ICC Banking Commission Collected Opinions 2012-2016: New opinions on UCP 600, ISBP 681, ISBP 745, URC 522 and URDG 758

No. E785E

ISBN : 978-92-842-0499-1

This important volume contains the official Opinions issued by the International Chamber of Commerce’s Banking Commission during the years 2012-2016 in the sequence TA755rev to TA840rev. The 82 Opinions included in these pages reflect how ICC’s universally used rules of letters of credit, bank-to-bank reimbursements, documentary collections and demand guarantees are applied in everyday practice.

The Opinions in this volume respond to specific questions raised by queries submitted to the Banking Commission from practitioners the world over. The bulk of the Opinions respond to questions raised concerning the latest version of ICC’s Uniform Customs and Practice for Documentary Credits (UCP 600), and the International Standard Banking Practice for the Examination of Documents under Documentary Credits (ISBP publication numbers 681 and 745). The UCP and ISBP publications are the irreplaceable texts practitioners adhere to when framing transactions using letters of credit.

The Banking Commission’s Opinions represent the Commission’s official interpretations of how ICC rules are to be used in specific situations. Over the years, they have not only provided unrivalled guidance to practitioners; they have also been widely cited by judges when deciding disputes involving the ICC rules of practice.

In this volume, practitioners will find answers to frequently asked questions, among them:

  • How to sign and declare the signing capacity under a transport document?
  • Can a credit amount be underdrawn when a documentary requirement includes a final shipment certificate?
  • How to determine an original insurance document and how many originals need to be presented?

Apart from the UCP and ISBP, there are also Opinions concerning ICC’s Uniform Rules for Collections (URC 522), its Uniform Rules for Bank-to-Bank Reimbursements (URR 725) and its Uniform Rules for Demand Guarantees (URDG 758). This volume also contains Opinions approved in respect of the application of ISBP 681, the predecessor to ISBP 745.


Code ISBN : 978-92-842-0499-1
Publishing date : 2016
Language : English


1.    Chapter 1: Opinions on UCP 600

2.    Chapter 2: Opinions on ISBP 681

3.    Chapter 3: Opinions on ISBP 745

4.    Chapter 4: Opinions on URC 522

5.    Chapter 5: Opinions on URDG 758

  •  Appendix 1: Index by “R” Reference Numbers and Articles
  • Appendix 2: Cross Reference Index
  • Appendix 3: Key Word Index
  •  About the editor: Gary Collyer
  • Trade Finance Publications
  • ICC at a Glance


Gary Collyer Collyer Consulting Global Ltd

From November 1996 until June 2013, Gary Collyer was the Senior Technical Adviser to the International Chamber of Commerce, where he was primarily responsible for providing numerous opinions related to the application and interpretation of ICC rules. In his ICC role, Gary has been chair of the ICC Working Group for the development of the ISP98, the strategy for a revision of UCP500 and a member of the ICC Working Groups for the development and subsequent revision of URR525 and e-UCP.

More recently, he was chair of the Working Group for drafting UCP 600, ISBP 681 and 745, and URBPO. Editor of seven ICC opinion and DOCDEX publications, he is also the editor of the 5th edition CDCS syllabus book Guide to Documentary Credits (2015), also editor of the International Trade Finance publication (9th edition) (2007). He has also produced eleven volumes of frequently asked questions under UCP 600. He is a regular lead speaker at ICC and other external seminar events on a global basis. Gary also holds the title of ‘Visiting Professor’ with the IFS.

On April 1, 2006 Collyer Consulting LLP was created with the sole aim of providing banks and corporates with consultancy services ranging from a traditional consultancy role through to development of training material, review of legal documentation and the provision of consistent, accurate and up to date information relating to existing offerings, new initiatives and developments in international trade. The company name changed in September 2013 to Collyer Consulting Global Ltd.

Until October 31, 2006 Gary was Corporate Director and Global Head of Traditional Trade Services, Trade Finance and Product Delivery for the Transaction Banking Group at ABN AMRO Bank N.V. Based in London, he was responsible for the development of the trade service and trade finance products including the tailored design and implementation of solutions on a global basis. In addition, he had global responsibility for the continued development and delivery from a product management perspective including the underlying policies, documentation and procedures for traditional trade services solutions (i.e. Letters of Credit, Collections, Guarantees, etc.) and trade finance.

Prior to joining ABN AMRO, Gary was vice president and senior technical adviser at Citibank N.A., London from August 1998 until May 2002. Gary started his banking career in 1973 with Midland Bank plc in London (which subsequently was acquired by HSBC), progressing to manager of the Letter of Credit Department and senior technical adviser.

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