Documentary Credits Insight
celebrates five years
Paris, 21
October 1999 -- Should
the current ICC rules on documentary credits,UCP 500, be r
evised in the near
future? No, argues Boris Kozolchyk in the Autumn 1999 issue of Documentary Credits
Insight. There are too many other new rules to be digested, such as the new
ISP98 standby rules and the ICC's pending draft rules on Electronic Trade and
Settlement. Any UCP revision, says Kozolchyk, should "wait until the dust settles".
Kozolchyk's outspoken views
are typical of those appearing in Insight, an ICC newsletter that this month
celebrates its fifth year of publication. With its freewheeling style and provocative
content, Insight has become the letter of credit publication of choice for readers
in more than 120 countries.
Other topical articles in
the current issue:
- The coming shake-out
in the Chinese banking sector
- A lucid analysis of the
"preclusion rule" in the new ISP standby rules
- An Insight interview
warning about the dangers of phony bills of lading
- Several previously unpublished
queries answered by the ICC Banking Commission
- And a key court case
which may spell the end for deferred payment L/Cs
Ron Katz, Insight's editor,
attributes its success to its willingness to publish a range of views. "We try
not to stake out our own position," Katz says. "Our philosophy is to bring the
best minds to bear on the issues users care about and to let the experts do
battle with each other."
Whatever the reason, Insight
rates high with readers, one of whom recently called it "the only publication
on letters of credit that is a must read from cover to cover".
Future issues will focus
on the new Incoterms and documentary credits, why shipping documents get rejected,
the UCP in court and new queries and responses on UCP 500 from the Banking Commission.
To receive a copy of the
Autumn and future issues of Insight, please visit ICC's
business bookstore.
Commisssion
on banking