ICC Opinions - more significant than ever.pdf - ICC Opinions More Significant Than Ever This was the headline in a recent article appearing in

ICC Opinions - more significant than ever.pdf - ICC...

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ICC Opinions: More Significant Than Ever? This was the headline in a recent article appearing in Documentary Credit World. The article went on to say: In the first four meetings of the ICC Banking Commission since UCP600 entered into force in July 2007, there have been more ICC Opinions (51) pertaining to UCP600 matters than ICC Opinions (45) relating to UCP 500 topics. Some have asked how there can be so many ICC Opinions addressing aspects of these new rules of practice that have been in existence for less than two years. Of concern is the question as to what will be the impact of these Opinions, particularly if the pace continues at this rate. Will the abundance of ICC Opinions aid in applying UCP600 or will it weaken its credibility or that of the ICC Banking Commission itself? One area where ICC Opinions are having a major impact is in the area of transport documents. Approximately, 45% of queries to the ICC Banking Commission have involved transport documents, generating more issued Opinions, by far, than any other document type or practice aspect of UCP600. Of these, the majority relate to on board notations. At the ICC Banking Commission meeting in Dubai in March 2009, it was decided that preparation of an ICC document on the subject would be helpful for all concerned. The document is now in the process of taking shape. It will be published before the next ICC Banking Commission meeting in Brussels. During this November 2009 meeting, it will be presented to the Commission for approval.I actually came across this article whilst looking at the mix and profile of the opinions that have been requested since the ICC Banking Commission meeting held on 24/25 October 2007. This meeting was the first following the implementation of UCP 600. In fact, for that meeting and the three that have followed, there have been 63 requests for opinions of which: 4 were withdrawn either before or at the respective Banking Commission meeting; 9 made reference to UCP 500; 2 referred to situations under UCP 500 and UCP 600; and 48 made reference to UCP 600.
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