ICC talked to Gary Collyer, Technical Adviser, ICC Banking Commission and Editor, Unpublished Opinions 1995-2004, to discover why no practitioner dealing with letters of credit, collections or guarantees can afford to be without a copy.

Why are these books of opinions so important?

Collyer: The opinions, which are based on questions from practitioners, tell us which articles of ICC rules may have problems that need to be rectified in any future revision. We are currently working on a revision of UCP, ICC's universally used rules on letters of credit. Opinions are clearly the starting point for determining what may need changing in the next version of UCP. The opinions also indicate how the rules are used in day-to-day practice. By necessity, the UCP and other ICC rules are somewhat general, but the opinions deal with everyday problems, filling in the gaps between the general framework of the rules and the daily work of the practitioner.

How does this new volume of opinions differ from previous ones?

Collyer: For the first time, this book of opinions contains ICC Banking Commission responses to questions on the ISBP (International Standard Banking Practice). The ISBP, approved in 2003, is a checklist of practices for the examination of documents under documentary credits. It has received wide circulation, and indications are that it is already having a positive impact on reducing discrepancy rates. Significantly, more than 15 opinions in the present volume centre on interpretations of the ISBP. There are also opinions on the eUCP, the supplement to the UCP for electronic presentation of documents, as well as on other ICC rules ¢¢â€š¬“ the ICC Uniform Rules for Collections and the ICC Uniform Rules for Demand Guarantees. It is a very thorough compilation.

With a new version of the UCP on the horizon in the next few years, what is the value of a book that focuses largely on the present version of these rules?

Collyer: The fact that a revision is currently being undertaken does not necessarily remove the general principles of the rules, the creation of documents or numerous other responsibilities of banks and other UCP users. Many of the principles set forth in these opinions will remain valid even after a new UCP becomes effective. This book will be a valuable resource for many years to come.

Unpublished Opinions 1995-2004 can be purchased from the ICC online Business Bookstore . The new volume features a key word index to refer the user directly to the opinion containing the term. The index also covers terms used in the previous volume, Collected Opinions 1995-2001, of which a limited number of copies are still available. Buy both volumes of opinions and save ¢¡¬25.

Available from www.iccbooks.com

Treaties and International Documents Used in International Trade Law is a bilingual English/French publication providing a one-stop reference source of key trade texts that did not appear in the first edition. It includes the International Institute for the Unification of Private Law (UNIDROIT) Principles of International Commercial Contracts and several texts on conciliation, such as the ICC Rules for Expertise and the ICC Alternative Dispute Resolution (ADR) Rules.

Treaties and International Documents Used in International Trade Law can be purchased online from the ICC bookstore at www.iccbooks.com or from ICC national committees around the world.