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New Rules for Documentary Credits
Revision on International Rules.
Ruth Graham - Head of Trade and Export Finance, Northern Bank
The International Chamber of Commerce (ICC) has been working on a revision on the international rules for documentary credits for almost three and a half years. The revised version of the rules has now been approved by the Chamber of Commerce's Banking Commission and will come into force on 1st July 2007.
The changes to the rules are summarised by Ruth Graham, Head of Trade and Export Finance at the Northern Bank. Ruth says the most important changes are concerning structure and language and those using documentary credits will have noticed that the language used has been modernised. In her paper, Ruth details the main changes to the various Articles and explains that the main changes concern the banks' handling of documentary credits.
Published: 17/10/2007 10:36:18
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