UCP600 & UCP500 Compared

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UCP600 & UCP500 Compared

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Part I. The Modifications and Changes in General: a. Given 14 definitions at first and 12 interpretations to clarify the meaning of ambiguous terms, refer to Art 2 & 3. And we need pay attention to the change about ‘negotiation’. b. Agreed that the issuing bank must reimburse the nominated bank even though the documents are lost in the transmitting however, the presentation must be complying.

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  1. UCP600 & UCP500 Compared Part I. The Modifications and Changes in General a. Given 14 definitions at first and 12 interpretations to clarify the meaning of ambiguous terms, refer to Art 2 & 3. b. Agreed that the issuing bank must reimburse the nominated bank even though the documents are lost in the transmitting however, the presentation must be complying. c. …… Part II. Detailed Comparison for Each Article Article 1 Application of UCP ................................................................................. 2 Article 2 Definitions................................................................................................ 2 Article 3 Interpretations.......................................................................................... 3 Article 4 Credits v. Contracts ................................................................................. 4 Article 5 Documents v. Goods, Services or Performance .................................... 4 Article 6 Availability, Expiry Date and Place for Presentation ............................ 4 Article 7 Issuing Bank Undertaking....................................................................... 5 Article 8 Confirming Bank Undertaking ............................................................... 6 Article 9 Advising of Credits and Amendments.................................................... 7 Article 10 Amendments .......................................................................................... 8 Article 11 Teletransmitted and Pre-Advised Credits and Amendments .............. 8 Article 12 Nomination ............................................................................................ 9 Article 13 Bank-to-Bank Reimbursement Arrangements..................................... 9 Article 14 Standard for Examination of Documents...........................................10 Article 15 Complying Presentation......................................................................12 Article 16 Discrepant Documents, Waiver and Notice .......................................12 Article 17 Original Documents and Copies.........................................................13 Article 18 Commercial Invoice ............................................................................14 Article 19 Transport Document Covering at Least Two Different Modes of Transport ..............................................................................................15 Article 20 Bill of Lading.......................................................................................17 Article 21 Non-Negotiable Sea Waybill ..............................................................19 Article 22 Charter Party Bill of Lading ...............................................................20 Article 23 Air Transport Document .....................................................................21 Article 24 Road, Rail or Inland Waterway Transport Documents .....................23 Article 25 Courier Receipt, Post Receipt or Certificate of Posting ...................24 Article 26 "On Deck", "Shipper's Load and Count", “Said by Shipper to Contain” and Charges Additional to Freight .....................................25 Article 27 Clean Transport Document .................................................................25 Article 28 Insurance Document and Coverage....................................................25 Article 29 Extension of Expiry Date or Last Day for Presentation ...................27 Article 30 Tolerance in Credit Amount, Quantity and Unit Prices ....................27 Article 31 Partial Drawings or Shipments...........................................................27 Article 32 Instalment Drawings or Shipments ....................................................28 Article 33 Hours of Presentation..........................................................................28 Article 34 Disclaimer on Effectiveness of Documents.......................................28 Article 35 Disclaimer on Transmission and Translation.....................................29 Article 36 Force Majeure......................................................................................29 Article 37 Disclaimer for Acts of an Instructed Party.........................................29 Article 38 Transferable Credits ............................................................................30
  2. Article 39 Assignment of Proceeds......................................................................32 Part I. The Modifications and Changes in General a. Given 14 definitions at first and 12 interpretations to clarify the meaning of ambiguous terms, refer to Art 2 & 3. And we need pay attention to the change about ‘negotiation’. b. Agreed that the issuing bank must reimburse the nominated bank even though the documents are lost in the transmitting however, the presentation must be complying. c. Denied the practice that banks stipulate the clause about which the amendment should be accepted by beneficiary who did not send any rejected advice in certain time, refer to sub-article 10 f. d. Five banking days replaced reasonable time and seven banking days, refer to sub-article 14 b. e. Two kinds of form about refusing have been added in UCP600, refer to sub-article 16 c iii. f. Banks can now accept an insurance document that contains reference to any exclusion clause, refer to sub-article 28 i. g. The insurance document could be issued by proxies, refer sub-article 28 a. h. The clause for transport documents issued by Freight Forwarders has been deleted. i. The clause about carrying vessel propelled by sail only has been deleted since that kind of sailboat has dropped out of ocean transport. j. The expression is straightaway, precise and compact, for example, the wording for ‘unless the credit expressly stipulates…’ is not used in UCP600. k. The clause about shipment date has changed, refer to sub-article 19 a ii, 20 a ii, 21 a ii and 22 a ii, especially to note the effect to received bill of lading. l. Canceled the blocking frame about the form of clauses. m. The number of the clauses has decreased to 39 from original 49. n. The deferred payment credit could be discounted or purchased. o. Added the acts of terrorism as a kind of Force Majeure, refer to Art 36. p. Confirmed that the issuing bank may be a transferring bank, refer to sub-article 38 b. 1
