《跟单信用证统一惯例》UCP500（英文版）
发布时间：2025-12-10 点击：2
uniformcustomsandpracticefordocumentarycredits(1993revision)
a.generalprovisionsanddefinitions
article1.applicationofucp
theuniformcustomsandpracticefordocumentarycredits,1993revision,iccpublicationno.500,shallapplytoalldocumentarycredits(includingtotheextenttowhichtheymaybeapplicable,standbyletter(s)ofcredit)wheretheyareincorporatedintothetextofthecredit.theyarebindingonallpartiesthereto,unlessotherwiseexpresslystipulatedinthecredit.
article2.meaningofcredit
forthepurposesofthesearticles,theexpressions"documentarycredit(s)"and"standbyletter(s)ofcredit"(hereinafterreferredtoas"credit(s)"),rmeananyarrangement,howevernamedordescribed,wherebyabank(the"issuingbank")actingattherequestandontheinstructionsofacustomer(the"applicant")oronitsownbehalf,
i)istomakeapaymenttoortotheorderofathirdparty(the"beneficiary"),oristoacceptandpaybillsofexchange(draft(s))drawnbythebeneficiary,or
ii)authorisesanotherbanktoeffectsuchpayment,ortoacceptandpaysuchbillsofexchange(draft(s)),or
iii)authorisesanotherbanktonegotiate,againststipulateddocument(s),providedthatthetermsandconditionsofthecreditarecompliedwith.forthepurposesofthesearticles,branchesofabankindifferentcountreisareconsideredanotherbank.
article3.creditsv.contracts
a.credits,bytheirnature,areseparatetransactionsfromthesalesorothercontract(s)onwhichtheymaybebasedandbanksareinnowayconcernedwithorboundbysuchcontract(s),evenifanyreferencewhatsoevertosuchcontract(s)isincludedinthecredit.consequently,theundertakingofabanktopay,acceptandpaydraft(s)ornegotiateand/ortofulfilanyotherobligationunderthecredit,isnotsubjecttoclaimsordefencesbytheapplicantresultingfromhisrelationshipswiththeissuingbankorthebeneficiary.
b.abeneficiarycaninnocaseavailhimselfofthecontractualrelationshipsexistingbetweenthebanksorbetweentheapplicantandtheissuingbank.
article4.documentsv.goods/services/performances
increditoperationsallpartiesconcerneddealwithdocuments,andnotwithgoods,servicesand/orotherperformancestowhichthedocumentsmayrelate.
article5.instructionstoissue/amendcredits
a.instructionsfortheissuanceofacredit,thecredititself,instructionsforanamendmentthereto,andtheamendmentitself,mustbecompleteandprecise.inordertoguardagainstconfusionandmisunderstanding,banksshoulddiscourageanyattempt
i)toincludeexcessivedetailinthecreditorinanyamendmentthereto;
ii)togiveinstructionstoissue,adviseorconfirmacreditbyreferencetoacreditpreviouslyissued(similarcredit)wheresuchpreviouscredithasbeensubjecttoacceptedamendment(s),and/orunacceptedamendment(s),
b.allinstructionsfortheissuanceofacreditandthecredititselfand,whereapplicable,allinstructionsforanamendmenttheretoandtheamendmentitself,muststatepreciselythedocument(s)againstwhichpayment,acceptanceornegotiationistobemade.
b.formandnotificatioinofcredits
article6.revocablev.irrevocablecredits
a.acreditmaybeeither
i)revocable,or
ii)irrevocable.
b.thecredit,therefore,shouldclearlyindicatewhetheritisrevocableorirrevocable.
c.intheabsenceofsuchindicationthecreditshallbedeemedtobeirrevocable.
article7.advisingbank'sliability
a.acreditmaybeadvisedtoabeneficiarythroughanotherbank(the"advisingbank")withoutengagementonthepartoftheadvisingbank,butthatbank,ifitelectstoadvisethecredit,shalltakereasonablecaretochecktheapparentauthenticityofthecreditwhichitadvises.ifthebankelectsnottoadvisethecredit,itmustsoinformtheissuingbankwithoutdelay.
b.iftheadvisingbankcannotestablishsuchapparentauthenticityitmustinform,withoutdelay,thebankfromwhichtheinstructionsappeartohavebeenreceivedthatithasbeenunabletoestablishtheauthenticityofthecreditandifitelectsnonethelesstoadvisethecredititmustinformthebeneficiarythatithasnotbeenabletoestablishtheauthen,ticityofthecredit.
article8.revocationofacredit
a.arevocablecreditmaybeamendedorcancelledbytheissuingbankatanymomentandwithoutpriornoticetothebeneficiary.
b.however,theissuingbankmust:
i)reimburseanotherbankwithwhicharevocablecredithasbeenmadeavailableforsightpayment,acceptanceornegotiation-foranypayment,acceptanceornegotiationmadebysuchbank-priortoreceiptbyitofnoticeofamendmentorcancellation,againstdocumentswhichappearontheirfacetobeincompliancewiththetermsandconditionsofthecredit,
ii)reimburseanotherbankwithwhicharevocablecredithasbeenmadeavailablefordeferredpayment,ifsuchabankhas,priortoreceiptbyitofnoticeofamendmentorcancellation,takenupdocumentswhichappearontheirfacetobeincompliancewiththetermsandconditionsofthecredit.
article9.liabilityofissuingandconfirmingbanks
a.anirrevocablecreditconstitutesadefiniteundertakingoftheissuingbank,providedthatthestipulateddocumentsarepresentedtothenominatedbankortotheissuingbankandthatthetermsandconditionsofthecreditarecompliedwith:
i)ifthecreditprovidesforsightpayment-topayatsight;
ii)ifthecreditprovidesfordeferredpayment-topayonthematuritydate(s)determinableinaccordancewiththestipulationsofthecredit;
iii)ifthecreditprovidesforacceptance;
(a)bytheissuingbank-toacceptdraft(s)drawnbythebeneficiarqontheissuingbankandpaythematmaturity,or
(b)byanotherdraweebank-toacceptandpayatmaturitydraft(s)drawnbythebeneficiaryontheissuingbankintheeventthedraweebankstipulatedinthecreditdoesnotacceptdraft(s)drawnonit,ortopaydraft(s)acceptedbutnotpaidbysuchdraweebankatmaturity;
iv)ifthecreditprovidesfornegotiation-topaywithoutrecoursetodrawersand/orbonafideholders,draft(s)drawnbythebeneficiaryand/ordocument(s)presentedunderthecredit.acreditshouldnotbeissuedavailablebydraft(s)ontheapplicant.ifthecreditneverthelesscallsfordraft(s)ontheapplicant,bankswillconsidersuchdraft(s)asanadditionaldocument(s).
b.aconfirmationofanirrevocablecreditbyanotherbank(the"confirminnbank")upontheauthorisationorrequestoftheissuingbank,constitutesadefiniteundertakingoftheconfirmingbank,inadditiontothatoftheissuingbank,providedthatthestipulateddocumentsarepresentedtotheconfirmingbankortoanyothernominatedbankandthatthetermsandconditionsofthecreditarecompliedwith:
i)ifthecreditprovidesforsightpayment-topayatsight;
ii)ifthecreditprovidesfordeferredpayment-topayonthematuritydate(s)determinableinaccordancewiththestipulationsofthecredit;
iii)ifthecreditprovidesforacceptance:
(a)bytheconfirmingbank-toacceptdraft(s)drawnbythebeneficiaryontheconfirmingbankandpaythematmaturity,or
(b)byanotherdraweebank-toacceptandpayatmaturitydraft(s)drawnbythebeneficiaryontheconfirmingbank,intheeventthedraweebankstipulatedinthecreditdoesnotacceptdraft(s)drawnonit,ortopaydraft(s)acceptedbutnotpaidbysuchdraweebankatmaturity;
iv)ifthecreditprovidesfornegotiation-tonegotiatewithoutrecoursetodrawersand/orbonafideholders,draft(s)drawnbythebeneficiaryand/ordocument(s)presentedunderthecredit.acreditshouldnotbeissuedavailablebydraft(s)ontheapplicant.ifthecreditneverthelesscallsfordraft(s)ontheapplicant,bankswillconsidersuchdraft(s)asanadditionaldocument(s).
c.i)ifanotherbankisauthorisedorrequestedbytheissuingbanktoadditsconfirmationtoacreditbutisnotpreparedtodoso,itmustsoinformtheissuingbankwithoutdelay.
ii)unlesstheissuingbankspecifiesotherwiseinitsauthorisationorrequesttoaddconfirmation,theadvisingbankmayadvisethecredittothebeneficiarywithoutaddingitsconfirmation.
d.i)exceptasotherwiseprovidedbyarticle48,anirrevocablecreditcanneitherbeamendednorcancelledwithouttheagreementoftheissuingbank,theconfirmingbank,ifany,andthebeneficiary.
ii)theissuingbankshallbeirrevocablyboundbyanamendment(s)issuedbyitfromthetimeoftheissuanceofsuchamendment(s).aconfirmingbankmayextenditsconfirmationtoanamendmentandshallbeirrevocablyboundasofthetimeofitsadviceoftheamendment.aconfirmingbankmay,however,choosetoadviseanamendmenttothebeneficiarywithoutextendingitsconfirmationandifso,mustinformtheissuingbankandthebeneficiarywithoutdelay.
iii)thetermsoftheoriginalcredit(oracreditincorporatingpreviouslyacceptedamendment(s))willremaininforceforthebeneficiaryuntilthebeneficiarycommunicateshisacceptanceoftheamendmenttothebankthatadvisedsuchamendment.thebeneficiaryshouldgivenotificationofacceptanceorrejectionofamendment(s).ifthebeneficiaryfailstogivesuchnotification,thetenderofdocumentstothenominatedbankorissuingbank,thatconformtothecreditandtonotyetacceptedamendment(s),willbedeemedtobenotificationofacceptancebythebeneficiaryofsuchamendment(s)andasofthatmomentthecreditwillbeamended.
iv)partialacceptanceofamendmentscontainedinoneandthesameadviceofamendmentisnotallowedandconsequentlywillnotbegivenanyeffect.
article10.typesofcredit
a.allcreditsmustclearlyindicatewhethertheyareavailablebysightpayment,bydeferredpayment,byacceptanceorbynegotiation.
b.i)unlessthecreditstipulatesthatitisavailableonlywiththeissuingbank,allcreditsmustnominatethebank(the"nominatedbank")whichisauthorisedtopay,toincuradeferredpaymentundertaking,toacceptdraft(s)ortonegotiate.inafreelynegotiabecredit,anybankisanominatedbankpresentationofdocumentsmustbemadetotheissuingbankortheconfirmingbank,ifany,oranyothernominatedbank.negotiationmeansthegivingofvaluefordraft(s)and/ordocument(s)bythebankauthorisedtonegotiate.mereexaminationofthedocumentswithoutgivingofvaluedoesnotconstituteanegotiation.
c.unlessthenominatedbankistheconfirmingbank,nominationbytheissuingbankdoesnotconstituteanyundertakingbythenominatedbanktopay,toincuradeferredpaymentundertaking,toacceptdraft(s),ortonegotiate.exceptwhereexpresslyagreedtobythenominatedbankandsocommunicatedtothebeneficiary,thenominatedbank'sreceiptofand/orexaminationand/orforwardingofthedocumentsdoesnotmakethatbankliabletopay,toincuradeferredpaymentundertaking,toacceptdraft(s),ortonegotiate.
d.bynominatinganotherbank,orbyallowingfornegotiationbyanybank,orbyauthorisingorrequestinganotherbanktoadditsconfirmation,theissuingbankauthorisessuchbanktopay,acceptdraft(s)ornegotiateasthecasemaybe,againstdocumentswhichappearontheirfacetobeincompliancewiththetermsandconditionsofthecreditandundertakestoreimbursesuchbankinaccordancewiththeprovisionsofthesearticles.
article11.teletransmittedandpre-advisedcredits
a.i)whenanissuingbankinstructsanadvisingbankbyanauthenticatedteletransmissiontoadviseacreditoranamendmenttoacredit,theteletransmissionwillbedeemedtobetheoperativecreditinstrumentortheoperativeamendment,andnomailconfirmationshouldbesent.shouldamailconfirmationneverthelessbesent,itwillhavenoeffectandtheadvisingbankwillhavenoobligationtochecksuchmailconfirmationagainsttheoperativecreditinstrumentortheoperativeamendmentreceivedbyteletransmission.
ii)iftheteletransmissionstates"fulldetailstofollow"(orwordsofsimilareffect)orstatesthatthemailconfirmationistobetheoperativecreditinstrumentortheoperativeamendment,thentheteletransmissionwillnotbedeemedtobetheoperativecreditinstrumentortheoperativeamendment.theissuingbankmustforwardtheoperativecreditinstrumentortheoperativeamendmenttosuchadvisingbankwithoutdelay.
b.ifabankusestheservicesofanadvisingbanktohavethecreditadvisedtothebeneficiary,itmustalsousetheservicesofthesamebankforadvisinganamendment(s)
c.apreliminaryadviceoftheissuanceoramendmentofanirrevocablecredit(pre-advice),shallonlybegivenbyanissuingbankifsuchbankispreparedtoissue-theoperativecreditinstrumentortheoperativeamendmentthereto.unlessotherwisestatedinsuchpreliminaryadvicebytheissuingbank,anissuingbankhavinggivensuchpre-adviceshallbeirrevocablycommittedtoissueoramendthecredit,intermsnotinconsistentwiththepre-advice,withoutdelay.
article12.incompleteorunclearinstructions
ifincompleteorunclearinstructionsarereceivedtoadvise,confirmofamendacredit,thebankrequestedtoactonsuchinstructionsmaygivepreliminarynotificationtothebeneficiaryforinformationonlyandwithoutresponsibility.thispreliminarynotificationshouldstateclearlythatthenotificationisprovidedforinformationonlyandwithouttheresponsibilityoiftheadvisingbank.inanyevent,theadvisingbankmustinformtheissuingbankoftheactiontakenandrequestittoprovidethenecessaryinformatioin.
theissuingbankmustprovidethenecessaryinformationwithoutdelay.thecreditwillbeadvised,confirmedoramended,onlywhencompleteandclearinstructionshavebeenreceivedandiftheadvisingbankisthenpreparedtoactontheinstructions.
