For guidance we referred to the Opinions R 371 and R 467 covering identical

For guidance we referred to the opinions r 371 and r

This preview shows page 11 - 13 out of 16 pages.

For guidance we referred to the Opinions R 371 and R 467 covering identical credit requirements, but failed to find a clear solution for the matter at hand under the aforementioned sub- article. Therefore, we shall appreciate if you would kindly let us have your Opinion as to whether the presented document is acceptable without the marking “Copy for Shipper” under the above-mentioned credit term, without expressly requiring the document to be so marked. Analysis It should be noted that the requirements for road, rail and inland waterway transport documents have been modified in UCP 600. The positions taken in Opinions R 371 and R 467 reflected the fact that UCP 500 article 28 did not provide any requirements as to the form of document to be presented. As stated above, sub- article 24 (b) (i) now makes specific reference to the form of document required for presentation. The credit required presentation of an “International Consignment Note - Copy for Shipper”. This requirement presupposed that the document would be issued in a fanfold style that would provide a copy for the shipper. When the document is not issued in such a format, there would be no version marked “Copy for Shipper” or a need for the carrier or agent to annotate the document in such a manner.
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12 Conclusion On the basis that the document did not indicate that it was intended for a party or function other than for use by the shipper, the absence of an indication that the document was the one intended to serve as the “Copy for Shipper” does not create a discrepancy. NEWS ROUNDUP ITALIAN BANKING GROUP JOINS EIB’S GREEK FACILITY Italian banking group Intesa Sanpaolo has signed a EUR 75 million agreement with the European Investment Bank (EIB) to become a confirming bank in its Trade Finance Facility (TFF) for Greece. Established in June 2013, the TFF was the EIB’s first ever trade finance facility and covers most of the risk attached to Greek letters of credit (L/Cs). Broader coverage Intesa Sanpaolo joins other confirming banks including Citi, Commerzbank and HSBC in the TFF for Greece and broadens its coverage by supporting trade flows between Greece and Italy. The facility is geared to support foreign trade activities of Greek small- and medium-sized enterprises (SMEs) and mid-caps. Under the TFF, the EIB is providing EUR 500 million in guarantees for foreign banks covering 85 per cent of their risk vis-à-vis their Greek counterparts for L/Cs and other trade finance instruments, to mitigate the risks of non-payment and default. Economic recovery Specifically, the EIB is providing its guarantee on a portfolio of L/Cs as well as other trade finance instruments confirmed by international banks. This aims to alleviate cash collateral constraints otherwise imposed on most SMEs and mid-caps and increase access to international trade instruments at a time when trade has a significant role to play in the country’s economic recovery.
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  • Fall '17
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