  3. Part II. Detailed Comparison for Each Article Article 1 Application of UCP It is similar to the Art 1 of 500, however The Uniform Customs and Practice for Documentary there are three differences: Credits, 2007 Revision, ICC Publication no. 600 (“UCP”) ‘any’ replace ‘all’ are rules that apply to any documentary credit (“credit”) (including, to the extent to which they may be applicable, ‘when … rules’ replace ‘where … credit’ any standby letter of credit) when the text of the credit expressly indicates that it is subject to these rules. ‘unless … credit’ replace ‘unless They are binding on all parties thereto unless expressly otherwise … credit’ modified or excluded by the credit. Article 2 Definitions For the purpose of these rules: This article is new added, it clarifies many Advising bank means the bank that advises the credit definitions which didn’t defined in 500, however, some items ever published in some at the request of the issuing bank. publications of ICC including 500, such as Applicant means the party on whose request the credit Banking day, credit, etc. is issued. Of cause, some items are first presented in Banking day means a day on which a bank is regularly 600 or have been amended so that we should open at the place at which an act subject to these rules is focus: to be performed. Beneficiary means the party in whose favour a credit is issued. Complying presentation means a presentation that is ‘Complying presentation’ is a new term, in accordance with the terms and conditions of the credit, under 500, we usually used ‘ the documents the applicable provisions of these rules and international to be presented in compliance’, and the new one is more concision. standard banking practice. Confirmation means a definite undertaking of the confirming bank, in addition to that of the issuing bank, to honour or negotiate a complying presentation. Confirming bank means the bank that adds its confirmation to a credit upon the issuing bank’s authorization or request. Credit means any arrangement, however named or In 500, the Art 2 gave the mean of credit and described, that is irrevocable and thereby constitutes a four types L/C, and in Art 6 the irrevocable definite undertaking of the issuing bank to honour a and revocable L/C were listed at the same time, however, in 600, the revocable L/C has complying presentation. been deleted. So, we should note that all L/C Honour means: are irrevocable under UCP600. a. to pay at sight if the credit is available by sight payment. Another difference is that the original four b. to incur a deferred payment undertaking and pay types are changed into three categories, at maturity if the credit is available by deferred which are called by a joint name - Honour, payment. which includes available by sight payment, c. to accept a bill of exchange (“draft”) drawn by the deferred payment and acceptance, and the beneficiary and pay at maturity if the credit is Negotiation was deleted from the basic types. available by acceptance. It was changed to a burchase behalf other Issuing bank means the bank that issues a credit at the than payment type. request of an applicant or on its own behalf. In 500, negotiation means the giving of value Negotiation means the purchase by the nominated for draft(s) and/or document(s), which bank of drafts (drawn on a bank other than the borrowed the jural definition. But there were nominated bank) and/or documents under a many issues and problems in the banking practice, therefore it is amended in 600. And 2
  4. complying presentation, by advancing or agreeing to in 500 Art14 F that is about payment, advance funds to the beneficiary on or before the acceptance, and negotiation under reserve or banking day on which reimbursement is due to the against an indemnity has been deleted. And it nominated bank. is defined as ‘purchase…drafts…under a complying presentation’. What is the relationship between ‘honour’ and ‘negotiation’? Nominated bank means the bank with which the credit is available or any bank in the case of a credit available with any bank. Presentation means either the delivery of documents under a credit to the issuing bank or nominated bank or the documents so delivered. Presenter means a beneficiary, bank or other party that Please think who are the other parties. makes a presentation. Article 3 Interpretations For the purpose of these rules: It means the singular and plural in UCP600 Where applicable, words in the singular include the has the same meaning, which might refer our plural and in the plural include the singular. Chinese language, I think. A credit is irrevocable even if there is no indication to that It is similar to the Art 6 C of 500, in fact, effect. under UCP600, only irrevocable credit was stipulated. A document may be signed by handwriting, facsimile It is similar to the Art 20 B of 500 signature, perforated signature, stamp, symbol or any other mechanical or electronic method of authentication. It is similar to the Art 20 D of 500, however A requirement for a document to be legalized, visaed, the words ‘to be authenticated, validated’ are certified or similar will be satisfied by any signature, deleted from this clause. mark, stamp or label on the document which appears to satisfy that requirement. Branches of a bank in different countries are considered It is similar to the last sentence of 500 Art 2 to be separate bank. and ‘separate’ replaces ‘another’ Terms such as "first class", "well known", "qualified", It is similar to the Art 20 A of 500 and more concision. "independent", "official", "competent" or "local" used to describe the issuer of a document allow any issuer except the beneficiary to issue that document. Unless required to be used in a document, words It is similar to the Art 46 B of 500, but it is such as "prompt", "immediately" or "as soon as possible" more rigorous and extensive since Art46 B will be disregarded. was applicable to Dates for Shipment. The expression "on or about" or similar will be It is similar to the Art 46 C of 500 interpreted as a stipulation that an event is to occur during a period of five calendar days before until five calendar days after the specified date, both start and end dates included. 3
  5. The words "to", "until", "till", “from” and “between” when It is similar to the Art 47 A & B of 500, used to determine a period of shipment include the date added ‘between’ & ‘before’ or dates mentioned, and the words “before” and "after" It comes from ISBP P45(d), note the exclude the date mentioned. difference when ‘from’ was used to determine maturity date and period of The words “from” and "after" when used to determine shipment a maturity date exclude the date mentioned. The terms "first half" and "second half" of a month shall It is the same with the Art 47 C of 500 be construed respectively as the 1st to the 15th and the 16th to the last day of the month, all dates inclusive. The terms "beginning", "middle" and "end" of a month It is the same with the Art 47 D of 500 shall be construed respectively as the 1st to the 10th, the 11th to the 20th and the 21st to the last day of the month, all dates inclusive. Article 4 Credits v. Contracts a. A credit by its nature is a separate transaction from the The section a. is the same with Art 3 of 500 sale or other contract on which it may be based. Banks except that it used the word ‘honour’. are in no way concerned with or bound by such contract, even if any reference whatsoever to it is included in the credit. Consequently, the undertaking of a bank to honour, to negotiate or to fulfil any other obligation under the credit is not subject to claims