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Abstract

This study aims to present the unique product of the International Chamber of Commerce for dispute resolution in the area of trade finance, namely Documentary Instruments Dispute Resolution Expertise (DOCDEX). The ICC Banking Commission, together with ICC International Court of Arbitration, has designed these distinct set of rules for documentary credit issues, specifically adapted to resolve disputes over interpretation and monitoring of documentary credit implementations. The DOCDEX took effect in 1997 and was reviewed with effect from 2002. According to the DOCDEX, the ICC will engage independent experts who will make their decision. This decision will be considered by the ICC Banking Commission’s technical adviser to ensure that it is in line with the other opinions of the ICC. The decision will be made on the basis of the material provided by the parties, including their arguments. The study discusses the functioning of the DOCDEX Rules, how a DOCDEX decision is made and what law is applicable on the system. Moreover, attention is devoted to an exploration of the difference between DOCDEX system and arbitration. Lastly, the study found that the DOCDEX decision is not binding on the parties but can even more likely be used as evidence if the dispute is referred to a court or an arbitration tribunal.