Settling letter of credit disputes
The ICC has set up the first system specially adapted to resolve disagreements over letters of credit. Known as DOCDEX (Documentary Credit Dispute Expertise System), it was devised by the ICC Banking Commission and will be run by the ICC's International Centre for Expertise. DOCDEX will provide independent, impartial and expert recommendations.
After the Banking Commission had approved DOCDEX, Winfried Holzwarth, Counsel to Deutsche Bank AG in Frankfurt, said: "Many practitioners were looking for some system which would be speedy enough to resolve a conflict or dispute while the letter of credit was still operative and specialised enough to win the confidence of banks. That's how DOCDEX was born."
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