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This important volume contains all of the official Opinions issued by the International Chamber of Commerce's Banking Commission during the years 2009-2011.
The 69 Opinions included in these pages reflect how ICC's universally used rules on letters of credit, collections and demand guarantees are applied in everyday practice. This is the latest in a celebrated series of ICC books of Opinions dating back more than four decades.
The Opinions in this volume respond to specific questions raised by queries submitted to the Banking Commission from practitioners the world over. The bulk of the Opinions respond to questions raised concerning the latest version of ICC's Uniform Customs and Practice for Documentary Credits (UCP 600) and about its companion volume, International Standard Banking Practice tor the Examination of Documents Under Documentary Credits (lSBP 681).
These two publications are the irreplaceable texts practitioners adhere to when framing transactions using letters of credit.
The Banking Commission's Opinions represent the Commission's official interpretations of how ICC rules are to be used in specific situations. Over the years, they have not only provided unrivalled guidance to practitioners; they also have been widely cited by judges when deciding disputes involving the ICC rules of practice.
In this volume, practitioners will find answers to frequently asked questions, among them:-