or defences by the applicant resulting from its relationships with the issuing bank or the beneficiary. A beneficiary can in no case avail itself of the contractual relationships existing between banks or between the applicant and the issuing bank. b. An issuing bank should discourage any attempt by the It is similar to the Art 5 A ii of UCP500 but applicant to include, as an integral part of the credit, the italic documents were new added in copies of the underlying contract, proforma invoice UCP600. and the like. Article 5 Documents v. Goods, Services or Performance Banks deal with documents and not with goods, services It is similar to the Art 4 of 500 or performance to which the documents may relate. Article 6 Availability, Expiry Date and Place for Presentation a. A credit must state the bank with which it is available It is similar to the Art 10 B of 500. However this clause gives a new item ‘Availability’ or whether it is available with any bank. A credit and admits freely available, but in Art 10 of available with a nominated bank is also available with the 500 only negotiable L/C could be admitted as issuing bank. freely available. 4
  6. b. A credit must state whether it is available by sight It is the same with the Art 10 A of UCP500 payment, deferred payment, acceptance or negotiation. c. A credit must not be issued available by a draft drawn It differs from ISBP P56 since ‘must not’ i/o on the applicant. ‘should not’, it is compelling denial. It is a clause about expiry date and place for d. i. A credit must state an expiry date for presentation. presentation and similar to the Art 42 of An expiry date stated for honour or negotiation will be UCP500. However I don’t find the clause for deemed to be an expiry date for presentation. ‘21 days’ like Art 43 A of UCP500 in UCP600. ii. The place of the bank with which the credit is It is new added clause in UCP600. available is the place for presentation. The place for presentation under a credit available with any bank is that of any bank. A place for presentation other than that of the issuing bank is in addition to the place of the issuing bank. It is similar to the Art 42 B of UCP500. e. Except as provided in sub-article 29 (a), a presentation by or on behalf of the beneficiary must be made on or before the expiry date. Article 7 Issuing Bank Undertaking In UCP500, the liability of Issuing and Confirming Banks were prescribed in Art 9. a. Provided that the stipulated documents are presented In UCP600, they are divided into two clauses to the nominated bank or to the issuing bank and that Art 7 and Art 8. they constitute a complying presentation, the issuing bank must honour, if the credit is available by: i. sight payment, deferred payment or acceptance with In the new wording, it is more precise. This the issuing bank; sentence of ‘a.i.’ declares the basic liability of Issuing Bank. Those sentences from ‘a.ii.’ to ii. sight payment with a nominated bank and that ‘a.v.’ declare that when the nominated bank nominated bank does not pay; dishonoured the Issuing Bank must perform its basic liability still. The item i is ‘Straight L/C’. iii. deferred payment with a nominated bank and that nominated bank does not incur its deferred payment undertaking or, having incurred its deferred payment undertaking, does not pay at maturity; iv. acceptance with a nominated bank and that nominated bank does not accept a draft drawn on it or, having accepted a draft drawn on it, does not pay at maturity; v. negotiation with a nominated bank and that nominated bank does not negotiate. In UCP500, an irrevocable credit constituted b. An issuing bank is irrevocably bound to honour as a ‘definite undertaking of the Issuing Bank’, of the time it issues the credit. however, in this clause ‘b’, Issuing Bank is ‘irrevocably bound to honour’, which is the same meaning as above. 5
  7. c. An issuing bank undertakes to reimburse a nominated This clause provides two undertakings of Issuing Bank, one is to reimburse a bank that has honoured or negotiated a complying nominated bank, and the other is to pay to the presentation and forwarded the documents to the issuing beneficiary. In UCP500, although there were bank. Reimbursement for the amount of a complying no details like UCP600, but the fact exited in presentation under a credit available by acceptance or the practice. Of course, the clear documents deferred payment is due at maturity, whether or not the or complying presentation is necessary both nominated bank prepaid or purchased before maturity. in the past and future. An issuing bank's undertaking to reimburse a nominated bank is independent of the issuing bank’s In fact, this article reconfirms the first undertaking to the beneficiary. responsibility to pay beneficiary even a nominated bank (if any) by Issuing Bank. Article 8 Confirming Bank Undertaking This clause is almost same as last article, a. Provided that the stipulated documents are presented however, there are some difference since the to the confirming bank or to any other nominated bank Confirming Bank is other than Issuing Bank. and that they constitute a complying presentation, the Therefore the sub-clause ‘a.ii’ is about confirming bank must: negotiate without recourse when the Confirming Bank is nominated negotiating i. honour, if the credit is available by bank by L/C and ‘b’ increases the word ‘negotiate’ compare with Issuing Bank. a. sight payment, deferred payment or acceptance with the confirming bank; b. sight payment with another nominated bank and that nominated bank does not pay; c. deferred payment with another nominated bank and that nominated bank does not incur its deferred payment undertaking or, having incurred its deferred payment undertaking, does not pay at maturity; d. acceptance with another nominated bank and that nominated bank does not accept a draft drawn on it or, having accepted a draft drawn on it, does not pay at maturity; Any way, a Confirming Bank acts the role of second Issuing Bank, therefore it should e. negotiation with a nominated bank and that undertake the same responsibility as the nominated bank does not negotiate. Issuing Bank. ii. negotiate, without recourse, if the credit is available by negotiation with the confirming bank. b. A confirming bank is irrevocably bound to honour or negotiate as of the time it adds its confirmation to the credit. c. A confirming bank undertakes to reimburse another It is similar to the relative section of Art 7. nominated bank that has honoured or negotiated a complying presentation and forwarded the documents to the confirming bank. Reimbursement for the amount of a 6