c.liabilitiesandresponsibilities
article13.standardforexaminationofdocuments
a.banksmustexaminealldocumentsstipulatedinthecreditwithreasonablecare,toascertainwhetherornottheyappear,ontheirface,tobeincompliancewiththetermsandconditionsofthecredit.complianceofthestipulateddocumentsontheirfacewiththetermsandconditionsofthecredit,shallbedeterminedbyinternationalstandardbankingpracticeasreflectedinthesearticles.documentswhichappearontheirfacetobeinconsistentwithoneanotherwillbeconsideredasnotappearingontheirfacetobeincompliancewiththetermsandconditionsofthecredit.
documentsnotstipulatedinthecreditwillnotbeexaminedbybanks.iftheyreceivesuchdocuments,theyshallreturnthemtothepresenterorpassthemonwithoutresponsibility.
b.theissuingbank,theconfirmingbank,ifany,oranominatedbankactingontheirbehalf,shalleachhaveareasonabletime,nottoexceedsevenbankingdaysfollowingthedayofreceiptofthedocuments,toexaminethedocumentsanddeterminewhethertotakeuporrefusethedocumentsandtoinformthepartyfromwhichitreceivedthedocumentsaccordingly.
c.ifacreditcontainsconditionswithoutstatingthedocument(s)tobepresentedincompliancetherewith,bankswilldeemsuchconditionsasnotstatedandwilldisregardthem.
article14.discrepantdocumentsandnotice
a.whentheissuingbankauthorisesanotherbanktopay,incuradeferredpaymentundertaking,acceptdraft(s),ornegotiateagainstdocumentswhichappearontheirfacetobeincompliancewiththetermsandconditionsofthecredit,theissuingbankandtheconfirmingbank,ifany,arebound:
i)toreimbursethenominatedbankwhichhaspaid,incurredadeferredpaymentundertaking,accepteddraft(s),ornegotiated,
ii)totakeupthedocuments.
b.uponreceiptofthedocumentstheissuingbankand/orconfirmingbank,ifany,oranominatedbankactingontheirbehalf,mustdetermineonthebasisofthedocumentsalonewhetherornottheyappearontheirfacetobeincompliancewiththetermsandconditionsofthecredit.ifthedocumentsappearontheirfacenottobeincompliancewiththetermsandconditionsofthecredit,suchbanksmayrefusetotakeupthedocuments.
c.iftheissuingbankdeterminesthatthedocumentsappearontheirfacenottobeincompliancewiththetermsandconditionsofthecredit,itmayinitssolejudgmentapproachtheapplicantforawaiverofthediscrepancy(ies).thisdoesnot,however,extendtheperiodmentionedinsub-article13(b).
d.i)iftheissuingbankand/orconfirmingbank,ifany,oranominatedbankactingontheirbehalf,decidestorefusethedocuments,itmustgivenoticetothateffectbytelecommunicationor,ifthatisnotpossible,byotherexpeditiousmeans,withoutdelaybutnolaterthanthecloseoftheseventhbankingdayfollowingthedayofreceiptofthedocuments.suchnoticeshallbegiventothebankfromwhichitreceivedthedocuments,ortothebeneficiary,ifitreceivedthedocumentsdirectlyfromhim.
ii)suchnoticemuststatealldiscrepanciesinrespectofwhichthebankrefusesthedocumentsandmustalsostatewhetheritisholdingthedocumentsatthedisposalof,orisreturningthemto,thepresenter.
iii)theissuingbankand/orconfirmingbank,ifany,shallthenbeentitledtoclaimfromtheremittingbankrefund,withinterest,ofanyreimbursementwhichhasbeenmadetothatbank.
e.iftheissuingbankand/orconfirmingbank,ifany,failstoactinaccordancewiththeprovisionsofthisarticleand/orfailstoholdthedocumentsatthedisposalof,orreturnthemtothepresenter,theissuingbankand/orconfirmingbank,ifany,shallbeprecludedfromclaimingthatthedocumentsarenotincompliancewiththetermsandconditionsofthecredit.
f.iftheremittingbankdrawstheattentionoftheissuingand/orconfirmingbank,ifany,toanydiscrepancy(ies)inthedocument(s)oradvisessuchbanksthatithaspaid,incurredadeferredpaymentundertaking,accepteddraft(s)ornegotiatedunderreserveoragainstanindemnityinrespectofsuchdiscrepancy(ies),theissuingbankand/orconfirmingbank,ifany,shallnotbethereburelievedfromanyoftheirobligationsunderanyprovisionofthisarticle.suchreserveorindemnityconcernsonlytherelationsbetweentheremittingbankandthepartytowardswhomthereservewasmade,orfromwhom,oronwhosebehalf,theindemnitywasobtained.
article15.disclaimeroneffectivenessofdocuments
banksassumenoliabilityorresponsibilityfortheform,sufficiency,accuracy,genuineness,falsificationorlegaleffectofanydocument(s),orforthegeneraland/orparticularconditionsstipulatedinthedocument(s)orsuperimposedthereon;nordotheyassumeanyliabilityorresponsibilityforthedescription,quantity,weight,quality,condition,packing,delivery,valueorexistenceofthegoodsrepresentedbyanydocument(s),orforthegoodfaithoractsand/oromissions,solvency,performanceorstandingoftheconsignors,thecarriers,theforwarders,theconsigneesortheinsurersofthegoods,oranyotherpersonwhomsover.
article16.disclaimeronthetransmissionofmessages
banksassumenoliabilityorresponsibilityfortheconsequencesarisingoutofdelayand/orlossintransitofanymessage(s),letter(s)ordocument(s),orfordelay,multilationorothererror(s)arisinginthetransmissionofanytelecommunication.banksassumenoliabilityorresponsibilityforerrorsintranslationand/orinterpretationoftechnicalterms,andreservetherighttotransmitcredittermswithouttranslatingthem.
article17.forcemaieure
banksassumenoliabilityorresponsibilityfortheconsequencesarisingoutoftheinterruptionoftheirbusinessbyactsofgod,riots,civilcommotions,insurrections,warsoranyothercausesbeyondtheircontrol,orbyanystrikesorlockouts.unlessspecificallyauthorised,bankswillnot,uponresumptionoftheirbusiness,pay,incuradeferredpaymentundertaking,acceptdraft(s)ornegotiateundercreditswhichexpiredduringsuchinterruptionoftheirbusiness.
article18.disclaimerforactsofininstructedparty
a.banksutilizingtheservicesofanotherbankorotherbanksforthepurposeofgivingeffecttotheinstructionsoftheapplicantdosofortheaccountandattheriskofsuchapplicant.
b.banksassumenoliabilityorresponsibilityshouldtheinstructionstheytransmitnotbecarriedout,eveniftheyhavethemselvestakentheinitiativeinthechoiceofsuchotherbank(s),
c.i)apartyinstructinganotherpartyotperformservicesisliableforanycharges,includingcommissions,fees,costsorexpensesincurredbytheinstructedpartyinconnectionswithitsinstructions.
ii)whereacreditstipulatesthatsuchchargesarefortheaccountofapartyotherthantheinstructingparty,andchargescannotbecollected,theinstructingpartyremainsultimatelyliableforthepaymentthereof.
d.theapplicantshallbeboundbyandliabletoindemnifythebanksagainstallobligationsandresponsibilitiesimposedbyforeignlawsandusuages.
article19.bank-to-bankreimbursementarrangementsl
a.ifanissuingbankintendsthatthereimbursementtowhichapaying,acceptingornegotiatingbankisentitled,shallbeobtainedbysuchbank(the"claimingbank"),claimingonanotherparty(the"reimbursingbank"),itshallprovidesuchreimbursingbankingoodtimewiththeproperinstructionsorauthorisationtohonoursuchreimbursementclaims.
b.issuingbanksshallnotrequireaclaimingbanktosupplyacertificateofcompliancewiththetermsandconditionsofthecredittothereimbursingbank.
c.anissuingbankshallnotberelievedfromanyofitsobligationstoprovidereimbursementifandwhenreimbursementisnotreceivedbytheclaimingbankfromthereimbursingbank.
d.theissuingbankshallberesponsibletotheclaimingbankforanylossofinterestifreimbursementisnotprovidedbythereimbursingbankonfirstdemand,orasotherwisespecifiedinthecredit,ormutuallyagreed,asthecasemaybe.
e.thereimbursingbank'schargesshouldbefortheaccountoftheissuingbank.however,incaseswherethechargesarefortheaccountofanotherparty,itistheresponsibilityoftheissuingbankstosoindicateintheoriginalcreditandinthereimbursementauthorisation.incaseswherethereimbursingbank'schargesarefortheaccountofanotherpartytheyshallbecollectedfromtheclaimingbankwhenthecreditisdrawnunder.incaseswherethecreditisnotdrawnunder,thereimbursingbank'schargesremaintheobligationoftheissuingbank.
d.documents
article20.ambiguityastotheissuersofdocuments
a.termssuchas"firstclass,""wellknown,""qualified,""independent,""official,""competent,""local"andthelike,shallnotbeusedtodescribetheissuersofanydocument(s)tobepresentedunderacredit.ifsuchtermsareincorporatedinthecredit,bankswillaccepttherelativedocument(s)aspresented,providedthatitappearsonitsfacetobeincompliancewiththeothertermsandconditionsofthecreditandnottohavebeenissuedbythebeneficiary.
b.unlessotherwisestipulatedinthecredit,bankswillalsoacceptasanoriginaldocument(s),adocument(s)producedorappearingtohavebeenproduced:
i)byreprographic,automatedorcomputerizedsystems;
ii)ascarboncopies;
providedthatitismarkedasoriginaland,wherenecessary,appearstobesigned.adocumentmaybesignedbyhandwriting,byfacsimilesignature,byperforatedsignature,bystamp,bysymbol,orbyanyothermechanicalorelectronicmethodofauthentication.
c.i)unlessotherwisestipulatedinthecredit,bankswillacceptasacopyties),adocument(s)eitherlabelledcopyornotmarkedasanoriginal-acopy(ies)neednotbesigned.
ii)creditsthatrequiremultipledocument(s)suchas"duplicate,""twofold,""twocopies"andthelike,willbesatisfiedbythepresentationofoneoriginalandtheremainingnumberincopiesexceptwherethedocumentitselfindicatesotherwise.
d.unlessotherwisestipulatedinthecredit,aconditionunderacreditcallingforadocumenttobeauthenticated,validated,legalized,visaed,certifiedorindicatingasimilarrequirement,willbesatisfiedbyanysignature,mark,stamporlabelonsuchdocumentthatonitsfaceappearstosatisfytheabovecondition.
article21.unspecifiedissuersorcontentsofdocuments
whendocumentsotherthantransportdocuments,insurancedocumentsandcommercialinvoicesarecalledfor,thecreditshouldstipulatebywhomsuchdocumentsaretobeissuedandtheirwordingordatacontent.ifthecreditdoesnotsostipulate,bankswillacceptsuchdocumentsaspresented,providedthattheirdatacontentisnotinconsistentwithanyotherstipulateddocumentpresented.
article22.issuancedateofdocumentsv.creditdate
unlessotherwisestipulatedinthecredit,bankswillacceptadocumentbearingadateofissuancepriortothatofthecredit,subjecttosuchdocumentbeingpresentedwithinthetimelimitssetoutinthecreditandinthesearticles.
article23.marine/oceanbilloflading
a.ifacreditcallsforabillofladingcoveringaport-to-portshipment,bankswill,unlessotherwisestipulatedinthecredit,acceptadocument,howevernamed,which:
i)appearsonitsfacetoindicatethenameofthecarrierandtohavebeensignedorotherwiseauthenticatedby:
-thecarrieroranamedagentfororonbehalfofthecarrier,or
-themasteroranamedagentfororonbehalfofthemaster.
anysignatureorauthenticationofthecarrierormastermustbeidentifiedascarrierormaster,asthecasemaybe.anagentsigningorauthenticatingforthecarrierormastermustalsoindicatethenameandthecapacityoftheparyt,i.e.carrierormaster,onwhosebehalfthatagentisacting,and
ii)indicatesthatthegoodshavebeenloadedonboard,orshippedonanamedvessel.loadingonboardorshipmentonanamedvesselmaybeindicatedbypre-printedwordingonthebillofladingthatthegoodshavebeenloadedonboardanamedvesselorshippedonanamedvessel,inwhichcasethedateofissuanceofthebillofladingwillbedeemedtobethedateofloadingonboardandthedateofshipment.inallothercasesloadingonboardanamedvesselmustbeevidencedbyanotationonthebillofladingwhichgivesthedateonwhichthegoodshavebeenloadedonboard,inwhichcasethedateoftheonboardnotationwillbedeemedtobethedateofshipment.ifthebillofladingcontainstheindication"intendedvessel,"orsimilarqualificationinrelationtothevessel,loadingonboardanamedvesselmustbeevidencedbyanonboardnotationonthebillofladingwhich,inadditiontothedateonwhichthegoodshavebeenloadedonboard,alsoincludesthenameofthevesselonwhichthegoodshavebeenloaded,eveniftheyhavebeenloadedonthevesselnamedasthe"intendedvessel".ifthebillofladingindicatesaplaceofreceiptortakinginchargedifferentfromtheportofloading,theonboardnotationmustalsoincludetheportofloadingstipulatedinthecreditandthenameofthevesselonwhichthegoodshavebeenloaded,eveniftheyhavebeenloadedonthevesselnamedinthebilloflading.thisprovisionalsoapplieswheneverloadingonboardthevesselisindicatedbypre-printedwordingonthebilloflading,and
iii)indicatestheportofloadingandtheportofdischargestipulatedinthecredit,notwithstandingthatit:
(a)indicatesaplaceoftakinginchargedifferentfromtheportofloading,and/oraplaceoffinaldestinationdifferentfromtheportofdischarge,and/or
(b)containstheindication"intended"orsimilarqualificationinrelationtotheportofloadingand/orportofdischarge,aslongasthedocumentalsostatestheportsofloadingand/ordischargestipulatedinthecredit,and
iv)consistsofasoleoriginalbilloflading,orifissuedinmorethanoneoriginal,thefullsetassoissued,and
v)appearstocontainallofthetermsandconditionsofcarriage,orsomeofsuchtermsandconditionsbyreferencetoasourceordocumentotherthanthebilloflading(shortform/blankbackbilloflading),bankswillnotexaminethecontentsofsuchtermsandconditions,and
vi)containsnoindicationthatitissubjecttoacharterpartyand/ornoindicationthatthecarryingvesselispropelledbysailonly,and
vii)inallotherrespectsmeetsthestipulationsofthecredit.
