In January 2023, the ICC held the first ICC Opinions Session in 2023. The meeting was held virtually and had 3 new Draft Opinions to be discussed:
TA927: Spare parts free of charge
The query concerns an LC which calls for “COOKING RANGE AND ITS SPARE PARTS”.
In the invoice presented, there are spare parts with a price; but also, some that are free of charge.
The core question is of this is a discrepancy according to ISBP 745 paragraph C12(b).
Based on the comments to the analysis received from the ICC National Committees it was decided that the Draft Opinion will be held over to the next meeting (April 2023). Prior to the next meeting, the ICC Technical Advisors will provide a new draft Opinion and allow for new comments by the ICC National Committees.
TA928: Does the insurance document show insurance company?
The question concerns a refusal on the basis that the presented insurance document does not should who the insurance company is. The document does however include the following “preprinted text”:
“We hereby agree, in consideration of the payment to us by or on behalf of the Assured of the premium agreed, to insure against loss, damage or expenses in the manner hereinafter provided”.
The question is of the refusal is valid.
The Draft Opinion was approved with some changes to the analysis. The conclusion that the insurance document was not discrepant was approved.
TA929: B/L endorsed by image signature
The question concerns an eB/L that was converted into a paper B/L to be presented under an L/C. The document (the paper B/L) was refused on the basis that the bill of lading is not manually endorsed on the reverse with an ink signature.
The question is of the refusal is valid.
The Draft Opinion was approved with some changes to the analysis. The conclusion that the image signature that forms part of the endorsement is in accordance with UCP 600 article 3 (Interpretation of signed) as it is deemed a facsimile signature.
In February 2023, the ICC circulated the re-submitted draft Opinion TA927rev (Spare parts free of charge) and one new draft Opinion TA930 for discussion during the next Banking Commission meeting which will be held virtually on 18th April 2023.
TA930: No payment due to sanctions clause
The query concerns an L/C where the issuing bank does not honour based on a sanctions clause.
A number of questions are raised mainly related to the issuing banks obligation under the L/C and if the sanctions clause is a non-documentary condition.