  8. complying presentation under a credit available by acceptance or deferred payment is due at maturity, whether or not another nominated bank prepaid or purchased before maturity. A confirming bank's undertaking to reimburse another nominated bank is independent of the confirming bank’s undertaking to the beneficiary. It is similar to Art 9 C of UCP500. d. If a bank is authorized or requested by the issuing bank to confirm a credit but is not prepared to do so, it In fact the liability of Issuing and Confirming must inform the issuing bank without delay and may Bank is not changed essentially. advise the credit without confirmation. This article adds some new element Article 9 Advising of Credits and Amendments comparing with Art 7 of UCP500. a. A credit and any amendment may be advised to a It clarifies the independence of Advising beneficiary through an advising bank. An advising bank Bank which does not undertake to honour or that is not a confirming bank advises the credit and any negotiate except that it is Confirming Bank at amendment without any undertaking to honour or the same time. negotiate. b. By advising the credit or amendment, the advising It is similar to Art 7 A of UCP500. bank signifies that it has satisfied itself as to the apparent authenticity of the credit or amendment and that the advice accurately reflects the terms and conditions of the credit or amendment received. c. An advising bank may utilize the services of another In banking practice, lots of L/C are advised bank (“second advising bank”) to advise the credit and though second advising bank, but the any amendment to the beneficiary. By advising the credit UCP500 has no relative clause. In UCP600, or amendment, the second advising bank signifies that it this is confirmed and the second advising has satisfied itself as to the apparent authenticity of the bank has the same right with first one. advice it has received and that the advice accurately reflects the terms and conditions of the credit or amendment received. d. A bank utilizing the services of an advising bank or It appeared in Art 11 B of UCP500, and now second advising bank to advise a credit must use the it has been clarified in special clause of same bank to advise any amendment thereto. UCP600. Please refer to R401 e. If a bank is requested to advise a credit or amendment It is similar to Art 7 A of UCP500. but elects not to do so, it must so inform, without delay, the bank from which the credit, amendment or advice has been received. f. If a bank is requested to advise a credit or amendment but cannot satisfy itself as to the apparent authenticity of It is similar to Art 7 B of UCP500. the credit, the amendment or the advice, it must so inform, without delay, the bank from which the instructions appear to have been received. If the advising bank or second advising bank elects 7
  9. nonetheless to advise the credit or amendment, it must inform the beneficiary or second advising bank that it has not been able to satisfy itself as to the apparent authenticity of the credit, the amendment or the advice.. Article 10 Amendments The Art 9 D of UCP500 stipulated about amendments, in UCP600, ICC draws a a. Except as otherwise provided by article 38, a credit separate clause about it. Then, we could can neither be amended nor cancelled without the presume that a mass of problems and issues about amendments happened in banking agreement of the issuing bank, the confirming bank, practice. Please note it does not state if any, and the beneficiary. applicant at all. Section a is similar to Art 9 D i of UCP500. b. An issuing bank is irrevocably bound by an amendment as of the time it issues the amendment. A It is almost same as Art 9 D ii of UCP500. confirming bank may extend its confirmation to an The Confirming Bank has the amendment and will be irrevocably bound as of the time independence whether it extends its it advises the amendment. A confirming bank may, confirmation to an amendment. There is no however, choose to advise an amendment without change comparing with UCP500. extending its confirmation and, if so, it must inform the issuing bank without delay and inform the beneficiary in its advice. It is the same with Art 9 D iii of UCP500. c. The terms and conditions of the original credit (or a However, there is a case in dilemma. L/C credit incorporating previously accepted amendments) required that the goods be shipped under will remain in force for the beneficiary until the four periods, each 100mt in Jan, Feb, Mar beneficiary communicates its acceptance of the and Apr. Now Issuing Bank gave an amendment to the bank that advised such amendment. amendment, which the shipment periods The beneficiary should give notification of acceptance or were changed to May, Jun, Jul, and Aug. rejection of an amendment. If the beneficiary fails to give Beneficiary did not send any notification such notification, a presentation that complies with the and shipped the first 100mt in Jan, however, it shipped the second 100mt in credit and to any not yet accepted amendment will be Jun. Could we consider the beneficiary deemed to be notification of acceptance by the accept the amendment? If it is positive, is beneficiary of such amendment. As of that moment the the acceptation valid? credit will be amended. It is new content, however, in UCP600 d. A bank that advises an amendment should inform the draft of Jun 2006, the ‘should’ was i/o by bank from which it received the amendment of any ‘must’. The different tone decreases the notification of acceptance or rejection. liability of the bank that advises the amendment. e. Partial acceptance of an amendment is not allowed and will be deemed to be notification of rejection of It is similar to Art 7 D iv of UCP500. the amendment. f. A provision in an amendment to the effect that the It comes from ICC R315. ICC considered amendment shall enter into force unless rejected by the that those practices changed the irrevocable beneficiary within a certain time shall be disregarded. nature of the L/C irrevocable undertaking. And it disobeys some states’ laws. Article 11 Teletransmitted and Pre-Advised Credits and Amendments a. An authenticated teletransmission of a credit or It is similar to Art 11 A i of UCP500, but the expression is stronger than it. 8
  10. amendment will be deemed to be the operative credit or amendment, and any subsequent mail confirmation shall be disregarded. If a teletransmission states "full details to follow" (or It is almost same as Art 11 A ii of UCP500. words of similar effect), or states that the mail confirmation is to be the operative credit or amendment, then the teletransmission will not be deemed to be the operative credit or amendment. The issuing bank must then issue the operative credit or amendment without delay in terms not inconsistent with the teletransmission. b. A preliminary advice of the issuance of a credit or Section b is almost same as Art 11 C ii of UCP500, however, it deleted the original amendment (“pre-advice”) shall only be sent if the words ‘unless otherwise stated…’ which issuing bank is prepared to issue the operative credit or admitted Issuing Bank to state when, how or amendment. An issuing bank that sends a pre-advice is on what conditions, if those were not to occur irrevocably committed to issue the operative credit or without undue delay, but this state did not amendment, without delay, in terms not inconsistent with include a term such as ‘operative’. Refer the pre-advice. R318 pls. This article renews the Art 11 of UCP500, and then the consecution of 600 is more express and has stronger tone. Article 12 Nomination This article has replaced Art 18 of UCP500. a. Unless a nominated bank is the confirming bank, an It is a little similar to Art 18 B of UCP500, authorization to honour or negotiate does not impose however, the instances are exiting largely in any obligation on that nominated bank to honour or banking practices. Therefore, UCP600 