I say made reference to UCP 600 because an analysis of the questions asked

I say made reference to ucp 600 because an analysis

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I say “made reference to UCP 600” because an analysis of the questions asked indicates that a large number of the opinion requests could have been made in relation to a credit subject to UCP 500 or, even, previous revisions of the UCP. I will expand on this below. Of the 48 opinion requests referring to UCP 600, 30 or 62.5% originated from 3 ICC national committees. I will not name them here, but they will know who they are! In total, there have been requests from 17 countries the other 14 have requested either 1 or 2 opinions during the course of the last 2 years. These 48 requests for opinions can be broken down into the following categories for further analysis. Where an opinion contained more than one subject and one of those involved a transport question, I have classified it as ‘transport’ for the purposes of this exercise:
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Transport issues related directly to wording in UCP 600 = 3 Transport issues that could also have been applicable under a UCP 500 credit = 12 On board notation issues (bills of lading and multimodal/combined transport documents) = 5 Remaining issues related directly to UCP 600 = 10 Remaining issues that could also have been applicable under a UCP 500 credit = 18 By this simple review, it can be seen that around 18 of the 48 requests can be directly associated with the wording of UCP 600 or the handling or presentation of documents under a credit subject to UCP 600. Of these 18 requests, one questioned whether a position expressed in an opinion given under UCP 500 would still prevail under UCP 600. Given the analysis above, I do not feel that the level of opinions requested reflects badly on the rules or the ICC Banking Commission. When looking at a number of the questions that have been posed, I think it often demonstrates a lack of knowledge of the documentary credit product and/or the UCP across all segments i.e., banks, corporates and logistics companies; not necessarily from the initiator of the
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  • Fall '17
  • m jkn

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