The FINANCIAL — With more than a trillion US dollars in annual trade conducted using the International Chamber of Commerce rules on documentary credits, a new ICC edition on DOCDEX decisions, released on November 3, is aimed at streamlining dispute resolution on these credits and facilitating their even more widespread use.
Now in its second edition in e-book format only, Collected DOCDEX Decisions 2004-2008 was edited by Gary Collyer and Ron Katz. It comprises 40 decisions on ICC’s rules on documentary credits, from Uniform Customs and Practice for Documentary Credits (UCP 500 and UCP 600), to Uniform Rules on Collections (URC 522) and Demand Guarantees (URDG 458). This compendium is aimed at showing how these rules are applied on a daily basis.
Decisions in the new edition cover typing errors and whether they constitute a discrepancy; amendments in standby credits; expiry date on a transferred letter of credit; and applying paragraphs in the International Standard Banking Practice (ISBP).
The UCP, which concerns letters of credit, are widely considered the most successful trade rules ever developed.
DOCDEX, established in 1997, is designed to help parties avoid lengthy and costly court proceedings. Decisions are typically rendered in 30 to 60 days. While these decisions do not have the force of law, the evidence can be used if the parties later decide to go to court.