DOCDEX Rules and ICC Arbitration
This is the first ever set of rules to facilitate open account trade. URBPO has been launched as the standard for supply chain finance that is expected to facilitate international trade. The rules were developed by the ICC with a partnership established with financial messaging provider SWIFT to take into account the legitimate expectations of all relevant sectors. The URBPO provides the benefits of a letter of credit in an automated and secured environment, and enables banks to offer flexible risk mitigation and enhanced financing services to their corporate customers.
Uniform Rules for Bank Payment Obligation (URBPO)
The purpose of the ICC DOCDEX Rules is to provide parties with a specific dispute resolution procedure that leads to an independent, impartial and prompt expert decision for settling disputes involving the UCP, URDG, URR and URC. The ICC Court is the leading international arbitration institution in the world. ICC and Committee Maritime International (CMI) offer separate arbitration rules to meet the special requirements of maritime users. A A committee for revision of existing DOCDEX rule is formed in 2013. A
committee for revision of the last DOCDEX rule was formed in 2013 and a new version of DOCDEX rules was finalized in April 2015 that came into effect from May 1, 2013.
committee for revision of existing DOCDEX rule is formed in 2013. A
committee for revision of the last DOCDEX rule was formed in 2013 and a new version of DOCDEX rules was finalized in April 2015 that came into effect from May 1, 2013.
Laws of International Carriage of Goods
International carriage has also been the subject of much discussion over the years. The world-wide nature of international trade and the necessity for efficient transport have led to a series of rules, covering carriage by sea, by road, by rail and by air. The Hague-Visby Rules of 1968, together with the Hamburg Rules 1978, now provide the basis for carriage of goods by sea. The Warsaw Rules 1929 exist for air transport and there have been variations, most notably in Montreal rules adopted in 1975. Since rail/road does not link the continents, as do sea and air transport, it should not be surprising that rail/road transports lacks a global, multilateral set of rules. Nonetheless, in Europe and in certain contiguous countries linked to European rail network, rail transport is governed by the 1980 Convention concerning International Carriage by Rail [COTIF], which entered into force in 1985 and applies in around 40 countries. Similar to the rail transport, a number of countries-mostly European- have signed CMR 1956 convention on the Contract for the International Carriage of Goods by Road. Other than these, UN Convention on the International Multimodal Transport of Goods [1980] covers multimodal transport.
