this kind that carries the authority of the International Chamber of Commerce and represents the Commission’s official interpretations of how ICC’s banking rules are to be used in specific situations. This volume contains the very first opinions on ICC’s newly revised Uniform Rules for Demand Guarantees, URDG 758, but also decisions on UCP 600, ISBP 681, and more. Harmonizing worldwide banking practice The International Chamber of Commerce (ICC) provides bankers and lawyers with essential rules and standards that have over the years helped to harmonize trade finance practice. ICC’s Uniform Customs and Practice for Documentary Credits (UCP 600) and International Standard Banking Practice for the Examination of Documents Under Documentary Credits (ISBP 681) have become irreplaceable tools for practitioners using letters of credit. However, even though widely praised for their clarity and precision of language, as with any rules, there will always be questions about how they are to be applied in daily practice. Vital tools for trade finance practitioners The ICC Banking Commission’s Opinions have for decades provided unrivalled guidance to practitioners and been referred to by judges worldwide in disputes involving ICC rules. This volume covers all 69 official Opinions issued by the International Chamber of Commerce’s Banking Commission during the years 2009-2011. It will help practitioners and scholars to better understand and efficiently use ICC’s trade finance standards.