Banking

ICC to revise its Uniform Rules for Demand Guarantees

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The ICC Banking Commission has given the go-ahead to begin a revision of the ICC Uniform Rules on Demand Guarantees (URDG). The rules, approved by ICC in 1991, have as their objective to balance the conflicting interests of applicants, beneficiaries and guarantors. In simplifying the drafting of demand guarantees, they serve as a model for guarantee practice worldwide.

Banking Commission approves document on international standard banking practice

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By a unanimous vote of 71-0, the ICC Commission on Banking Technique and Practice approved an updated version of its widely acclaimed publication, International Standard Banking Practice for the Examination of Documents under Documentary Credits (ISBP). The voting took place at the commission’s meeting in Singapore yesterday.

Newsletter offers insight into new documentary credit rules

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The autumn issue of DCInsight, ICC’s authoritative news magazine on documentary credits, features a series of articles giving practitioners’ first reactions to UCP 600, ICC’s new rules on documentary credits. The rules, which were approved by the ICC Banking Commission in late October, enter into force on 1 July 2007.

ICC appoints new Chair of banking commission

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On behalf of ICC’s Chairman Marcus Wallenberg, ICC Secretary General Guy Sebban has appointed Regina Prehofer of Bank Austria Creditanstalt as the new Chair of the ICC Banking Commission. Ms Prehofer will be the first woman and the first Austrian to chair an ICC commission.

Banking commission approves revised rules on documentary credits

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By a unanimous vote of 91 to 0, the ICC Banking Commission today approved UCP 600, ICC's revised rules on documentary credits. This is the first revision of the rules since UCP 500, the previous version, was approved in 1993. The new rules are the result of more than three years of intensive work by the banking commission.

Revised ICC rules on documentary credits make progress

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ICC’s Banking Commission yesterday wrapped up two days of intense discussions on proposed revisions to ICC’s universally used rules on documentary credits. This was the first time a full draft of the revised rules had been presented to the Commission.

Interpreting the rules on documentary credits

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ICC has just published a collection of opinions on its rules governing letters of credit and other essential instruments used in international trade finance. The opinions provide essential guidance on the rules' interpretation.