gives negotiate, except when expressly agreed to by that the more detail clause to confirm the nominated bank and so communicated to the independent rights of nominated bank. beneficiary. b. By nominating a bank to accept a draft or incur a It stipulates what is the meaning that issuing deferred payment undertaking, an issuing bank bank selects the nominated bank. It is a new authorizes that nominated bank to prepay or clause too. purchase a draft accepted or a deferred payment undertaking incurred by that nominated bank. c. Receipt or examination and forwarding of documents It reaffirms that the nominated bank could by a nominated bank that is not a confirming bank ignore the issuing bank’s nomination if it is does not make that nominated bank liable to honour or not confirmation bank. negotiate, nor does it constitute honour or negotiation. But the items about charges and applicant’s liable which stipulated in Art 18 C & D are deleted by UCP600, I have no idea about it! Article 13 Bank-to-Bank Reimbursement It is similar Art 19 of UCP500. Arrangements In UCP500, Issuing Bank must give an a. If a credit states that reimbursement is to be obtained 9
  11. authorization, but under the frame of by a nominated bank ("claiming bank") claiming on UCP600, it is replaced by the italic sentence. another party ("reimbursing bank"), the credit must Even though this section uses the word state if the reimbursement is subject to the ICC rules ‘must’, there are different in next item. So I for bank-to-bank reimbursements in effect on the don’t know the effect of ‘must’ in item a. date of issuance of the credit. b. If a credit does not state that reimbursement is Opposite to item a, item b states the subject to the ICC rules for bank- to-bank condition when L/C does not state the reimbursements, the following apply: reimbursement is subject to ICC rules. i. An issuing bank must provide a reimbursing ‘Must provide…authorization’ is the same as UCP500. bank with a reimbursement authorization that conforms with the availability stated in the credit. The reimbursement authorization should not be subject to an expiry date. ii. A claiming bank shall not be required to supply a It is almost same as Art 19 B of UCP500. reimbursing bank with a certificate of compliance with the terms and conditions of the credit. iii. An issuing bank will be responsible for any loss of It renews D of UCP500, and adds the words interest, together with any expenses incurred, if who will be responsible for any interest, expense etc. reimbursement is not provided on first demand by a reimbursing bank in accordance with the terms and conditions of the credit. iv. A reimbursing bank's charges are for the account It is similar to Art 19 E of UCP500. of the issuing bank. However, if the charges are for the account of the beneficiary, it is the responsibility of an issuing bank to so indicate in the credit and in the reimbursement authorization. If a reimbursing bank's charges are for the account of the beneficiary, they shall be deducted from the amount due to a claiming bank when reimbursement is made. If no reimbursement is made, the reimbursing bank's charges remain the obligation of the issuing bank. c. An issuing bank is not relieved of any of its obligations It is similar to Art 19 C of UCP500. to provide reimbursement if reimbursement is not made by a reimbursing bank on first demand. It includes more details than Art 13 of Article 14 Standard for Examination of Documents UCP500. a. A nominated bank acting on its nomination, a It states that the nominated bank, confirming confirming bank, if any, and the issuing bank must bank and issuing bank must examine examine a presentation to determine, on the basis of the documents independently. No essential documents alone, whether or not the documents appear changes happened. on their face to constitute a complying presentation. There are two changes than before, one is b. A nominated bank acting on its nomination, a that the checking time is decrease to 5 confirming bank, if any, and the issuing bank shall each 10
  12. have a maximum of five banking days following the day banking days i/o 7 before, and the other is of presentation to determine if a presentation is that italic parts are increased. complying. This period is not curtailed or otherwise affected by the occurrence on or after the date of presentation of any expiry date or last day for presentation. It differs from Art 43 of UCP500 at all, it strictly restricts the documents to be c. A presentation including one or more original presented within 21 calendar days and the transport documents subject to articles 19, 20, 21, 22, 23, L/C need not stipulate the period for 24 or 25 must be made by or on behalf of the beneficiary presentation. Of course, the presentation not later than 21 calendar days after the date of must be finished not later than the expiry date shipment as described in these rules, but in any of L/C. event not later than the expiry date of the credit. d. Data in a document, when read in context with the credit, the document itself and international standard It restates that what are ‘compliance’ and banking practice, need not be identical to, but must ‘consistency’. Please refer to R251. not conflict with, data in that document, any other stipulated document or the credit. It is similar to Art 37 C of UCP500. And e. In documents other than the commercial invoice, the please note that it is a misunderstanding that description of the goods, services or performance, if documents other than invoice should state the stated, may be in general terms not conflicting with their description of the goods. Refer to R364. But description in the credit. any way, the documents without description goods must be founded sufficient relationship with other documents, which L/C required. f. If a credit requires presentation of a document other It is similar to Art 21 of UCP500. Please note than a transport document, insurance document or the italic wording about ‘fulfill the function’, commercial invoice, without stipulating by whom the it maybe bring some bother in future. document is to be issued or its data content, banks will accept the document as presented if its content appears to fulfil the function of the required document and otherwise complies with sub-article 14 (d). g. A document presented but not required by the It is a new clause in UCP600. As to credit will be disregarded and may be returned to the ‘presenter’, please refer to Art 2. presenter. It is similar to Art 13 C of UCP500. h. If a credit contains a condition without stipulating the document to indicate compliance with the condition, banks will deem such condition as not stated and will disregard it. i. A document may be dated prior to the issuance date of It is similar to Art 22 of UCP500. And the the credit, but must not be dated later than its date of sentence ‘but … presentation’ is added, in presentation. another word, it expresses clearly that the documents must be presented within the presentation period of L/C. j. When the addresses of the beneficiary and the 11