b.forthepurposeofthisarticle,transhipmentmeansunloadingandreloadingfromonevesseltoanothervesselduringthecourseofoceancarriagefromtheportofloadingtotheportofdischargestipulatedinthecredit.
c.unlesstranshipmentisprohibitedbythetermsofthecredit,bankswillacceptabillofladingwhichindicatesthatthegoodswillbetranshipped,providedthattheentireoceancarriageiscoveredbyoneandthesamebilloflading.
d.evenifthecreditprohibitstranshipment,bankswillacceptabillofladingwhich:
i)indicatesthattranshipmentwilltakeplaceaslongastherelevantcargoisshippedincontainer(s),trailer(s)and/or"lash"barge(s)asevidencedbythebilloflading,providedthattheentireoceancarriageiscoveredbyoneandthesamebilloflading,and/or
ii)incorporatesclausesstatingthatthecarrierreservestherighttotranship.
article24.non-negotiableseawaybill
a.ifacreditcallsforanon-negotiableseawaybillcoveringaport-to-portshipment,bankswill,unlessotherwisestipulatedinthecredit,acceptadocument,howevernamed,which:
i)appearsonitsfacetoindicatethenameofthecarrierandtohavebeensignedorotherwiseauthenticatedby:
-thecarrieroranamedagentfororonbehalfofthecarrier,or
anysignatureorauthenticationofthecarrierormastermustbeidentifiedascarrierormaster,asthecasemaybe.anagentsigningorauthenticatingforthecarrierormastermustalsoindicatethenameandthecapacityoftheparty,i.e.carrierormaster,onwhosebehalfthatagentisacting,and
ii)indicatesthatthegoodshavebeenloadedonboard,orshippedonanamedvessel.loadingonboardorshipmentonanamedvesselmaybeindicatedbypre-printedwordingonthenon-negotiableseawaybillthatthegoodshavebeenloadedonboardanamedvesselorshippedonanamedvessel,inwhichcasethedateofissuanceofthenon-negotiableseawaybillwillbedeemedtobethedateofloadingonboardandthedateofshipment.inallothercasesloadingonboardanamedvesselmustbeevidencedbyanotationonthenon-negotiableseawaybillwhichgivesthedateonwhichthegoodshavebeenloadedonboard,inwhichcasethedateoftheonboardnotationwillbedeemedtobethedateofshipment.
ifthenon-negotiableseawaybillcontainstheindication"intendedvessel,"orsimilarqualificationinrelationtothevessel,loadingonboardanamedvesselmustbeevidencedbyanonboardnotationonthenon-negotiableseawaybillwhich,inadditiontothedateonwhichthegoodshavebeenloadedonboard,includesthenameofthevesselonwhichthegoodshavebeenloaded,eveniftheyhavebeenloadedonthevesselnamedasthe"intendedvessel."ifthenon-negotiableseawaybillindicatesaplaceofreceiptortakinginchargedifferentfromtheportofloading,theonboardnotationmustalsoincludetheportofloadingstipulatedinthecreditandthenameofthevesselonwhichthegoodshavebeenloaded,eveniftheyhavebeenloadedonavesselnamedinthenon-negotiableseawaybill.thisprovisionalsoapplieswheneverload,ingonboardthevesselisindicatedbypre-printedwordingonthenon-negotiableseawaybill,and
iii)indicatestheportofloadingandtheportofdischargestipulatedinthecredit,notwithstandingthatit:
(a)indicatesaplaceoftakinginchargedifferentfromtheportofloading,and/oraplaceoffinaldestinationdifferentfromtheportdischarge,and/or
(b)containstheindication"intended"orsimilarqualificationinrelationtotheportofloadingand/orportofdischarge,aslongasthedocumentalsostatesthepot;tsofloadingand/ordischargestipulatedinthecredit,and
iv)consistsofasoleoriginalnon-negotiableseawaybill,orifissuedinmorethanoneoriginal,thefullsetassoissued,and
v)appearstocontainallofthetermsandconditionsofcarriage,orsomeofsuchtermsandconditionsbyreferencetoasourceordocumentotherthanthenon-negotiableseawaybill(shortformlblankbacknon-negotiableseawaybill);bankswillnotexaminethecontentsofsuchtermsandconditions,and
vi)containsnoindicationthatitissubjecttoacharterpartyand/ornoindicationthatthecarryingvesselispropelledbysailonly,and
vii)inallotherrespectsmeetsthestipulationsofthecredit.
b.forthepurposeofthisarticle,transhipmentmeansunloadingandreloadingfromonevesseltoanothervesselduringthecourseofoceancarriagefromtheportofloadingtotheportofdischargestipulatedinthecredit.
c.unlesstranshipmentisprohibitedbythetermsofthecredit,bankswillacceptanon-negotiableseawaybillwhichindicatesthatthegoodswillbetranshipped,providedthattheentireoceancarriageiscoveredbyoneandthesamenon-negotiableseawaybill.
d.evenifthecreditprohibitstranshipment,bankswillacceptanon-negotiableseawaybillwhich:
i)indicatesthattranshipmentwilltakeplaceaslongastherelevantcargoisshippedincontainer(s),trailer(s)and/or"lash"barge(s)asevidencedbythenon-negotiableseawaybill,providedthattheentireoceancarriageiscoveredbyoneandthesamenon-negotiableseawaybill,and/or
ii)incorporatesclausesstatingthatthecarrierreservestherighttotranship.
article25.charterpartybilloflading
a.ifacreditcallsfororpermitsacharterpartybilloflading,bankswill,unlessotherwisestipulatedinthecredit,acceptadocument,howevernamed,which:
i)containsanyindicationthatitissubjecttoacharterparty,and
ii)appearsonitsfacetohavebeensignedorotherwiseauthenticatedby:
-themasteroranamedagentfororonbehalfofthemaster,or
-theowneroranamedagentfororonbehalfoftheowner.
anysignatureorauthenticationofthemasterorownermustbeidentifiedasmasterorownerasthecasemaybe.anagentsigningorauthenticatingforthemasterorownermustalsoindicatethenameandthecapacityoftheparty,i.e.masterorowner,onwhosebehalfthatagentisacting,and
iii)doesordoesnotindicatethenameofthecarrier,and
iv)indicatesthatthegoodshavebeenloadedonboardorshippedonanamedvessel.loadingonboardorshipmentonanamedvesselmaybeindicatedbypre-printedwordingonthebillofladingthatthegoodshavebeenloadedonboardanamedvesselorshippedonanamedvessel,inwhichcasethedateofissuanceofthebillofladingwillbedeemedtobethedateofloadingonboardandthedateofshipment.
inallothercasesloadingonboardanamedvesselmustbeevidencedbyanotationonthebillofladingwhichgivesthedateonwhichthegoodshavebeenloadedonboard,inwhichcasethedateoftheonboardnotationwillbedeemedtobethedateofshipment,and
v)indicatestheportofloadingandtheportofdischargestipulatedinthecredit,and
vi)consistsofasoleoriginalbillofladingor,ifissuedinmorethanoneoriginal,thefullsetassoissued,and
vii)containsnoindicationthatthecarryingvesselispropelledbysailonly,and
viii)inallotherrespectsmeetsthestipulationsofthecredit.
b.evenifthecreditrequiresthepresentationofacharterpartycontractinconnectionwithacharterpartybilloflading,bankswillnotexaminesuchcharterpartycontract,butwillpassitonwithoutresponsibilityontheirpart.
article26.multimodaltransportdocument
a.ifacreditcallsforatransportdocumentcoveringatleasttwodifferentmodesoftransport(multimodaltransport),bankswill,unlessotherwisestipulatedinthecredit,acceptadocument,howevernamed,which:
i)appearsonitsfacetoindicatethenameofthecarrierormultimodaltransportoperatorandtohavebeensignedorotherwiseauthenticatedby:
-thecarrierormultimodaltransportoperatororanamedagentfororonbehalfofthecarrierormultimodaltransportoperator,
-themasteroranamedagentfororonbehalfofthemaster.
anysignatureorauthenticationofthecarrier,multimodaltransportoperatorormastermustbeidentifiedascarrier,multimodaltransportoperatorormaster,asthecasemaybe.anagentsigningorauthenticatingforthecarrier,multimodaltransportoperatorormastermustalsoindicatethenameandthecapacityoftheparty,i.e.carrier,multimodaltransportoperatorormaster,onwhosebehalfthatagentisacting,and
ii)indicatesthatthegoodshavebeendispatched,takeninchargeorloadedonboard.dispatch,takinginchargeorloadingonboardmaybeindicatedbywordingtothateffectonthemultimodaltransportdocumentandthedateofissuancewillbedeemedtobethedateofdispatch,takinginchargeorloadingonboardandthedateofshipment.however,ifthedocumentindicates,bystamporotherwise,adateofdispatch,takinginchargeorloadingonboard,suchdatewillbedeemedtobethedateofshipment,and
iii)(a)indicatestheplaceoftakinginchargestipulatedinthecreditwhichmaybedifferentfromtheport,airportorplaceofloading,andtheplaceoffinaldestinationstipulatedinthecreditwhichmaybedifferentfromtheport,airportorplaceofdischarge,and/or
(b)containstheindication"intended"orsimilarqualificationinrelationtothevesseland/orportofloadingand/orportofdischarge,and
iv)consistsofasoleoriginalmultimodaltransportdocumentor,ifissuedinmorethanoneoriginal,thefullsetassoissued,and
v)appearstocontainallofthetermsandconditionsofcarriage,orsomeofsuchtermsandconditionsbyreferencetoasourceordocumentotherthanthemultimodaltransportdocument(shortform/blankbackmultimodaltransportdocument);bankswillnotexaminethecontentsofsuchtermsandconditions,and
vi)containsnoindicationthatitissubjecttoacharterpartyand/ornoindicationthatthecarryingvesselispropelledbysailonly,and
vii)inallotherrespectsmeetsthestipulationsofthecredit.
b.evenifthecreditprohibitstranshipment,bankswillacceptamultimodaltransportdocumentwhichindicatesthattranshipmentwillormaytakeplace,providedthattheentirecarriageiscoveredbyoneandthesamemultimodaltransportdocument.
article27.airtransportdocument
a.ifacreditcallsforanairtransportdocument,bankswill,unlessotherwisestipulatedinthecredit,acceptadocument,howevernamed,which:
i)appearsonitsfacetoindicatethenameofthecarrierandtohavebeensignedorotherwiseauthenticatedby:
-thecarrier,or
-anamedagentfororonbehalfofthecarrier;
anysignatureorauthenticationofthecarriermustbeidentifiedascarrier.anagentsigningorauthenticatingforthecarriermustalsoindicatethenameandthecapacityoftheparty,i.e.carrier,onwhosebehalfthatagentisacting,and
ii)indicatesthatthegoodshavebeenacceptedforcarriage,and
iii)wherethecreditcallsforanactualdateofdispatch,indicatesaspecificnotationofsuchdate,thedateofdispatchsoindicatedontheairtransportdocumentwillbedeemedtobethedateofshipment.
forthepurposeofthisarticle,theinformationappearingintheboxontheairtransportdocument(marked"forcarrieruseonly"orsimilarexpression)relativetotheflightnumberanddatewillnotbeconsideredasaspecificnotationofsuchdateofdispatch.inallothercases,thedateofissuanceoftheairtransportdocumentwillbedeemedtobethedateofshipment,and
iv)indicatestheairportofdepartureandtheairportofdestinationstipulatedinthecredit,and
v)appearstobetheoriginalforconsignor/shipperevenifthecreditstipulatesafullsetoforiginals,orsimilarexpressions,and
vi)appearstocontainallofthetermsandconditionsofcarriage,orsomeofsuchtermsandconditons,byreferencetoasourceordocumentotherthantheairtransportdocument;bankswillnotexaminethecontentsofsuchtermsandconditions,and
vii)inallotherrespectsmeetsthestipulationsofthecredit.
b.forthepurposeofthisarticle,transhipmentmeansunloadingandreloadingfromoneaircrafttoanotheraircraftduringthecourseofcarriagefromtheairportofdeparturetotheairportofdestinationstipulatedinthecredit.
c.evenifthecreditprohibitstranshipment,bankswillacceptanairtransportdocumentwhichindicatesthattranshipmentwillormaytakeplace,providedthattheentirecarriageiscoveredbyoneandthesameairtransportdocument.
article28.road,railorinlandwaterwaytransportdocuments
a.ifacreditcallsforaroad,rail,orinlandwaterwaytransportdocument,bankswill,unlessotherwisestipulatedinthecredit,acceptadocumentofthetypecalledfor,howevernamed,which:
i)appearsonitsfacetoindicatethenameofthecarrierandtohavebeensignedorotherwiseauthenticatedbythecarrieroranamedagentfororonbehalfofthecarrierand/ortobearareceptionstamporotherindicationofreceiptbythecarrieroranamedagentfororonbehalfofthecarrier.
anysignature,authentication,receptionstamporotherindicationofreceiptofthecarrier,mustbeidentifiedonitsfaceasthatofthecarrier.anagentsigningorauthenticatingforthecarrier,mustalsoindicatethenameandthecapacityoftheparty,i.e.carrier,onwhosebehalfthatagentisacting,and
ii)indicatesthatthegoodshavebeenreceivedforshipment,dispatchorcarriageorwordingtothiseffect.thedateofissuancewillbedeemedtobethedateofshipmentunlessthetransportdocumentcontainsareceptionstamp,inwhichcasethedateofthereceptionstampwillbedeemedtobethedateofshipment,and
iii)indicatestheplaceofshipmentandtheplaceofdestinationstipulatedinthecredit,and
iv)inallotherrespectsmeetsthestipulationsofthecredit.
b.intheabsenceofanyindicationonthetransportdocumentastothenumbersissued,bankswillacceptthetransportdocument(s)presentedasconstitutingafullset.bankswillacceptasoriginal(s)thetransportdocument(s)whethermarkedasoriginal(s)ornot.
c.forthepurposeofthisarticle,transhipmentmeansunloadingandreloadingfromonemeansofconveyancetoanothermeansofconvey.ance,indifferentmodesoftransport,duringthecourseofcarriagefromtheplaceofshipmenttotheplaceofdestinationstipulatedinthecredit.
d.evenifthecreditprohibitstranshipment,bankswillacceptaroad,rail,orinlandwaterwaytransportdocumentwhichindicatesthattranshipmentwillormaytakeplace,providedthattheentirecarriageiscoveredbyoneandthesametransportdocumentandwithinthesamemodeoftransport.
