Glossar Trade & Export Finance
Glossar (I - J)

ICC (International Chamber of Commerce in Paris)

The ICC was founded in Atlantic City in 1919. It now encompasses associations and companies from all branches of industry. Its headquarters are located at 38, Cours Albert 1er , F-75008 Paris. As an institution of international economic self-administration, it operates through expert commissions, sub-committees and working groups to address questions which are of importance for the international business community. These include, for example, contract and delivery clauses (Incoterms), standardisation of means of payment, Uniform Rules for Collections, Uniform Customs and Practice for Documentary Credits referring thereto, Uniform Rules for Demand Guarantees, arbitral jurisdiction (Rules of Conciliation and Arbitration), questions relating to such issues as competition, foreign investments, transportation. If you desire information or the list of ICC publications, please contact your local Chamber of Commerce. See also «International Standby Practices (ISP98)».

Identification Clause

This clause in a guarantee ensures that the claim is being made by the legitimate beneficiary.

Incoterms

International rules for the uniform interpretation of common contract clauses in export/import transactions. Issued by the International Chamber of Commerce in Paris. The currently valid version is publication no. 715 valid as of 1.1.2010.

Indirect Bank Guarantee

The bank of the applicant instructs a correspondent bank (bank of the guarantee beneficiary) to issue a guarantee under its counter-guarantee. See also «Direct bank guarantee».

Instruction to Pay

Directs the party receiving the instruction («Anweisung») to transfer money, securities or other fungibles for the account of the party giving the instruction to a third-party beneficiary entitled to receive the same in its own name.

Insurance amount

The UCP specify the percentage of insurance cover required on insurance documents presented under documentary credits. See UCP Art. 28.

Insurance document

Any type of confirmation of insurance cover in which the rights and obligations of the insured party and the insurer are laid down.

Innominate contracts

The Swiss Code of Obligations is based on the model of the individual contract. It provides for certain types of contract whose contents are specifically regulated (contract of sale etc.). In practice, numerous typical contracts have evolved in addition to those regulated by statute (due to the principle of freedom of contract). These are referred to as «innominate», literally «unnamed contracts».

Intended

Indication which may appear on marine/ocean bills of lading, non-negotiable sea waybills and multimodal transport documents. Examples: «intended port of shipment Hamburg», «intended ocean vessel MV Swissahoi», «intended port of discharge Hong Kong».With this reference the carrier reserves the right to change the port of loading, the ship or the port of discharge. See UCP Art. 19a iii., 20a iii., 21a ii..

International Standby Practices (ISP98)

These rules, published by the International Chamber of Commerce in Paris as publication no 590 have been in force since January 1, 1999. They reflect generally accepted practice, custom, and usage of standby letters of credit. In practice the UCP (Uniform Customs and Practice for Documentary Credits Publ. no 600) are still more often used for standby letters of credit than ISP98.

Invitation to Bid/Tender

A principal invites several parties to submit bids for the supply of certain goods or services. The wording of the invitation to tender may include the specifications for the bid or the work to be performed as well as a deadline for receipt of tenders («Tender closing date») .

Invoice

Explanation see under «Commercial invoice».

Invoice amount

Formal requirements for commercial invoices are laid down in the UCP. See UCP Art. 18.

Irrevocable (documentary credit)

Documentary credits issued subject to UCP 600 are deemed to be irrevocable. Documentary credits may not be amended or cancelled without the agreement of the parties involved. See UCP Art. 2 and 10a. See under «Amendments».

Issuance date of the documents

Unless prohibited by the documentary credit, documents bearing a date of issuance prior to that of the documentary credit are acceptable. See UCP Art. 14i. Unless otherwise stipulated in a transport document, the date of issuance is deemed to be the date of shipment or loading on board of the goods.

Issuer of documents

For transport documents (UCP Art. 19-25), insurance documents (UCP Art. 28) and commercial invoices (UCP Art. 18) special directives apply as to who may issue them. Unless otherwise stipulated in the credit, or inconsistent with the provisions of UCP Art. 20a, other documents may be issued by any party. See UCP Art. 14f.

Issuing bank

Explanation see under «Parties involved in the documentary credit».

Joint and several guarantee

Guarantee, under which the guarantor or guarantors commit them-selves jointly and severally with the principal debtor. The guarantor can, in principle, be sued even before the principal debtor if the latter is in arrears with his payments and there has already been an unsuccessful attempt at collection. (Governed by Article 496 of the Swiss Code of Obligations). The participation of two or more partners in a business undertaking

Jurisdiction

The place whose courts are responsible for settling a legal dispute.