  13. applicant appear in any stipulated document, they need not be the same as those stated in the credit or in This item stipulates the issues about address any other stipulated document, but must be within and telephone or fax number, which should be disregarded under the frame of UCP600. It the same country as the respective addresses comes from ISBP but go ahead again. mentioned in the credit. Contact details (telefax, telephone, email and the like) stated as part of the beneficiary’s and the applicant’s address will be disregarded. However, when the address and contact But please note this sentence ‘however…in details of the applicant appear as part of the consignee the credit’. When these information are parts or notify party details on a transport document of consignee or notify party, they must subject to articles 19, 20, 21, 22, 23, 24 or 25, they must comply with L/C. be as stated in the credit. k. The shipper or consignor of the goods indicated on It is similar to Art 31 C of UCP500 but the scope has been extended to any document any document need not be the beneficiary of the credit. except bill of lading. l. A transport document may be issued by any party It is a new clause but these actions exist in other than a carrier, owner, master or charterer practice largely. provided that the transport document meets the requirements of articles 19, 20, 21, 22, 23 or 24 of these rules Article 15 Complying Presentation It is a new article since the concept of ‘Complying Presentation’ is presented at first a. When an issuing bank determines that a under the frame of UCP600. presentation is complying, it must honour. It is liability of Issuing Bank, which is the b. When a confirming bank determines that a same as UCP500. presentation is complying, it must honour or It is liability of Confirming Bank, which is negotiate and forward the documents to the issuing the same as UCP500. bank. c. When a nominated bank determines that a presentation is complying and honours or It is the same as the practice under the frame negotiates, it must forward the documents to the of UCP500, merely it has become official confirming bank or issuing bank. clause of UCP600. Article 16 Discrepant Documents, Waiver and Notice It is similar to Art 14 of UCP500 a. When a nominated bank acting on its nomination, a It is similar to Art 14 B of UCP500. But, refer to the description of Art 2 of UCP600 confirming bank, if any, or the issuing bank determines hereto, when a presentation is not complying that a presentation does not comply, it may refuse to presentation, bank should not purchase the honour or negotiate. documents; if the bank buys the documents, it could not get the jural rights for negotiating bank. b. When an issuing bank determines that a presentation does not comply, it may in its sole judgement approach It is the same as Art 14 C of UCP500. the applicant for a waiver of the discrepancies. This does not, however, extend the period mentioned in sub-article 14 (b). 12
  14. c. When a nominated bank acting on its nomination, a It is similar to the first half of Art 14 D of confirming bank, if any, or the issuing bank decides to UCP500. And ‘the presenter’ has replaced refuse to honour or negotiate, it must give a single original sentence. Please note ‘single’. notice to that effect to the presenter. Following is about the content which the refuse notice should state. And there are The notice must state: some difference comparing with UCP500: i.‘Refusing to honour or negotiate’ replaced i. that the bank is refusing to honour or negotiate; ‘refuses the documents. and ii.’Each discrepancy’ replaced ‘all ii. each discrepancy in respect of which the bank discrepancy’, the expression is more intense. refuses to honour or negotiate; and iii.To compare with Art 14 D ii of UCP500, iii.a) that the bank is holding the documents pending this item adds two new operating methods. further instructions from the presenter; or One is item b, which exists in banking b) that the issuing bank is holding the practice at present; however, it was neither documents until it receives a waiver from the stipulated by UCP500 nor advocated by ICC applicant and agrees to accept it, or receives in fact. And now, it is permitted by ICC further instructions from the presenter prior to though the UCP600. The other is item d, agreeing to accept a waiver; or which seems that the presenter has sent to the bank an instruction about how to process the c) that the bank is returning the documents; or documents with discrepancy in advance, d) that the bank is acting in accordance with therefore, the bank could process the instructions previously received from the documents as this previous instruction. presenter. d. The notice required in sub-article 16 (c) must be given It is similar to Art 14 D i of UCP500, merely by telecommunication or, if that is not possible, by other the ‘fifth banking day’ has replaced the expeditious means no later than the close of the fifth ‘seventh banking day’. banking day following the day of presentation. e. A nominated bank acting on its nomination, a It is a new item to compare with UCP500 and confirming bank, if any, or the issuing bank may, after banks are endued with more uninfluenced providing notice required by sub-article 16 (c) (iii) (a) or right to decide when they should return the (b), return the documents to the presenter at any documents since this article doesn’t require time. banks to state the time of documents return. f. If an issuing bank or a confirming bank fails to act in It is similar to Art 14 E of UCP500. accordance with the provisions of this article, it shall be precluded from claiming that the documents do not constitute a complying presentation. g. When an issuing bank refuses to honour or a It is similar to Art 14 D iii of UCP500. confirming bank refuses to honour or negotiate and has given notice to that effect in accordance with this article, it shall then be entitled to claim a refund, with interest, of The Art 14 F of UCP500 about reserve has any reimbursement made. been deleted by UCP600. Article 17 Original Documents and Copies It is a new article including part of Art 20 B & C of UCP500, a. At least one original of each document stipulated in the credit must be presented. It comes from ISBP32. 13
  15. b. A bank shall treat as an original any document It is similar Art 20 B of UCP500. However, if bearing an apparently original signature, mark, a document appears to be original but is in stamp, or label of the issuer of the document, unless fact not original, according to Art 34 of this the document itself indicates that it is not an original. rule, banks will not undertake any responsibility. For example, if beneficiary present a photocopy of B/L marked ‘original’ and signed by carrier, should the bank accept it as original B/L? c. Unless a document indicates otherwise, a bank will It fully comes from the item 1 General also accept a document as original if it: approach Art 3 of The determination of an "Original" document in the context of UCP i. appears to be written, typed, perforated or stamped 500 sub-Article 20(b). And item iii. responds by the document issuer’s hand; or the clause b above. And this determination is ii.appears to be on the document issuer’s original recommended for further guidance under stationery; or UCP600, please refer to ISBP(600) iii.states that it is original, unless the statement paragraph 33. appears not to apply to the document presented. It comes from ISBP 33. d. If