Documentary Credits by Expertise

Due to the expansion of world trade and the rise of credit-related disputes,International Chamber of Commerce has developed rules for resolving disputes arising from letter of credit by expertise which called DOCDEX. ICC’s incentive, provide useful policy to assess the advantages and disadvantages of the dispute settlement system of industry-driven approach. This document proposes ICC Banking Commission in order to facilitate the handling of disputes relating to letter of credit in compared with arbitration or judicial proceedings. Expert group to address the claims are the banking and legal experts familiar with international banking issues and practices, particularly in the areas of letter of credit. Principles and rules governing the proceedings, including the contradiction and exchange of correspondence and documents listed in the regulations. Judgments by the group is binding on the parties if is referred in document related to letter of credit. Otherwise, however, it is possible for parties or one of them independently refer to expertise, but the judgment is not binding although can be invoked as presumption.The method of resolving the disputes in terms of cost, speed, handling, specialized and other documents and procedures in international banking, and the other documents and procedures welcomed by the banking and financial institutions