article29.courierandpostreceipts
a.ifacreditcallsforapostreceiptorcertificateofposting,bankswill,unlessotherwisestipulatedinthecredit,acceptapostreceiptorcertificateofpostingwhich:
i)appearsonitsfacetohavebeenstampedorotherwiseauthenticatedanddatedintheplacefromwhichthecreditstipulatesthegoodsaretobeshippedordispatchedandsuchdatewillbedeemedtobethedateofshipmentordispatch,and
ii)inallotherrespectsmeetsthestipulationsofthecredit.
b.ifacreditcallsforadocumentissuedbyacourierorexpediteddeliveryserviceevidencingreceiptofthegoodsfordelivery,bankswill,unlessotherwisestipulatedinthecredit,acceptadocument,howevernamed,which:
i)appearsonitsfacetoindicatethenameofthecourier/service,andtohavebeenstamped,signedorotherwiseauthenticatedbysuchnamedcourier/service(unlessthecreditspecificallycallsforadocumentissuedbyanamedcourier/service,bankswillacceptadocumentissuedbyanycourier/service),and
ii)indicatesadateofpick-uporofreceiptorwordingtothiseffect,suchdatebeingdeemedtobethedateofshipmentordispatch,and
iii)inallotherrespectsmeetsthestipulationsofthecredit.
article30.transportdocumentsissuedbyfreightforwarders
unlessotherwiseauthorisedinthecredit,bankswillonlyacceptatransportdocumentissuedbyafreightforwarderifitappearsonitsfacetoindicate:
i)thenameofthefreightforwarderasacarrierormultimodaltransportoperatorandtohavebeensignedorotherwiseauthenticatedbythefreightforwarderascarrierormultimodaltransportoperator,or
ii)thenameofthecarrierormultimodaltransportoperatorandtohavebeensignedorotherwiseauthenticatedbythefreightforwarderasanamedagentfororonbehalfofthecarrierormultimodaltransportoperator.
articie31."ondeck,'""shipper'sloadandcount,"nameofconsignor
unlessotherwisestipulatedinthecredit,bankswillacceptatransportdocumentwhich:
i)doesnotindicate,inthecaseofcarriagebyseaorbymorethanonemeansofconveyanceincludingcarriagebysea,thatthegoodsareorwillbeloadedondeck.nevertheless,bankswillacceptatransportdocumentwhichcontainsaprovisionthatthegoodsmaybecarriedondeck,providedthatitdoesnotspecificallystatethattheyareorwillbeloadedondeck,and/or
ii)bearsaclauseonthefacethereofsuchas"shipper'sloadandcount"or"saidbyshippertocontain"orwordsofsimilareffect,and/or
iii)indicatesastheconsignorofthegoodsapartyotherthanthebeneficiaryofthecredit.
article32.cleantransportdocuments
a.acleantransportdocumentisonewhichbearsnoclauseornotationwhichexpresslydeclaresadefectiveconditionofthegoodsand/orthepackaging.
b.bankswillnotaccepttransportdocumentsbearingsuchclausesornotationsunlessthecreditexpresslystipulatestheclausesornotationswhichmaybeaccepted.
c.bankswillregardarequirementinacreditforatransportdocumenttobeartheclause"cleanonboard"ascompliedwithifsuchtransportdocumentmeetstherequirementsofthisarticleandofarticles23,24,25,26,27,28or30.
article33.freightpayable/prepaidtransportdocuments
a.unlessotherwisestipulatedinthecredit,orinconsistentwithanyofthedocumentspresentedunderthecredit,bankswillaccepttransportdocumentsstatingthatfreightortransportaioncharges(hereafterreferredtoas"freight")havestilltobepaid.
b.ifacreditstipulatesthatthetransportdocumenthastoindicatethatfreighthasbeenpaidorprepaid,bankswillacceptatransportdocumentonwhichwordsclearlyindicatingpaymentorprepaymentoffreightappearbystamporotherwise,oronwhichpaymentorprepaymentoffreightisindicatedbyothermeans.ifthecreditrequirescourierchargestobepaidorprepaidbankswillalsoacceptatransportdocumentissuedbyacourierorexpediteddeliveryserviceevidencingthatcourierchargesarefortheaccountofapartyotherthantheconsignee.
c.thewords"freightprepayable"or"freighttobeprepaid"orwordsofsimilareffect,ifappearingontransportdocuments,willnotbeacceptedasconstitutingevidenceofthepaymentoffreight.d.bankswillaccepttransportdocumentsbearingreferencebystamporotherwisetocostsadditionaltothefreight,suchascostsof,ordisbursementsincurredinconnectionwith,loading,unloadingorsimilaroperations,unlesstheconditionsofthecreditspecificallyprohibitsuchreference.
article34.insurancedocuments
a.insurancedocumentsmustappearontheirfacetobeissuedandsignedbyinsurancecompaniesorunderwritersortheiragents.
b.iftheinsurancedocumentindicatesthatithasbeenissuedinmorethanoneoriginal,alltheoriginalsmustbepresentedunlessotherwiseauthorisedinthecredit.
c.covernotesissuedbybrokerswillnotbeaccepted,unlessspecificallyauthorisedinthecredit.d.unlessotherwisestipulatedinthecredit,bankswillacceptaninsurancecertificateoradeclarationunderanopencoverpre-signedbyinsurancecompaniesorunderwritersortheiragents.ifacreditspecificallycallsforaninsurancecertificateoradeclarationunderanopencover,bankswillaccept,inlieuthereof,aninsurancepolicy.
e.unlessotherwisestipulatedinthecredit,orunlessitappearsfromtheinsurancedocumentthatthecoveriseffectiveatthelatestfromthedateofloadingonboardordispatchortakinginchargeofthegoods,bankswillnotacceptaninsurancedocumentwhichbearsadateofissuancelaterthanthedateofloadingonboardordispatchortakinginchargeasindicatedinsuchtransportdocument.
f.i)unlessotherwisestipulatedinthecredit,theinsurancedocumentmustbeexpressedinthesamecurrencyasthecredit.
ii)unlessotherwisestipulatedinthecredit,theminimumamountforwhichtheinsurancedocumentmustindicatetheinsurancecovertohavebeeneffectedisthecif(cost,insuranceandfreight("namedportofdestination"))orcip(carriageandinsurancepaidto("namedplaceofdestination"))valueofthegoods,asthecasemaybe,plus10%,butonlywhentheciforcipvaluecanbedeterminedfromthedocumentsontheirface.otherwise,bankswillacceptassuchminimumamount110%oftheamountforwhichpayment,accep-tanceornegotiationisrequestedunderthecredit,or110%ofthegrossamountoftheinvoice,whicheveristhegreater.
article35.typeofinsurancecover
a.creditsshouldstipulatethetypeofinsurancerequiredand,ifany,theadditionalriskswhicharetobecovered.imprecisetermssuchas"usualrisks"or"customaryrisks"shallnotbeused,iftheyareused,bankswillacceptinsurancedocumentsaspresented,withoutresponsibilityforanyrisksnotbeingcovered.
b.failingspecificstipulationsinthecredit,bankswillacceptinsurancedocumentsaspresented,withoutresponsibilityforanyrisksnotbeingcovered.
c.unlessotherwisestipulatedinthecredit,bankswillacceptaninsurancedocumentwhichindicatesthatthecoverissubjecttoafranchiseoronexcess(deductible).
article36.allrisksinsurancecover
thereacreditstipulates"insuranceagainstallrisks",bankswillacceptaninsurancedocumentwhichcontainsany"allrisks"notationorclause,whetherornotbearingtheheading"allrisks",eveniftheinsurancedocumentindicatesthatcertainrisksareexcluded,withoutresponsibilityforanyrisk(s)notbeingcovered.
article37.commercialinvoices
a.unlessotherwisestipulatedinthecredit,commercialinvoices;
i)mustappearontheirfacetobeissuedbythebeneficiarynamedinthecredit(exceptasprovidedinarticle48),and
ii)mustbemadeoutinthenameoftheapplicant(exceptasprovidedinsub-article48(h)),and
iii)neednotbesigned.
b.unlessotherwisestipulatedinthecredit,banksmayrefusecommercialinvoicesissuedforamountsinexcessoftheamountpermittedbythecredit.nevertheless,ifabankauthorisedtopay,incuradeferredpaymentundertaking,acceptdraft(s),ornegotiateunderacreditacceptssuchinvoices,itsdecisionwillbebindinguponallparties,providedthatsuchbankhasnotpaid,incurredadeferredpaymentundertaking,accepteddraft(s)ornegotiatedforanamountinexcessofthatpermittedbythecredit.
c.thedescriptionofthegoodsinthecommercialinvoicemustcorrespondwiththedescriptioninthecredit.inallotherdocuments,thegoodsmaybedescribedingeneraltermsnotinconsistentwiththedescriptionofthegoodsinthecredit.
article38.otherdocuments
ifacreditcallsforanattestationorcertificationofweightinthecaseoftransportotherthanbysea,bankwillacceptaweightstampordeclarationofweightwhichappearstohavebeensuperimposedonthetransportdocumentbythecarrierorhisagentunlessthecreditspecificallystipulatesthattheattestationorcertificationofweightmustbebymeansofaseparatedocument.
e.miscellaneousprovisions
article39.allowancesincreditamount,quantityandunitprice
a.thewords"about,""approximately,""circa"orsimilarexpressionsusedinconnectionwiththeamountofthecreditorthequantityortheunitpricestatedinthecreditaretobeconstruedasallowingadifferencenottoexceed10%moreor10%lessthantheamountorthequantityortheunitpricetowhichtheyrefer.
b.unlessacreditstipulatesthatthequantityofthegoodsspecifiedmustnotbeexceededorreduced,atoleranceof5%moreor5%lesswillbepermissible,alwaysprovidedthattheamountofthedrawingsdoesnotexceedtheamountofthecredit.thistolerancedoesnotapplywhenthecreditstipulatesthequantityintermsofastatednumberofpackingunitsorindividualitems.
c.unlessacreditwhichprohibitspartialshipmentsstipulatesotherwise,orunlesssub-article(b)aboveisapplicable,atoleranceof5%lessintheamountofthedrawingwillbepermissible,providedthatifthecreditstipulatesthequantityofthegoods,suchquantityofgoodsisshippedinfull,andifthecreditstipulatesaunitprice,suchpriceisnotreduced.thisprovisiondoesnotapplywhenexpressionsreferredtoinsub-article(a)aboveareusedinthecredit.
article40.partialshipments/drawings
a.partialdrawingsand/orshipmentsareallowed,unlessthecreditstipulatesotherwise.
b.transpartdocumentswhichappearontheirfacetoindicatethatshipmenthasbeenmadeonthesamemeansofconveyanceandforthesamejourney,providedtheyindicatethesamedestination,willnotberegard.edascoveringpartialshipments,evenifthetransportdocumentsindicatedifferentdatesofshipmentand/ordifferentportsofloading,placesoftakingincharge,ordespatch.
c.shipmentsmadebypostorbycourierwillnotberegardedaspartialshipmentsifthepostreceiptsorcertificatesofpostingorcourier'sreceiptsordispatchnotesappeartohavebeenstamped,signedorotherwiseauthenticatedintheplacefromwhichthecreditstipulatesthegoodsaretobedispatched,andonthesamedate.
article41.instalmentshipments/drawings
ifdrawingsand/orshipmentsbyinstalmentswithingivenperiodsarestipulatedinthecreditandanyinstalmentisnotdrawnand/orshippedwithintheperiodallowedforthatinstalment,thecreditceasestobeavailableforthatandanysubsequentinstalments,unlessotherwisestipulatedinthecredit.
article42.expirydateandplaceforpresentationofdocuments
a.allcreditsmuststipulateanexpirydateandaplaceforpresentationofdocumentsforpayment,acceptance,orwiththeexceptionoffreelynegotiablecredits,aplaceforpresentationofdocumentsfornegotiation.anexpirydatestipulatedforpayment,acceptanceornegotiationwillbeconstruedtoexpressanexpirydateforpresentationofdocuments.
b.exceptasprovidedinsub-article44(a),documentsmustbepresentedonorbeforesuchexpirydate.
c.ifanissuingbankstatesthatthecreditistobeavailable"foronemonth,""forsixmonths,"orthelike,butdoesnotspecifythedatefromwhichthetimeistorun,thedateofissuanceofthecreditbytheissuingbankwillbedeemedtobethefirstdayfromwhichsuchtimeistorun.banksshoulddiscourageindicationoftheexpirydateofthecreditinthismanner.
article43.limitationontheexpirydate
a.inadditiontostipulatinganexpirydateforpresentationofdocuments,everycreditwhichcallsforatransportdocument(s)shouldalsostipulateaspecifiedperiodoftimeafterthedateofshipmentduringwhichpresentationmustbemadeincompliancewiththetermsandconditionsofthecredit.tfnosuchperiodoftimeisstipulated,bankswillnotacceptdocumentspresentedtothemlaterthan21daysafterthedateofshipment.inanyevent,documentsmustbepresentednotlaterthantheexpirydateofthecredit.
b.incasesinwhichsub-article40(b)applies,thedateofshipmentwillbeconsideredtobethelatestshipmentdateonanyofthetransportdocumentspresented.
article44.extensionofexpirydate
a.iftheexpirydateofthecreditand/orthelastdayoftheperiodoftimeforpresentationofdocumentsstipulatedbythecreditorapplicablebyvirtueofarticle43fallsonadayonwhichthebanktowhichpresentationhastobemadeisclosedforreasonsotherthanthosereferredtoinarticle17,thestipulatedexpirydateand/orthelastdayoftheperiodoftimeafterthedateofshipmentforpresentationofdocuments,asthecasemaybe,shallbeextendedtothefirstfollowingdayonwhichsuchbankisopen.
b.thelatestdateforshipmentshallnotbeextendedbyreasonoftheextensionoftheexpirydateand/ortheperiodoftimeafterthedateofshipmentforpresentationofdocumentsinaccordancewithsub-article(a)above.ifnosuchlatestdateforshipmentisstipulatedinthecreditoramendmentsthereto,bankswillnotaccepttransportdocumentsindicatingadateofshipmentlaterthantheexpirydatestipulatedinthecreditoramendmentsthereto.
c.thebanktowhichpresentationismadeonsuchfirstfollowingbusinessdaymustprovideastatementthatthedocumentswerepresentedwithinthetimelimitsextendedinaccordancewithsub-article44(a)oftheuniformcustomsandpracticefordocumentarycredits,1993revision,iccpublicationno.500.
