Additional material to the Guidance Paper on the use of drafts
The additional material relating to the use of drafts under documentary credits paper is available here and gives you extensive feedbacks of practitioners.
A major outcome of the UCP consultation on the revision of UCP 600 related to the statement that a greater understanding of documentary credit practices was required in the market.
As such, it was agreed by the Executive Committee of the Banking Commission that more comprehensive guidance should be provided.
One aspect of the consultation revealed that a number of ICC National Committees and practitioners questioned the need for drafts to be presented under documentary credits.
With this in mind, the Executive Committee tasked David Meynell, Senior Technical Advisor, with drafting a Guidance Paper to reflect the issues and provided the additional material related to the guidance paper that reflects extensive feedback from practitioners.
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