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UCP500. (The Scoop).(Brief Article)
In the months following the implementation of UCP500, some banks tried to impose amendments by incorporating a condition along the lines that the amendment would become automatically effective unless rejected by the beneficiary within a specified period of time. The ICC quickly issued a Position paper expressing its strong disagreement with this practice. Traders should be aware that banks may refuse to act on amendment requests--particularly important to beneficiaries if production delays necessitate an extension to ...
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