New UCP on Lost Documents

New UCP on Lost Documents - UCP Provision on Lost Documents a Welcome Solution

LC VIEWS, Newsletter No. 100, February 2007

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Editor's Note:
LC VIEWS invites expert commentary from the world-famous LC consultant T O Lee on the following provision on lost documents in UCP 600:
Article 35: If a nominated bank determines that ...

1. Are the banks comfortable with this provision?

This is ...
The nominated bank has ... as described in previous versions of UCP, such as UCP 500 and also in the UCP 600 of course, under sub-article 12 (a).
Hence the issuing bank and the confirming bank, if any, are ...
2. How the banks will meet with this situation - by changing the existing, or by evolving new, procedures and practices?

The issuing bank should ...
3. What makes ICC to put this obligation on the issuing or confirming bank?

It is now clear that ICC is just ...

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