a credit requires presentation of copies of documents, presentation of either originals or copies is permitted. e. If a credit requires presentation of multiple documents It is the same as Art 20 C ii of UCP500 and by using terms such as "in duplicate", "in two fold" or "in ISBP33. But, what about L/C requires Signed two copies", this will be satisfied by the presentation of at Invoice in 3 copies? least one original and the remaining number in copies, except when the document itself indicates otherwise. What is not an "Original"? A document indicates that it is not an original if it a) appears to be produced on a telefax machine; b) appears to be a photocopy of another document which has not otherwise been completed by hand marking the photocopy or by photocopying it on what appears to be original stationery; or c) states in the document that it is a true copy of another document or that another document is the sole original. — Quoted from mentioned determination above. Article 18 Commercial Invoice It is similar to Art 37 of UCP500. a. A commercial invoice: It is similar to Art 37 A i of UCP500 except i. must appear to have been issued by the that the words ‘on their face’ was deleted. beneficiary (except as provided in article 38); It is the same as Art 37 A ii of UCP500. ii. must be made out in the name of the applicant (except as provided in sub-article 38 (g)); iii. must be made out in the same currency as the It is a new clause come from ISBP 64, which credit; and included unit price (if any). 14
  16. iv. need not be signed. It is the same as Art 37 A iii of UCP500. b. A nominated bank acting on its nomination, a It is similar to Art 37 B of UCP500. confirming bank, if any, or the issuing bank may accept a commercial invoice issued for an amount in excess of the amount permitted by the credit, and its decision will be binding upon all parties, provided the bank in question has not honoured or negotiated for an amount in excess of that permitted by the credit. c. The description of the goods, services or performance It is similar to Art 37 C of UCP500, merely the clause about other documents’ description in a commercial invoice must correspond with that of goods was deleted. Please refer to Art 14 e appearing in the credit. of this rule. Article 19 Transport Document Covering at Least It is similar to Art 26 of UCP500, merely the Two Different Modes of Transport title has changed very long. Generally, this article is simpler than original a. A transport document covering at least two different one. The importance change is that the words modes of transport (multimodal or combined transport ‘multimodal transport operator’ were deleted. document), however named, must appear to: From that, we could presume that ICC considered the role of multimodal transport i. indicate the name of the carrier and be signed operator as the carrier. Therefore, it is no by: necessary to use the words ‘…operator’. And the words ‘or otherwise authenticated by’ • the carrier or a named agent for or on behalf of were deleted. the carrier, or It is similar to Art 26 A of UCP500. • the master or a named agent for or on behalf of the master. Any signature by the carrier, master or agent must be These two items don’t indicate the content identified as that of the carrier, master or agent. about the issue to identify the capacity of the carrier since the requirement has been Any signature by an agent must indicate whether the stipulated in above item. Please see the italic agent has signed for or on behalf of the carrier, or for sentence ‘indicate…carrier’ in item a i of this or on behalf of the master. rule. It is similar to Art 26 A ii of UCP500. But the ii. indicate that the goods have been dispatched, italic words replaced the ‘by stamp or taken in charge or shipped on board at the place otherwise’. The pre-printed wording and stated in the credit, by: notation have covered for otherwise, I think. And this mark must not be dated, if the date • pre-printed wording, or was added, it should be deemed as the date of • a stamp or notation indicating the date on which shipment. This is the same requirement as the goods have been dispatched, taken in charge UCP500. or shipped on board. The date of issuance of the transport document will be deemed to be the date of dispatch, taking in charge or shipped on board and the date of shipment. However, if the transport document indicates, by stamp or notation, a date of dispatch, taking in 15
  17. charge or shipped on board, this date will be deemed to be the date of shipment. iii. indicate the place of dispatch, taking in charge or It is similar to Art 26 A iii of UCP500. shipment and the place of final destination stated in the credit, even if: a. the transport document states, in addition, a It is similar to Art 26 A iii a of UCP500. different place of dispatch, taking in charge or shipment or place of final destination, or b. the transport document contains the indication It is similar to Art 26 A iii b of UCP500. "intended" or similar qualification in relation to the vessel, port of loading or port of discharge. iv. be the sole original transport document or, if It is similar to Art 26 A iv of UCP500. issued in more than one original, be the full set as indicated on the transport document. v. contain terms and conditions of carriage or make It is similar to Art 26 A v of UCP500. reference to another source containing the terms and conditions of carriage (short form or blank back transport document). Contents of terms and conditions of carriage will not be examined. vi. contain no indication that it is subject to a It is similar to Art 26 A vi of UCP500 but the words ‘the carrying vessel is propelled by charter party. sail only’. Maybe the sail vessels have been washed out in sailing practice. b. For the purpose of this article, transhipment means It is a new item, however, in a multimodal unloading from one means of conveyance and transshipment, transhipment will occur, reloading to another means of conveyance (whether which comes from ISBP 131. or not in different modes of transport) during the carriage from the place of dispatch, taking in charge or shipment to the place of final destination stipulated in the credit. It is similar to Art 26 B of UCP500, but it c. i. A transport document may indicate that the goods was divided into two parts, which present the will or may be transhipped provided that the entire same meaning. I have no idea about it. carriage is covered by one and the same transport document. ii. A transport document indicating that transhipment will or may take place is acceptable, even if the credit prohibits transhipment. 16