article45.hoursofpresentation
banksareundernoobligationtoacceptpresentationofdocumentsoutsidetheirbankinghours.
article46.generalexpressionsastodatesforshipment
a.unlessotherwisestipulatedinthecredit,theexpression"shipment"usedinstipulatinganearliestand/oralatestdateforshipmentwillbeunderstoodtoincludeexpressionssuchas,"loadingonboard,""dis.patch,""acceptedforcarriage,""dateofpostreceipt,""dateofpick-up,"andthelike,andinthecaseofacreditcallingforamultimodaltransportdocumenttheexpression"takingincharge."
b.expressionssuchas"prompt,""immediately,""assoonaspossible,"andthelikeshouldnotbeused.iftheyareusedbankswilldisregardthem.
c.iftheexpression"onorabout"orsimilarexpressionsareused,bankswillinterpretthemasastipulationthatshipmentistobemadeduringtheperiodfromfivedaysbeforetofivedaysafterthespecifieddate,bothenddaysincluded.
article47.dateterminologyforperiodsofshipment
a.thewords"to,""until,""till,""from"andwordsofsimilarimportapplyingtoanydateorperiodinthecreditreferringtoshipmentwillbeunderstoodtoincludethedatementioned.
b.theword"after"willbeunderstoodtoexcludethedatementioned.
c.theterms"firsthalf,""secondhalf"ofamonthshallbeconstruedrespectivelyasthe1sttothe15th,andthe16thtothelastdayofsuchmonth,alldatesinclusive.
d.theterms"beginning,""middle,"or"end"ofamonthshallbeconstruedrespectivelyasthe1sttothe10th,the11thtothe20th,andthe21sttothelastdayofsuchmonth,alldatesinclusive.
f.transferablecredit
article48.transferablecredit
a.atransferablecreditisacreditunderwhichthebeneficiary(firstbeneficiary)mayrequestthebankauthorisedtopay,incuradeferredpaymentundertaking,acceptornegotiate(the"transferringbank"),orinthecaseofafreelynegotiablecredit,thebankspecificallyauthorisedinthecreditasatransferringbank,tomakethecreditavailableinwholeorinparttooneormoreotherbeneficiary(ies)(secondbeneficiary(ies)).
b.acreditcanbetransferredonlyifitisexpresslydesignatedas"transferable"bytheissuingbank.termssuchas"divisible,""fractionable,""assignable,"and"transmissible"donotrenderthecredittransferable.ifsuchtermsareusedtheyshallbedisreearded.
c.atransferringbankshallbeundernoobligationtoeffectsuchtransferexcepttotheextentandinthemannerexpresslyconsentedtobysuchbank.
d.atthetimeofmakingarequestfortransferandpriortotransferofthecredit,thefirstbeneficiarymustirrevocablyinstructthetransferringbankwhetherornotheretainstherighttorefusetoallowthetransferringbanktoadviseamendmentstothesecondbeneficiary(ies).ifthe
transferringbankconsentstothetransferundertheseconditions,itmust,atthetimeoftransfer,advisethesecondbeneficiary(ies)ofthefirstbeneficiary'sinstructionsregardingamendments.
e.ifacreditistransferredtomorethanonesecondbeneficiary(ies),refusalofanamendmentbyoneormoresecondbeneficiary(ies)doesnotinvalidatetheacceptance(s)bytheothersecondbeneficiary(ies)withrespecttowhomthecreditwillbeamendedaccordingly.withrespecttothesecondbeneficiary(ies)whorejectedtheamendment,thecreditwillremainunamended.
f.transferringbankchargesinrespectoftransfersincludingcommissions,fees,costsorexpensesarepayablebythefirstbeneficiary,unlessotherwiseagreed.ifthetransferringbankagreestotransferthecredititshallbeundernoobligationtoeffectthetransferuntilsuchchargesarepaid.
g.unlessotherwisestatedinthecredit,atransferablecreditcanbetransferredonceonly.consequently,thecreditcannotbetransferredattherequestofthesecondbeneficiarytoanysubsequentthirdbeneficiary.forthepurposeofthisarticle,aretransfertothefirstbeneficiarydoesnotconstituteaprohibitedtransfer.fractionsofatransferablecredit(notexceedingintheaggregatetheamountofthecredit)canbetransferredseparately,providedpartialshipments/drawingsarenotprohibited,andtheaggregateofsuchtransferswillbeconsideredasconstitutingonlyonetransferofthecredit.
h.thecreditcanbetransferredonlyonthetermsandconditionsspecifiedintheoriginalcredit,withtheexceptionof:
-theamountofthecredit,
-anyunitpricestatedtherein,
-theexpirydate,
-thelastdateforpresentationofdocumentsinaccordancewitharticle43,
-theperiodforshipment,
anyorallofwhichmaybereducedorcurtailed.
thepercentageforwhichinsurancecovermustbeeffectedmaybeincreasedinsuchawayastoprovidetheamountofcoverstipulatedintheoriginalcredit,orthesearticles.inaddition,thenameofthefirstbeneficiarycanbesubstitutedforthatoftheapplicant,butifthenameoftheapplicantisspecificallyrequiredbytheoriginalcredittoappearinanydocument(s)otherthantheinvoice,suchrequirementmustbefulfilled.
i.thefirstbeneficiaryhastherighttosubstitutehisowninvoice(s)(anddraft(s))forthoseofthesecondbeneficiary(ies),foramountsnotinexcessoftheoriginalamountstipulatedinthecreditandfortheoriginalunitpricesifstipulatedinthecredit,anduponsuchsubstitutionofinvoice(s)(anddraft(s))thefirstbeneficiarycandrawunderthecreditforthedifference,ifany,betweenhisvoice(s)andthesecondbeneficiary's(ies')invoice(s).
whenacredithasbeentransferredandthefirstbeneficiaryistosupplyhisowninvoice(s)(anddraft(s))inexchangeforthesecondbeneficiary's(ies')invoice(s)(anddraft(s))butfailstodosoonfirstdemand,thetransferringbankhastherighttodelivertotheissuingbankthedocumentsreceivedunderthetransferredcredit,includingthesecondbeneficiary's(ies')invoice(s)(anddraft(s))withoutfurtherresponsibilitytothefirstbeneficiary.
j.thefirstbeneficiarymayrequestthatpaymentornegotiationbeeffectedtothesecondbeneficiary(ies)attheplacetowhichthecredithasbeentransferreduptoandincludingtheexpirydateofthecredit,unlesstheoriginalcreditexpresslystatesthatitmaynotbemadeavailableforpaymentornegotiationataplaceotherthanthatstipulatedinthecredit.thisiswithoutprejudicetothefirstbeneficiary'srighttosubstitutesubsequentlyhisowninvoice(s)(anddraft(s))forthoseofthesecondbeneficiary(ies)andtoclaimanydifferenceduetohim.
g.assignnientofproceeds
article49.assignmentofproceeds
thefactthatacreditisnotstatedtobetransferableshallnotaffectthebeneficiary'srighttoassignanyproceedstowhichhemaybe,ormaybecome,entitledundersuchcredit,inaccordancewiththeprovisionsoftheapplicablelaw.thisarticlerelatesonlytotheassignmentofproceedsandnottotheassignmentoftherighttoperformunderthecredititself.
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a.generalprovisionsanddefinitions
article1.applicationofucp
theuniformcustomsandpracticefordocumentarycredits,1993revision,iccpublicationno.500,shallapplytoalldocumentarycredits(includingtotheextenttowhichtheymaybeapplicable,standbyletter(s)ofcredit)wheretheyareincorporatedintothetextofthecredit.theyarebindingonallpartiesthereto,unlessotherwiseexpresslystipulatedinthecredit.
article2.meaningofcredit
forthepurposesofthesearticles,theexpressions"documentarycredit(s)"and"standbyletter(s)ofcredit"(hereinafterreferredtoas"credit(s)"),rmeananyarrangement,howevernamedordescribed,wherebyabank(the"issuingbank")actingattherequestandontheinstructionsofacustomer(the"applicant")oronitsownbehalf,
i)istomakeapaymenttoortotheorderofathirdparty(the"beneficiary"),oristoacceptandpaybillsofexchange(draft(s))drawnbythebeneficiary,or
ii)authorisesanotherbanktoeffectsuchpayment,ortoacceptandpaysuchbillsofexchange(draft(s)),or
iii)authorisesanotherbanktonegotiate,againststipulateddocument(s),providedthatthetermsandconditionsofthecreditarecompliedwith.forthepurposesofthesearticles,branchesofabankindifferentcountreisareconsideredanotherbank.
article3.creditsv.contracts
a.credits,bytheirnature,areseparatetransactionsfromthesalesorothercontract(s)onwhichtheymaybebasedandbanksareinnowayconcernedwithorboundbysuchcontract(s),evenifanyreferencewhatsoevertosuchcontract(s)isincludedinthecredit.consequently,theundertakingofabanktopay,acceptandpaydraft(s)ornegotiateand/ortofulfilanyotherobligationunderthecredit,isnotsubjecttoclaimsordefencesbytheapplicantresultingfromhisrelationshipswiththeissuingbankorthebeneficiary.
b.abeneficiarycaninnocaseavailhimselfofthecontractualrelationshipsexistingbetweenthebanksorbetweentheapplicantandtheissuingbank.
article4.documentsv.goods/services/performances
increditoperationsallpartiesconcerneddealwithdocuments,andnotwithgoods,servicesand/orotherperformancestowhichthedocumentsmayrelate.
article5.instructionstoissue/amendcredits
a.instructionsfortheissuanceofacredit,thecredititself,instructionsforanamendmentthereto,andtheamendmentitself,mustbecompleteandprecise.inordertoguardagainstconfusionandmisunderstanding,banksshoulddiscourageanyattempt
i)toincludeexcessivedetailinthecreditorinanyamendmentthereto;
ii)togiveinstructionstoissue,adviseorconfirmacreditbyreferencetoacreditpreviouslyissued(similarcredit)wheresuchpreviouscredithasbeensubjecttoacceptedamendment(s),and/orunacceptedamendment(s),
b.allinstructionsfortheissuanceofacreditandthecredititselfand,whereapplicable,allinstructionsforanamendmenttheretoandtheamendmentitself,muststatepreciselythedocument(s)againstwhichpayment,acceptanceornegotiationistobemade.
b.formandnotificatioinofcredits
article6.revocablev.irrevocablecredits
a.acreditmaybeeither
i)revocable,or
ii)irrevocable.
b.thecredit,therefore,shouldclearlyindicatewhetheritisrevocableorirrevocable.
c.intheabsenceofsuchindicationthecreditshallbedeemedtobeirrevocable.
article7.advisingbank'sliability
a.acreditmaybeadvisedtoabeneficiarythroughanotherbank(the"advisingbank")withoutengagementonthepartoftheadvisingbank,butthatbank,ifitelectstoadvisethecredit,shalltakereasonablecaretochecktheapparentauthenticityofthecreditwhichitadvises.ifthebankelectsnottoadvisethecredit,itmustsoinformtheissuingbankwithoutdelay.
b.iftheadvisingbankcannotestablishsuchapparentauthenticityitmustinform,withoutdelay,thebankfromwhichtheinstructionsappeartohavebeenreceivedthatithasbeenunabletoestablishtheauthenticityofthecreditandifitelectsnonethelesstoadvisethecredititmustinformthebeneficiarythatithasnotbeenabletoestablishtheauthen,ticityofthecredit.
article8.revocationofacredit
a.arevocablecreditmaybeamendedorcancelledbytheissuingbankatanymomentandwithoutpriornoticetothebeneficiary.
b.however,theissuingbankmust:
i)reimburseanotherbankwithwhicharevocablecredithasbeenmadeavailableforsightpayment,acceptanceornegotiation-foranypayment,acceptanceornegotiationmadebysuchbank-priortoreceiptbyitofnoticeofamendmentorcancellation,againstdocumentswhichappearontheirfacetobeincompliancewiththetermsandconditionsofthecredit,
ii)reimburseanotherbankwithwhicharevocablecredithasbeenmadeavailablefordeferredpayment,ifsuchabankhas,priortoreceiptbyitofnoticeofamendmentorcancellation,takenupdocumentswhichappearontheirfacetobeincompliancewiththetermsandconditionsofthecredit.
article9.liabilityofissuingandconfirmingbanks
a.anirrevocablecreditconstitutesadefiniteundertakingoftheissuingbank,providedthatthestipulateddocumentsarepresentedtothenominatedbankortotheissuingbankandthatthetermsandconditionsofthecreditarecompliedwith:
i)ifthecreditprovidesforsightpayment-topayatsight;
ii)ifthecreditprovidesfordeferredpayment-topayonthematuritydate(s)determinableinaccordancewiththestipulationsofthecredit;
iii)ifthecreditprovidesforacceptance;
(a)bytheissuingbank-toacceptdraft(s)drawnbythebeneficiarqontheissuingbankandpaythematmaturity,or
(b)byanotherdraweebank-toacceptandpayatmaturitydraft(s)drawnbythebeneficiaryontheissuingbankintheeventthedraweebankstipulatedinthecreditdoesnotacceptdraft(s)drawnonit,ortopaydraft(s)acceptedbutnotpaidbysuchdraweebankatmaturity;
iv)ifthecreditprovidesfornegotiation-topaywithoutrecoursetodrawersand/orbonafideholders,draft(s)drawnbythebeneficiaryand/ordocument(s)presentedunderthecredit.acreditshouldnotbeissuedavailablebydraft(s)ontheapplicant.ifthecreditneverthelesscallsfordraft(s)ontheapplicant,bankswillconsidersuchdraft(s)asanadditionaldocument(s).
b.aconfirmationofanirrevocablecreditbyanotherbank(the"confirminnbank")upontheauthorisationorrequestoftheissuingbank,constitutesadefiniteundertakingoftheconfirmingbank,inadditiontothatoftheissuingbank,providedthatthestipulateddocumentsarepresentedtotheconfirmingbankortoanyothernominatedbankandthatthetermsandconditionsofthecreditarecompliedwith:
i)ifthecreditprovidesforsightpayment-topayatsight;
ii)ifthecreditprovidesfordeferredpayment-topayonthematuritydate(s)determinableinaccordancewiththestipulationsofthecredit;
iii)ifthecreditprovidesforacceptance:
(a)bytheconfirmingbank-toacceptdraft(s)drawnbythebeneficiaryontheconfirmingbankandpaythematmaturity,or
(b)byanotherdraweebank-toacceptandpayatmaturitydraft(s)drawnbythebeneficiaryontheconfirmingbank,intheeventthedraweebankstipulatedinthecreditdoesnotacceptdraft(s)drawnonit,ortopaydraft(s)acceptedbutnotpaidbysuchdraweebankatmaturity;
iv)ifthecreditprovidesfornegotiation-tonegotiatewithoutrecoursetodrawersand/orbonafideholders,draft(s)drawnbythebeneficiaryand/ordocument(s)presentedunderthecredit.acreditshouldnotbeissuedavailablebydraft(s)ontheapplicant.ifthecreditneverthelesscallsfordraft(s)ontheapplicant,bankswillconsidersuchdraft(s)asanadditionaldocument(s).
