Banking & finance
ICC publishes new volume of banking dispute resolution cases – DOCDEX
ICC has issued a new volume containing decisions rendered in expert proceedings under the ICC DOCDEX Rules over the last three years.
The publication, ICC DOCDEX Decisions 2009-2012, is the third in a series containing decisions reached by ICC expert panels in Documentary Credit Dispute Resolution Expertise (DOCDEX) procedures. The decisions have become an important reference for practitioners eager to know how ICC banking rules apply in daily practice.
First created in 1997, the DOCDEX system was a response to the need for a low-cost and rapid method of resolving disputes involving Uniform Customs and Practice for Documentary Credits(UCP), ICC’s universally used rules on letters of credit. In the DOCDEX process, a panel of three independent experts identified by the ICC Banking Commission and appointed by the ICC Centre for Expertise render decisions based on documents submitted by one or all of the disputing parties. The decisions, which have to be rendered by the experts within 30 days of receipt of all documents, can avoid the long delays and the high costs of full blown litigation. Though DOCDEX decisions are not legally enforceable, they can be binding if the parties decide to make them so. If not, they can be used as the basis for a negotiated settlement or as evidence if the parties later decide to pursue the matter in other dispute resolution proceedings.
DOCDEX, first used to resolve disputes on letters of credit, was later expanded to include cases based on other ICC rules –Uniform Rules for Collections (URC), Uniform Rules for Bank-to-Bank Reimbursements (URR) and Uniform Rules for Demand Guarantees (URDG).
The convenience and low cost of the DOCDEX process has served disputing parties worldwide. Due to the clear cost structure of any case filed under the DOCDEX Rules of either US$ 5,000 or 10,000, the cost associated with requesting a decision under the DOCDEX Rules is very foreseeable for parties. This is one of the reasons for their wide and international use. In 2011, cases were submitted from Austria, China, Indonesia, Iran, Russia, Singapore, Switzerland, the United Arab Emirates, the United States and Vietnam.
The current volume will be an important point of reference for bankers, lawyers, importers/exporters and other practitioners who make use of ICC rules on letters of credit, collections and demand guarantees.
Order the ICC DOCDEX Decisions 2009-2012.
For more information visit the ICC DOCDEX Rules.