  18. Article 20 Bill of Lading It is similar to Art 23 of UCP500. a. A bill of lading, however named, must appear to: Generally, this article is simpler than original one. And the words ‘or otherwise i. indicate the name of the carrier and be signed by: authenticated by’ were deleted. • the carrier or a named agent for or on behalf of These words are the same as last article and similar to Art 23 A i of UCP500 the carrier, or • the master or a named agent for or on behalf of the master. Any signature by the carrier, master or agent must be identified as that of the carrier, master or agent. Any signature by an agent must indicate whether the agent has signed for or on behalf of the carrier or for or on behalf of the master. Comparing with Art 23 A ii of UCP500, there ii. indicate that the goods have been shipped on are three differences. The first is that the item board a named vessel at the port of loading about port of loading was presented stated in the credit by: advanced. The second is that the change about the date of shipment, which overdraw • pre-printed wording, or the original standard. Please refer to the italic • an on board notation indicating the date on which sentence below. The third is that ‘shipped…’ the goods have been shipped on board. replaced the original in UCP500. so that should it not accept that b/l marked ‘shipped The date of issuance of the bill of lading will be on board’ notation only? Under UCP500, we should distinguish the deemed to be the date of shipment unless the bill type of b/l. In case it is ship on board b/l, the of lading contains an on board notation on board notation need not be marked since indicating the date of shipment, in which case the the issuance date should be considered as the date stated in the on board notation will be date of shipment. Then, if the notation is deemed to be the date of shipment. appeared with date, the date should be considered as the date of shipment whatever it is earlier or later than the issuance date. In case the b/l is received b/l, the notation without date should be accepted and the issue date should be considered as date of shipment. However, in some special cases, the date of shipment for on board notation is necessary, let’s go ahead. If the bill of lading contains the indication "intended vessel" or similar qualification in relation to the name It is similar to Art 23 A ii of UCP500. of the vessel, an on board notation indicating the date of shipment and the name of the actual vessel is required. iii. indicate shipment from the port of loading to the It includes the last paragraph of Art 23 A ii port of discharge stated in the credit. and iii of UCP500. But please note the italic word ‘from…to’, UCP500 used the words 17
  19. ‘indicates the port of loading…’. In practice, it often happened that the ports were indicated not in the relative columns, which the b/l preprinted for these ports, they often were appeared on the another place of the b/l, such as on board notation. And now, we should not concern the preprinted columns on the b/l, what we should do is to look for whether the b/l indicate ‘from…to’. Of course, if the ports were appeared in those columns, we must accept them. If the bill of lading does not indicate the port of It is further explain for above clause, please loading stated in the credit as the port of loading, or if note that the on board notation should it contains the indication “intended” or similar include port of loading, name of the vessel qualification in relation to the port of loading, an on and date of shipment relating A ii. board notation indicating the port of loading as stated in the credit, the date of shipment and the The new clause deleted the words about the name of the vessel is required. This provision place different from port of loading etc. applies even when loading on board or shipment on a named vessel is indicated by pre-printed wording on the bill of lading. iv. be the sole original bill of lading or, if issued in It is similar to Art 23 A iv of UCP500. more than one original, be the full set as indicated on the bill of lading. v. contain terms and conditions of carriage or make reference to another source containing the terms and It is similar to Art 23 A v of UCP500. conditions of carriage (short form or blank back bill of lading). Contents of terms and conditions of carriage will not be examined. vi. contain no indication that it is subject to a charter It is similar to Art 23 A vi of UCP500 and party. deleted the words about carrying vessel. The Art 23 A vii of UCP500 was deleted. b. For the purpose of this article, transhipment means unloading from one vessel and reloading to another It is similar to Art 23 B of UCP500. vessel during the carriage from the port of loading to the port of discharge stated in the credit. c. i. A bill of lading may indicate that the goods will or may be transhipped provided that the entire carriage It is similar to Art 23 C of UCP500. But, the is covered by one and the same bill of lading. phrase ‘unless transshipment is prohibited…’ were deleted and ‘may’ was added, therefore, the range which this clause engaged is zoomed in. ii. A bill of lading indicating that transhipment will or may take place is acceptable, even if the credit It is similar to Art 23 D i of UCP500, and the prohibits transhipment, if the goods have been word ‘may’ was added. However, it does not shipped in a container, trailer or LASH barge as require that the one and the same b/l should evidenced by the bill of lading. cover the entire ocean carriage. d. Clauses in a bill of lading stating that the carrier It is similar to Art 23 D ii of UCP500. 18
  20. reserves the right to tranship will be disregarded. Article 21 Non-Negotiable Sea Waybill It is similar to Art 24 of UCP500. a. A non-negotiable sea waybill, however named, must It is similar to Art 24 A i of UCP500 and the appear to: words ‘or otherwise authenticated by’ were deleted. i. indicate the name of the carrier and be signed by: • the carrier or a named agent for or on behalf of the carrier, or • the master or a named agent for or on behalf of the master. Any signature by the carrier, master or agent must be identified as that of the carrier, master or agent. Any signature by an agent must indicate whether the agent has signed for or on behalf of the carrier or for or on behalf of the master. It is similar to Art 21 A ii of UCP500 and Art ii. indicate that the goods have been shipped on 20 of UCP600. Please note the italic words. board a named vessel at the port of loading stated Under UCP600, the b/l, n-n swb are required in the credit by: to indicate the goods have been shipped on board a named vessel, which is stricter than • pre-printed wording, or before, and the same question as last article. • an on board notation indicating the date on which the goods have been shipped on board. The date of issuance of the non-negotiable sea waybill will be deemed to be the date of shipment unless the non-negotiable sea waybill contains an on board notation indicating the date of shipment, in which case the date stated in the on board notation will be deemed to be the date of shipment. If the non-negotiable sea waybill contains the indication "intended vessel" or similar qualification in relation to the name of the vessel, an on board notation indicating the date of shipment and the name of the actual vessel is required. iii. indicate shipment from the port of loading to the It is similar to Art 24 A iii of UCP500 and Art port of discharge stated in the credit. 20 a iii of UCP600. If the non-negotiable sea waybill does not indicate the port of loading stated in the credit as the port of loading, or if it contains the indication “intended” or similar qualification in relation to the port of loading, an on board notation indicating the port of loading as stated in the credit, the date of shipment and the 19
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