c.i)ifanotherbankisauthorisedorrequestedbytheissuingbanktoadditsconfirmationtoacreditbutisnotpreparedtodoso,itmustsoinformtheissuingbankwithoutdelay.
ii)unlesstheissuingbankspecifiesotherwiseinitsauthorisationorrequesttoaddconfirmation,theadvisingbankmayadvisethecredittothebeneficiarywithoutaddingitsconfirmation.
d.i)exceptasotherwiseprovidedbyarticle48,anirrevocablecreditcanneitherbeamendednorcancelledwithouttheagreementoftheissuingbank,theconfirmingbank,ifany,andthebeneficiary.
ii)theissuingbankshallbeirrevocablyboundbyanamendment(s)issuedbyitfromthetimeoftheissuanceofsuchamendment(s).aconfirmingbankmayextenditsconfirmationtoanamendmentandshallbeirrevocablyboundasofthetimeofitsadviceoftheamendment.aconfirmingbankmay,however,choosetoadviseanamendmenttothebeneficiarywithoutextendingitsconfirmationandifso,mustinformtheissuingbankandthebeneficiarywithoutdelay.
iii)thetermsoftheoriginalcredit(oracreditincorporatingpreviouslyacceptedamendment(s))willremaininforceforthebeneficiaryuntilthebeneficiarycommunicateshisacceptanceoftheamendmenttothebankthatadvisedsuchamendment.thebeneficiaryshouldgivenotificationofacceptanceorrejectionofamendment(s).ifthebeneficiaryfailstogivesuchnotification,thetenderofdocumentstothenominatedbankorissuingbank,thatconformtothecreditandtonotyetacceptedamendment(s),willbedeemedtobenotificationofacceptancebythebeneficiaryofsuchamendment(s)andasofthatmomentthecreditwillbeamended.
iv)partialacceptanceofamendmentscontainedinoneandthesameadviceofamendmentisnotallowedandconsequentlywillnotbegivenanyeffect.
article10.typesofcredit
a.allcreditsmustclearlyindicatewhethertheyareavailablebysightpayment,bydeferredpayment,byacceptanceorbynegotiation.
b.i)unlessthecreditstipulatesthatitisavailableonlywiththeissuingbank,allcreditsmustnominatethebank(the"nominatedbank")whichisauthorisedtopay,toincuradeferredpaymentundertaking,toacceptdraft(s)ortonegotiate.inafreelynegotiabecredit,anybankisanominatedbankpresentationofdocumentsmustbemadetotheissuingbankortheconfirmingbank,ifany,oranyothernominatedbank.negotiationmeansthegivingofvaluefordraft(s)and/ordocument(s)bythebankauthorisedtonegotiate.mereexaminationofthedocumentswithoutgivingofvaluedoesnotconstituteanegotiation.
c.unlessthenominatedbankistheconfirmingbank,nominationbytheissuingbankdoesnotconstituteanyundertakingbythenominatedbanktopay,toincuradeferredpaymentundertaking,toacceptdraft(s),ortonegotiate.exceptwhereexpresslyagreedtobythenominatedbankandsocommunicatedtothebeneficiary,thenominatedbank'sreceiptofand/orexaminationand/orforwardingofthedocumentsdoesnotmakethatbankliabletopay,toincuradeferredpaymentundertaking,toacceptdraft(s),ortonegotiate.
d.bynominatinganotherbank,orbyallowingfornegotiationbyanybank,orbyauthorisingorrequestinganotherbanktoadditsconfirmation,theissuingbankauthorisessuchbanktopay,acceptdraft(s)ornegotiateasthecasemaybe,againstdocumentswhichappearontheirfacetobeincompliancewiththetermsandconditionsofthecreditandundertakestoreimbursesuchbankinaccordancewiththeprovisionsofthesearticles.
article11.teletransmittedandpre-advisedcredits
a.i)whenanissuingbankinstructsanadvisingbankbyanauthenticatedteletransmissiontoadviseacreditoranamendmenttoacredit,theteletransmissionwillbedeemedtobetheoperativecreditinstrumentortheoperativeamendment,andnomailconfirmationshouldbesent.shouldamailconfirmationneverthelessbesent,itwillhavenoeffectandtheadvisingbankwillhavenoobligationtochecksuchmailconfirmationagainsttheoperativecreditinstrumentortheoperativeamendmentreceivedbyteletransmission.
ii)iftheteletransmissionstates"fulldetailstofollow"(orwordsofsimilareffect)orstatesthatthemailconfirmationistobetheoperativecreditinstrumentortheoperativeamendment,thentheteletransmissionwillnotbedeemedtobetheoperativecreditinstrumentortheoperativeamendment.theissuingbankmustforwardtheoperativecreditinstrumentortheoperativeamendmenttosuchadvisingbankwithoutdelay.
b.ifabankusestheservicesofanadvisingbanktohavethecreditadvisedtothebeneficiary,itmustalsousetheservicesofthesamebankforadvisinganamendment(s)
c.apreliminaryadviceoftheissuanceoramendmentofanirrevocablecredit(pre-advice),shallonlybegivenbyanissuingbankifsuchbankispreparedtoissue-theoperativecreditinstrumentortheoperativeamendmentthereto.unlessotherwisestatedinsuchpreliminaryadvicebytheissuingbank,anissuingbankhavinggivensuchpre-adviceshallbeirrevocablycommittedtoissueoramendthecredit,intermsnotinconsistentwiththepre-advice,withoutdelay.
article12.incompleteorunclearinstructions
ifincompleteorunclearinstructionsarereceivedtoadvise,confirmofamendacredit,thebankrequestedtoactonsuchinstructionsmaygivepreliminarynotificationtothebeneficiaryforinformationonlyandwithoutresponsibility.thispreliminarynotificationshouldstateclearlythatthenotificationisprovidedforinformationonlyandwithouttheresponsibilityoiftheadvisingbank.inanyevent,theadvisingbankmustinformtheissuingbankoftheactiontakenandrequestittoprovidethenecessaryinformatioin.
theissuingbankmustprovidethenecessaryinformationwithoutdelay.thecreditwillbeadvised,confirmedoramended,onlywhencompleteandclearinstructionshavebeenreceivedandiftheadvisingbankisthenpreparedtoactontheinstructions.
c.liabilitiesandresponsibilities
article13.standardforexaminationofdocuments
a.banksmustexaminealldocumentsstipulatedinthecreditwithreasonablecare,toascertainwhetherornottheyappear,ontheirface,tobeincompliancewiththetermsandconditionsofthecredit.complianceofthestipulateddocumentsontheirfacewiththetermsandconditionsofthecredit,shallbedeterminedbyinternationalstandardbankingpracticeasreflectedinthesearticles.documentswhichappearontheirfacetobeinconsistentwithoneanotherwillbeconsideredasnotappearingontheirfacetobeincompliancewiththetermsandconditionsofthecredit.
documentsnotstipulatedinthecreditwillnotbeexaminedbybanks.iftheyreceivesuchdocuments,theyshallreturnthemtothepresenterorpassthemonwithoutresponsibility.
b.theissuingbank,theconfirmingbank,ifany,oranominatedbankactingontheirbehalf,shalleachhaveareasonabletime,nottoexceedsevenbankingdaysfollowingthedayofreceiptofthedocuments,toexaminethedocumentsanddeterminewhethertotakeuporrefusethedocumentsandtoinformthepartyfromwhichitreceivedthedocumentsaccordingly.
c.ifacreditcontainsconditionswithoutstatingthedocument(s)tobepresentedincompliancetherewith,bankswilldeemsuchconditionsasnotstatedandwilldisregardthem.
article14.discrepantdocumentsandnotice
a.whentheissuingbankauthorisesanotherbanktopay,incuradeferredpaymentundertaking,acceptdraft(s),ornegotiateagainstdocumentswhichappearontheirfacetobeincompliancewiththetermsandconditionsofthecredit,theissuingbankandtheconfirmingbank,ifany,arebound:
i)toreimbursethenominatedbankwhichhaspaid,incurredadeferredpaymentundertaking,accepteddraft(s),ornegotiated,
ii)totakeupthedocuments.
b.uponreceiptofthedocumentstheissuingbankand/orconfirmingbank,ifany,oranominatedbankactingontheirbehalf,mustdetermineonthebasisofthedocumentsalonewhetherornottheyappearontheirfacetobeincompliancewiththetermsandconditionsofthecredit.ifthedocumentsappearontheirfacenottobeincompliancewiththetermsandconditionsofthecredit,suchbanksmayrefusetotakeupthedocuments.
c.iftheissuingbankdeterminesthatthedocumentsappearontheirfacenottobeincompliancewiththetermsandconditionsofthecredit,itmayinitssolejudgmentapproachtheapplicantforawaiverofthediscrepancy(ies).thisdoesnot,however,extendtheperiodmentionedinsub-article13(b).
d.i)iftheissuingbankand/orconfirmingbank,ifany,oranominatedbankactingontheirbehalf,decidestorefusethedocuments,itmustgivenoticetothateffectbytelecommunicationor,ifthatisnotpossible,byotherexpeditiousmeans,withoutdelaybutnolaterthanthecloseoftheseventhbankingdayfollowingthedayofreceiptofthedocuments.suchnoticeshallbegiventothebankfromwhichitreceivedthedocuments,ortothebeneficiary,ifitreceivedthedocumentsdirectlyfromhim.
ii)suchnoticemuststatealldiscrepanciesinrespectofwhichthebankrefusesthedocumentsandmustalsostatewhetheritisholdingthedocumentsatthedisposalof,orisreturningthemto,thepresenter.
iii)theissuingbankand/orconfirmingbank,ifany,shallthenbeentitledtoclaimfromtheremittingbankrefund,withinterest,ofanyreimbursementwhichhasbeenmadetothatbank.
e.iftheissuingbankand/orconfirmingbank,ifany,failstoactinaccordancewiththeprovisionsofthisarticleand/orfailstoholdthedocumentsatthedisposalof,orreturnthemtothepresenter,theissuingbankand/orconfirmingbank,ifany,shallbeprecludedfromclaimingthatthedocumentsarenotincompliancewiththetermsandconditionsofthecredit.
f.iftheremittingbankdrawstheattentionoftheissuingand/orconfirmingbank,ifany,toanydiscrepancy(ies)inthedocument(s)oradvisessuchbanksthatithaspaid,incurredadeferredpaymentundertaking,accepteddraft(s)ornegotiatedunderreserveoragainstanindemnityinrespectofsuchdiscrepancy(ies),theissuingbankand/orconfirmingbank,ifany,shallnotbethereburelievedfromanyoftheirobligationsunderanyprovisionofthisarticle.suchreserveorindemnityconcernsonlytherelationsbetweentheremittingbankandthepartytowardswhomthereservewasmade,orfromwhom,oronwhosebehalf,theindemnitywasobtained.
article15.disclaimeroneffectivenessofdocuments
banksassumenoliabilityorresponsibilityfortheform,sufficiency,accuracy,genuineness,falsificationorlegaleffectofanydocument(s),orforthegeneraland/orparticularconditionsstipulatedinthedocument(s)orsuperimposedthereon;nordotheyassumeanyliabilityorresponsibilityforthedescription,quantity,weight,quality,condition,packing,delivery,valueorexistenceofthegoodsrepresentedbyanydocument(s),orforthegoodfaithoractsand/oromissions,solvency,performanceorstandingoftheconsignors,thecarriers,theforwarders,theconsigneesortheinsurersofthegoods,oranyotherpersonwhomsover.
article16.disclaimeronthetransmissionofmessages
banksassumenoliabilityorresponsibilityfortheconsequencesarisingoutofdelayand/orlossintransitofanymessage(s),letter(s)ordocument(s),orfordelay,multilationorothererror(s)arisinginthetransmissionofanytelecommunication.banksassumenoliabilityorresponsibilityforerrorsintranslationand/orinterpretationoftechnicalterms,andreservetherighttotransmitcredittermswithouttranslatingthem.
article17.forcemaieure
banksassumenoliabilityorresponsibilityfortheconsequencesarisingoutoftheinterruptionoftheirbusinessbyactsofgod,riots,civilcommotions,insurrections,warsoranyothercausesbeyondtheircontrol,orbyanystrikesorlockouts.unlessspecificallyauthorised,bankswillnot,uponresumptionoftheirbusiness,pay,incuradeferredpaymentundertaking,acceptdraft(s)ornegotiateundercreditswhichexpiredduringsuchinterruptionoftheirbusiness.
article18.disclaimerforactsofininstructedparty
a.banksutilizingtheservicesofanotherbankorotherbanksforthepurposeofgivingeffecttotheinstructionsoftheapplicantdosofortheaccountandattheriskofsuchapplicant.
b.banksassumenoliabilityorresponsibilityshouldtheinstructionstheytransmitnotbecarriedout,eveniftheyhavethemselvestakentheinitiativeinthechoiceofsuchotherbank(s),
c.i)apartyinstructinganotherpartyotperformservicesisliableforanycharges,includingcommissions,fees,costsorexpensesincurredbytheinstructedpartyinconnectionswithitsinstructions.
ii)whereacreditstipulatesthatsuchchargesarefortheaccountofapartyotherthantheinstructingparty,andchargescannotbecollected,theinstructingpartyremainsultimatelyliableforthepaymentthereof.
d.theapplicantshallbeboundbyandliabletoindemnifythebanksagainstallobligationsandresponsibilitiesimposedbyforeignlawsandusuages.
article19.bank-to-bankreimbursementarrangementsl
a.ifanissuingbankintendsthatthereimbursementtowhichapaying,acceptingornegotiatingbankisentitled,shallbeobtainedbysuchbank(the"claimingbank"),claimingonanotherparty(the"reimbursingbank"),itshallprovidesuchreimbursingbankingoodtimewiththeproperinstructionsorauthorisationtohonoursuchreimbursementclaims.
