This guidance paper released on 7 April 2020, provides technical guidance to the market on issues of force majeure, elements to consider in modifying ICC rules for specific trade finance instruments, and common scenarios experiences in the delivery of documents during the public health measures undertaken in response to COVID-19.
Comprehensive in its guidance, the paper reviews provisions from several ICC rules, namely the Uniform Customs and Practice for Documentary Credits (UCP 600) and its eRules (eUCP Version 2.0), the Uniform Rules for Demand Guarantees (URDG 758), the Uniform Rules for Collections (URC 522) and its eRules (eURC Version 1.0), the Uniform Rules for Bank-to-Bank Reimbursements under Documentary Credits (URR 725) and the Uniform Rules for Bank Payment Obligations (URBPO 750).
This guidance paper aims only to share practical views and guidance from experts in the management of Trade Finance transactions during this exceptional period of time.
All decisions taken with regard to a trade finance transaction that follows this guideline will be understood to be taken under the full responsibility and agreement of the parties involved.
Approximate read time: 60 minutes
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As a follow-up to this guidance paper, you will also find the interpretative paper on Article 35 of UCP 600 rules here