b.issuingbanksshallnotrequireaclaimingbanktosupplyacertificateofcompliancewiththetermsandconditionsofthecredittothereimbursingbank.
c.anissuingbankshallnotberelievedfromanyofitsobligationstoprovidereimbursementifandwhenreimbursementisnotreceivedbytheclaimingbankfromthereimbursingbank.
d.theissuingbankshallberesponsibletotheclaimingbankforanylossofinterestifreimbursementisnotprovidedbythereimbursingbankonfirstdemand,orasotherwisespecifiedinthecredit,ormutuallyagreed,asthecasemaybe.
e.thereimbursingbank'schargesshouldbefortheaccountoftheissuingbank.however,incaseswherethechargesarefortheaccountofanotherparty,itistheresponsibilityoftheissuingbankstosoindicateintheoriginalcreditandinthereimbursementauthorisation.incaseswherethereimbursingbank'schargesarefortheaccountofanotherpartytheyshallbecollectedfromtheclaimingbankwhenthecreditisdrawnunder.incaseswherethecreditisnotdrawnunder,thereimbursingbank'schargesremaintheobligationoftheissuingbank.
d.documents
article20.ambiguityastotheissuersofdocuments
a.termssuchas"firstclass,""wellknown,""qualified,""independent,""official,""competent,""local"andthelike,shallnotbeusedtodescribetheissuersofanydocument(s)tobepresentedunderacredit.ifsuchtermsareincorporatedinthecredit,bankswillaccepttherelativedocument(s)aspresented,providedthatitappearsonitsfacetobeincompliancewiththeothertermsandconditionsofthecreditandnottohavebeenissuedbythebeneficiary.
b.unlessotherwisestipulatedinthecredit,bankswillalsoacceptasanoriginaldocument(s),adocument(s)producedorappearingtohavebeenproduced:
i)byreprographic,automatedorcomputerizedsystems;
ii)ascarboncopies;
providedthatitismarkedasoriginaland,wherenecessary,appearstobesigned.adocumentmaybesignedbyhandwriting,byfacsimilesignature,byperforatedsignature,bystamp,bysymbol,orbyanyothermechanicalorelectronicmethodofauthentication.
c.i)unlessotherwisestipulatedinthecredit,bankswillacceptasacopyties),adocument(s)eitherlabelledcopyornotmarkedasanoriginal-acopy(ies)neednotbesigned.
ii)creditsthatrequiremultipledocument(s)suchas"duplicate,""twofold,""twocopies"andthelike,willbesatisfiedbythepresentationofoneoriginalandtheremainingnumberincopiesexceptwherethedocumentitselfindicatesotherwise.
d.unlessotherwisestipulatedinthecredit,aconditionunderacreditcallingforadocumenttobeauthenticated,validated,legalized,visaed,certifiedorindicatingasimilarrequirement,willbesatisfiedbyanysignature,mark,stamporlabelonsuchdocumentthatonitsfaceappearstosatisfytheabovecondition.
article21.unspecifiedissuersorcontentsofdocuments
whendocumentsotherthantransportdocuments,insurancedocumentsandcommercialinvoicesarecalledfor,thecreditshouldstipulatebywhomsuchdocumentsaretobeissuedandtheirwordingordatacontent.ifthecreditdoesnotsostipulate,bankswillacceptsuchdocumentsaspresented,providedthattheirdatacontentisnotinconsistentwithanyotherstipulateddocumentpresented.
article22.issuancedateofdocumentsv.creditdate
unlessotherwisestipulatedinthecredit,bankswillacceptadocumentbearingadateofissuancepriortothatofthecredit,subjecttosuchdocumentbeingpresentedwithinthetimelimitssetoutinthecreditandinthesearticles.
article23.marine/oceanbilloflading
a.ifacreditcallsforabillofladingcoveringaport-to-portshipment,bankswill,unlessotherwisestipulatedinthecredit,acceptadocument,howevernamed,which:
i)appearsonitsfacetoindicatethenameofthecarrierandtohavebeensignedorotherwiseauthenticatedby:
-thecarrieroranamedagentfororonbehalfofthecarrier,or
-themasteroranamedagentfororonbehalfofthemaster.
anysignatureorauthenticationofthecarrierormastermustbeidentifiedascarrierormaster,asthecasemaybe.anagentsigningorauthenticatingforthecarrierormastermustalsoindicatethenameandthecapacityoftheparyt,i.e.carrierormaster,onwhosebehalfthatagentisacting,and
ii)indicatesthatthegoodshavebeenloadedonboard,orshippedonanamedvessel.loadingonboardorshipmentonanamedvesselmaybeindicatedbypre-printedwordingonthebillofladingthatthegoodshavebeenloadedonboardanamedvesselorshippedonanamedvessel,inwhichcasethedateofissuanceofthebillofladingwillbedeemedtobethedateofloadingonboardandthedateofshipment.inallothercasesloadingonboardanamedvesselmustbeevidencedbyanotationonthebillofladingwhichgivesthedateonwhichthegoodshavebeenloadedonboard,inwhichcasethedateoftheonboardnotationwillbedeemedtobethedateofshipment.ifthebillofladingcontainstheindication"intendedvessel,"orsimilarqualificationinrelationtothevessel,loadingonboardanamedvesselmustbeevidencedbyanonboardnotationonthebillofladingwhich,inadditiontothedateonwhichthegoodshavebeenloadedonboard,alsoincludesthenameofthevesselonwhichthegoodshavebeenloaded,eveniftheyhavebeenloadedonthevesselnamedasthe"intendedvessel".ifthebillofladingindicatesaplaceofreceiptortakinginchargedifferentfromtheportofloading,theonboardnotationmustalsoincludetheportofloadingstipulatedinthecreditandthenameofthevesselonwhichthegoodshavebeenloaded,eveniftheyhavebeenloadedonthevesselnamedinthebilloflading.thisprovisionalsoapplieswheneverloadingonboardthevesselisindicatedbypre-printedwordingonthebilloflading,and
iii)indicatestheportofloadingandtheportofdischargestipulatedinthecredit,notwithstandingthatit:
(a)indicatesaplaceoftakinginchargedifferentfromtheportofloading,and/oraplaceoffinaldestinationdifferentfromtheportofdischarge,and/or
(b)containstheindication"intended"orsimilarqualificationinrelationtotheportofloadingand/orportofdischarge,aslongasthedocumentalsostatestheportsofloadingand/ordischargestipulatedinthecredit,and
iv)consistsofasoleoriginalbilloflading,orifissuedinmorethanoneoriginal,thefullsetassoissued,and
v)appearstocontainallofthetermsandconditionsofcarriage,orsomeofsuchtermsandconditionsbyreferencetoasourceordocumentotherthanthebilloflading(shortform/blankbackbilloflading),bankswillnotexaminethecontentsofsuchtermsandconditions,and
vi)containsnoindicationthatitissubjecttoacharterpartyand/ornoindicationthatthecarryingvesselispropelledbysailonly,and
vii)inallotherrespectsmeetsthestipulationsofthecredit.
b.forthepurposeofthisarticle,transhipmentmeansunloadingandreloadingfromonevesseltoanothervesselduringthecourseofoceancarriagefromtheportofloadingtotheportofdischargestipulatedinthecredit.
c.unlesstranshipmentisprohibitedbythetermsofthecredit,bankswillacceptabillofladingwhichindicatesthatthegoodswillbetranshipped,providedthattheentireoceancarriageiscoveredbyoneandthesamebilloflading.
d.evenifthecreditprohibitstranshipment,bankswillacceptabillofladingwhich:
i)indicatesthattranshipmentwilltakeplaceaslongastherelevantcargoisshippedincontainer(s),trailer(s)and/or"lash"barge(s)asevidencedbythebilloflading,providedthattheentireoceancarriageiscoveredbyoneandthesamebilloflading,and/or
ii)incorporatesclausesstatingthatthecarrierreservestherighttotranship.
article24.non-negotiableseawaybill
a.ifacreditcallsforanon-negotiableseawaybillcoveringaport-to-portshipment,bankswill,unlessotherwisestipulatedinthecredit,acceptadocument,howevernamed,which:
i)appearsonitsfacetoindicatethenameofthecarrierandtohavebeensignedorotherwiseauthenticatedby:
-thecarrieroranamedagentfororonbehalfofthecarrier,or
ii)indicatesthatthegoodshavebeenloadedonboard,orshippedonanamedvessel.loadingonboardorshipmentonanamedvesselmaybeindicatedbypre-printedwordingonthenon-negotiableseawaybillthatthegoodshavebeenloadedonboardanamedvesselorshippedonanamedvessel,inwhichcasethedateofissuanceofthenon-negotiableseawaybillwillbedeemedtobethedateofloadingonboardandthedateofshipment.inallothercasesloadingonboardanamedvesselmustbeevidencedbyanotationonthenon-negotiableseawaybillwhichgivesthedateonwhichthegoodshavebeenloadedonboard,inwhichcasethedateoftheonboardnotationwillbedeemedtobethedateofshipment.
ifthenon-negotiableseawaybillcontainstheindication"intendedvessel,"orsimilarqualificationinrelationtothevessel,loadingonboardanamedvesselmustbeevidencedbyanonboardnotationonthenon-negotiableseawaybillwhich,inadditiontothedateonwhichthegoodshavebeenloadedonboard,includesthenameofthevesselonwhichthegoodshavebeenloaded,eveniftheyhavebeenloadedonthevesselnamedasthe"intendedvessel."ifthenon-negotiableseawaybillindicatesaplaceofreceiptortakinginchargedifferentfromtheportofloading,theonboardnotationmustalsoincludetheportofloadingstipulatedinthecreditandthenameofthevesselonwhichthegoodshavebeenloaded,eveniftheyhavebeenloadedonavesselnamedinthenon-negotiableseawaybill.thisprovisionalsoapplieswheneverload,ingonboardthevesselisindicatedbypre-printedwordingonthenon-negotiableseawaybill,and
iii)indicatestheportofloadingandtheportofdischargestipulatedinthecredit,notwithstandingthatit:
(a)indicatesaplaceoftakinginchargedifferentfromtheportofloading,and/oraplaceoffinaldestinationdifferentfromtheportdischarge,and/or
(b)containstheindication"intended"orsimilarqualificationinrelationtotheportofloadingand/orportofdischarge,aslongasthedocumentalsostatesthepot;tsofloadingand/ordischargestipulatedinthecredit,and
iv)consistsofasoleoriginalnon-negotiableseawaybill,orifissuedinmorethanoneoriginal,thefullsetassoissued,and
v)appearstocontainallofthetermsandconditionsofcarriage,orsomeofsuchtermsandconditionsbyreferencetoasourceordocumentotherthanthenon-negotiableseawaybill(shortformlblankbacknon-negotiableseawaybill);bankswillnotexaminethecontentsofsuchtermsandconditions,and
vi)containsnoindicationthatitissubjecttoacharterpartyand/ornoindicationthatthecarryingvesselispropelledbysailonly,and
vii)inallotherrespectsmeetsthestipulationsofthecredit.
b.forthepurposeofthisarticle,transhipmentmeansunloadingandreloadingfromonevesseltoanothervesselduringthecourseofoceancarriagefromtheportofloadingtotheportofdischargestipulatedinthecredit.
c.unlesstranshipmentisprohibitedbythetermsofthecredit,bankswillacceptanon-negotiableseawaybillwhichindicatesthatthegoodswillbetranshipped,providedthattheentireoceancarriageiscoveredbyoneandthesamenon-negotiableseawaybill.
d.evenifthecreditprohibitstranshipment,bankswillacceptanon-negotiableseawaybillwhich:
i)indicatesthattranshipmentwilltakeplaceaslongastherelevantcargoisshippedincontainer(s),trailer(s)and/or"lash"barge(s)asevidencedbythenon-negotiableseawaybill,providedthattheentireoceancarriageiscoveredbyoneandthesamenon-negotiableseawaybill,and/or
ii)incorporatesclausesstatingthatthecarrierreservestherighttotranship.
article25.charterpartybilloflading
a.ifacreditcallsfororpermitsacharterpartybilloflading,bankswill,unlessotherwisestipulatedinthecredit,acceptadocument,howevernamed,which:
i)containsanyindicationthatitissubjecttoacharterparty,and
ii)appearsonitsfacetohavebeensignedorotherwiseauthenticatedby:
-themasteroranamedagentfororonbehalfofthemaster,or
-theowneroranamedagentfororonbehalfoftheowner.
anysignatureorauthenticationofthemasterorownermustbeidentifiedasmasterorownerasthecasemaybe.anagentsigningorauthenticatingforthemasterorownermustalsoindicatethenameandthecapacityoftheparty,i.e.masterorowner,onwhosebehalfthatagentisacting,and
iii)doesordoesnotindicatethenameofthecarrier,and
iv)indicatesthatthegoodshavebeenloadedonboardorshippedonanamedvessel.loadingonboardorshipmentonanamedvesselmaybeindicatedbypre-printedwordingonthebillofladingthatthegoodshavebeenloadedonboardanamedvesselorshippedonanamedvessel,inwhichcasethedateofissuanceofthebillofladingwillbedeemedtobethedateofloadingonboardandthedateofshipment.
inallothercasesloadingonboardanamedvesselmustbeevidencedbyanotationonthebillofladingwhichgivesthedateonwhichthegoodshavebeenloadedonboard,inwhichcasethedateoftheonboardnotationwillbedeemedtobethedateofshipment,and
v)indicatestheportofloadingandtheportofdischargestipulatedinthecredit,and
vi)consistsofasoleoriginalbillofladingor,ifissuedinmorethanoneoriginal,thefullsetassoissued,and
vii)containsnoindicationthatthecarryingvesselispropelledbysailonly,and
viii)inallotherrespectsmeetsthestipulationsofthecredit.
b.evenifthecreditrequiresthepresentationofacharterpartycontractinconnectionwithacharterpartybilloflading,bankswillnotexaminesuchcharterpartycontract,butwillpassitonwithoutresponsibilityontheirpart.
article26.multimodaltransportdocument
a.ifacreditcallsforatransportdocumentcoveringatleasttwodifferentmodesoftransport(multimodaltransport),bankswill,unlessotherwisestipulatedinthecredit,acceptadocument,howevernamed,which:
i)appearsonitsfacetoindicatethenameofthecarrierormultimodaltransportoperatorandtohavebeensignedorotherwiseauthenticatedby:
-thecarrierormultimodaltransportoperatororanamedagentfororonbehalfofthecarrierormultimodaltransportoperator,
-themasteroranamedagentfororonbehalfofthemaster.
anysignatureorauthenticationofthecarrier,multimodaltransportoperatorormastermustbeidentifiedascarrier,multimodaltransportoperatorormaster,asthecasemaybe.anagentsigningorauthenticatingforthecarrier,multimodaltransportoperatorormastermustalsoindicatethenameandthecapacityoftheparty,i.e.carrier,multimodaltransportoperatorormaster,onwhosebehalfthatagentisacting,and
ii)indicatesthatthegoodshavebeendispatched,takeninchargeorloadedonboard.dispatch,takinginchargeorloadingonboardmaybeindicatedbywordingtothateffectonthemultimodaltransportdocumentandthedateofissuancewillbedeemedtobethedateofdispatch,takinginchargeorloadingonboardandthedateofshipment.however,ifthedocumentindicates,bystamporotherwise,adateofdispatch,takinginchargeorloadingonboard,suchdatewillbedeemedtobethedateofshipment,and
iii)(a)indicatestheplaceoftakinginchargestipulatedinthecreditwhichmaybedifferentfromtheport,airportorplaceofloading,andtheplaceoffinaldestinationstipulatedinthecreditwhichmaybedifferentfromtheport,airportorplaceofdischarge,and/or
(b)containstheindication"intended"orsimilarqualificationinrelationtothevesseland/orportofloadingand/orportofdischarge,and
iv)consistsofasoleoriginalmultimodaltransportdocumentor,ifissuedinmorethanoneoriginal,thefullsetassoissued,and
v)appearstocontainallofthetermsandconditionsofcarriage,orsomeofsuchtermsandconditionsbyreferencetoasourceordocumentotherthanthemultimodaltransportdocument(shortform/blankbackmultimodaltransportdocument);bankswillnotexaminethecontentsofsuchtermsandconditions,and
vi)containsnoindicationthatitissubjecttoacharterpartyand/ornoindicationthatthecarryingvesselispropelledbysailonly,and
vii)inallotherrespectsmeetsthestipulationsofthecredit.
b.evenifthecreditprohibitstranshipment,bankswillacceptamultimodaltransportdocumentwhichindicatesthattranshipmentwillormaytakeplace,providedthattheentirecarriageiscoveredbyoneandthesamemultimodaltransportdocument.
article27.airtransportdocument
a.ifacreditcallsforanairtransportdocument,bankswill,unlessotherwisestipulatedinthecredit,acceptadocument,howevernamed,which:
i)appearsonitsfacetoindicatethenameofthecarrierandtohavebeensignedorotherwiseauthenticatedby:
-thecarrier,or
-anamedagentfororonbehalfofthecarrier;
anysignatureorauthenticationofthecarriermustbeidentifiedascarrier.anagentsigningorauthenticatingforthecarriermustalsoindicatethenameandthecapacityoftheparty,i.e.carrier,onwhosebehalfthatagentisacting,and
ii)indicatesthatthegoodshavebeenacceptedforcarriage,and
iii)wherethecreditcallsforanactualdateofdispatch,indicatesaspecificnotationofsuchdate,thedateofdispatchsoindicatedontheairtransportdocumentwillbedeemedtobethedateofshipment.
forthepurposeofthisarticle,theinformationappearingintheboxontheairtransportdocument(marked"forcarrieruseonly"orsimilarexpression)relativetotheflightnumberanddatewillnotbeconsideredasaspecificnotationofsuchdateofdispatch.inallothercases,thedateofissuanceoftheairtransportdocumentwillbedeemedtobethedateofshipment,and
iv)indicatestheairportofdepartureandtheairportofdestinationstipulatedinthecredit,and
v)appearstobetheoriginalforconsignor/shipperevenifthecreditstipulatesafullsetoforiginals,orsimilarexpressions,and
vi)appearstocontainallofthetermsandconditionsofcarriage,orsomeofsuchtermsandconditons,byreferencetoasourceordocumentotherthantheairtransportdocument;bankswillnotexaminethecontentsofsuchtermsandconditions,and
vii)inallotherrespectsmeetsthestipulationsofthecredit.
b.forthepurposeofthisarticle,transhipmentmeansunloadingandreloadingfromoneaircrafttoanotheraircraftduringthecourseofcarriagefromtheairportofdeparturetotheairportofdestinationstipulatedinthecredit.
c.evenifthecreditprohibitstranshipment,bankswillacceptanairtransportdocumentwhichindicatesthattranshipmentwillormaytakeplace,providedthattheentirecarriageiscoveredbyoneandthesameairtransportdocument.
article28.road,railorinlandwaterwaytransportdocuments
a.ifacreditcallsforaroad,rail,orinlandwaterwaytransportdocument,bankswill,unlessotherwisestipulatedinthecredit,acceptadocumentofthetypecalledfor,howevernamed,which:
i)appearsonitsfacetoindicatethenameofthecarrierandtohavebeensignedorotherwiseauthenticatedbythecarrieroranamedagentfororonbehalfofthecarrierand/ortobearareceptionstamporotherindicationofreceiptbythecarrieroranamedagentfororonbehalfofthecarrier.
anysignature,authentication,receptionstamporotherindicationofreceiptofthecarrier,mustbeidentifiedonitsfaceasthatofthecarrier.anagentsigningorauthenticatingforthecarrier,mustalsoindicatethenameandthecapacityoftheparty,i.e.carrier,onwhosebehalfthatagentisacting,and
ii)indicatesthatthegoodshavebeenreceivedforshipment,dispatchorcarriageorwordingtothiseffect.thedateofissuancewillbedeemedtobethedateofshipmentunlessthetransportdocumentcontainsareceptionstamp,inwhichcasethedateofthereceptionstampwillbedeemedtobethedateofshipment,and
iii)indicatestheplaceofshipmentandtheplaceofdestinationstipulatedinthecredit,and
iv)inallotherrespectsmeetsthestipulationsofthecredit.
b.intheabsenceofanyindicationonthetransportdocumentastothenumbersissued,bankswillacceptthetransportdocument(s)presentedasconstitutingafullset.bankswillacceptasoriginal(s)thetransportdocument(s)whethermarkedasoriginal(s)ornot.
c.forthepurposeofthisarticle,transhipmentmeansunloadingandreloadingfromonemeansofconveyancetoanothermeansofconvey.ance,indifferentmodesoftransport,duringthecourseofcarriagefromtheplaceofshipmenttotheplaceofdestinationstipulatedinthecredit.
d.evenifthecreditprohibitstranshipment,bankswillacceptaroad,rail,orinlandwaterwaytransportdocumentwhichindicatesthattranshipmentwillormaytakeplace,providedthattheentirecarriageiscoveredbyoneandthesametransportdocumentandwithinthesamemodeoftransport.
article29.courierandpostreceipts
a.ifacreditcallsforapostreceiptorcertificateofposting,bankswill,unlessotherwisestipulatedinthecredit,acceptapostreceiptorcertificateofpostingwhich:
i)appearsonitsfacetohavebeenstampedorotherwiseauthenticatedanddatedintheplacefromwhichthecreditstipulatesthegoodsaretobeshippedordispatchedandsuchdatewillbedeemedtobethedateofshipmentordispatch,and
ii)inallotherrespectsmeetsthestipulationsofthecredit.
b.ifacreditcallsforadocumentissuedbyacourierorexpediteddeliveryserviceevidencingreceiptofthegoodsfordelivery,bankswill,unlessotherwisestipulatedinthecredit,acceptadocument,howevernamed,which:
i)appearsonitsfacetoindicatethenameofthecourier/service,andtohavebeenstamped,signedorotherwiseauthenticatedbysuchnamedcourier/service(unlessthecreditspecificallycallsforadocumentissuedbyanamedcourier/service,bankswillacceptadocumentissuedbyanycourier/service),and
ii)indicatesadateofpick-uporofreceiptorwordingtothiseffect,suchdatebeingdeemedtobethedateofshipmentordispatch,and
iii)inallotherrespectsmeetsthestipulationsofthecredit.
article30.transportdocumentsissuedbyfreightforwarders
unlessotherwiseauthorisedinthecredit,bankswillonlyacceptatransportdocumentissuedbyafreightforwarderifitappearsonitsfacetoindicate:
i)thenameofthefreightforwarderasacarrierormultimodaltransportoperatorandtohavebeensignedorotherwiseauthenticatedbythefreightforwarderascarrierormultimodaltransportoperator,or
ii)thenameofthecarrierormultimodaltransportoperatorandtohavebeensignedorotherwiseauthenticatedbythefreightforwarderasanamedagentfororonbehalfofthecarrierormultimodaltransportoperator.
articie31."ondeck,'""shipper'sloadandcount,"nameofconsignor
unlessotherwisestipulatedinthecredit,bankswillacceptatransportdocumentwhich:
i)doesnotindicate,inthecaseofcarriagebyseaorbymorethanonemeansofconveyanceincludingcarriagebysea,thatthegoodsareorwillbeloadedondeck.nevertheless,bankswillacceptatransportdocumentwhichcontainsaprovisionthatthegoodsmaybecarriedondeck,providedthatitdoesnotspecificallystatethattheyareorwillbeloadedondeck,and/or
ii)bearsaclauseonthefacethereofsuchas"shipper'sloadandcount"or"saidbyshippertocontain"orwordsofsimilareffect,and/or
iii)indicatesastheconsignorofthegoodsapartyotherthanthebeneficiaryofthecredit.
article32.cleantransportdocuments
a.acleantransportdocumentisonewhichbearsnoclauseornotationwhichexpresslydeclaresadefectiveconditionofthegoodsand/orthepackaging.
b.bankswillnotaccepttransportdocumentsbearingsuchclausesornotationsunlessthecreditexpresslystipulatestheclausesornotationswhichmaybeaccepted.
c.bankswillregardarequirementinacreditforatransportdocumenttobeartheclause"cleanonboard"ascompliedwithifsuchtransportdocumentmeetstherequirementsofthisarticleandofarticles23,24,25,26,27,28or30.
article33.freightpayable/prepaidtransportdocuments
a.unlessotherwisestipulatedinthecredit,orinconsistentwithanyofthedocumentspresentedunderthecredit,bankswillaccepttransportdocumentsstatingthatfreightortransportaioncharges(hereafterreferredtoas"freight")havestilltobepaid.
b.ifacreditstipulatesthatthetransportdocumenthastoindicatethatfreighthasbeenpaidorprepaid,bankswillacceptatransportdocumentonwhichwordsclearlyindicatingpaymentorprepaymentoffreightappearbystamporotherwise,oronwhichpaymentorprepaymentoffreightisindicatedbyothermeans.ifthecreditrequirescourierchargestobepaidorprepaidbankswillalsoacceptatransportdocumentissuedbyacourierorexpediteddeliveryserviceevidencingthatcourierchargesarefortheaccountofapartyotherthantheconsignee.
c.thewords"freightprepayable"or"freighttobeprepaid"orwordsofsimilareffect,ifappearingontransportdocuments,willnotbeacceptedasconstitutingevidenceofthepaymentoffreight.d.bankswillaccepttransportdocumentsbearingreferencebystamporotherwisetocostsadditionaltothefreight,suchascostsof,ordisbursementsincurredinconnectionwith,loading,unloadingorsimilaroperations,unlesstheconditionsofthecreditspecificallyprohibitsuchreference.
article34.insurancedocuments
a.insurancedocumentsmustappearontheirfacetobeissuedandsignedbyinsurancecompaniesorunderwritersortheiragents.
b.iftheinsurancedocumentindicatesthatithasbeenissuedinmorethanoneoriginal,alltheoriginalsmustbepresentedunlessotherwiseauthorisedinthecredit.
c.covernotesissuedbybrokerswillnotbeaccepted,unlessspecificallyauthorisedinthecredit.d.unlessotherwisestipulatedinthecredit,bankswillacceptaninsurancecertificateoradeclarationunderanopencoverpre-signedbyinsurancecompaniesorunderwritersortheiragents.ifacreditspecificallycallsforaninsurancecertificateoradeclarationunderanopencover,bankswillaccept,inlieuthereof,aninsurancepolicy.
e.unlessotherwisestipulatedinthecredit,orunlessitappearsfromtheinsurancedocumentthatthecoveriseffectiveatthelatestfromthedateofloadingonboardordispatchortakinginchargeofthegoods,bankswillnotacceptaninsurancedocumentwhichbearsadateofissuancelaterthanthedateofloadingonboardordispatchortakinginchargeasindicatedinsuchtransportdocument.
f.i)unlessotherwisestipulatedinthecredit,theinsurancedocumentmustbeexpressedinthesamecurrencyasthecredit.
ii)unlessotherwisestipulatedinthecredit,theminimumamountforwhichtheinsurancedocumentmustindicatetheinsurancecovertohavebeeneffectedisthecif(cost,insuranceandfreight("namedportofdestination"))orcip(carriageandinsurancepaidto("namedplaceofdestination"))valueofthegoods,asthecasemaybe,plus10%,butonlywhentheciforcipvaluecanbedeterminedfromthedocumentsontheirface.otherwise,bankswillacceptassuchminimumamount110%oftheamountforwhichpayment,accep-tanceornegotiationisrequestedunderthecredit,or110%ofthegrossamountoftheinvoice,whicheveristhegreater.
article35.typeofinsurancecover
a.creditsshouldstipulatethetypeofinsurancerequiredand,ifany,theadditionalriskswhicharetobecovered.imprecisetermssuchas"usualrisks"or"customaryrisks"shallnotbeused,iftheyareused,bankswillacceptinsurancedocumentsaspresented,withoutresponsibilityforanyrisksnotbeingcovered.
b.failingspecificstipulationsinthecredit,bankswillacceptinsurancedocumentsaspresented,withoutresponsibilityforanyrisksnotbeingcovered.
c.unlessotherwisestipulatedinthecredit,bankswillacceptaninsurancedocumentwhichindicatesthatthecoverissubjecttoafranchiseoronexcess(deductible).
article36.allrisksinsurancecover
thereacreditstipulates"insuranceagainstallrisks",bankswillacceptaninsurancedocumentwhichcontainsany"allrisks"notationorclause,whetherornotbearingtheheading"allrisks",eveniftheinsurancedocumentindicatesthatcertainrisksareexcluded,withoutresponsibilityforanyrisk(s)notbeingcovered.
article37.commercialinvoices
a.unlessotherwisestipulatedinthecredit,commercialinvoices;
i)mustappearontheirfacetobeissuedbythebeneficiarynamedinthecredit(exceptasprovidedinarticle48),and
ii)mustbemadeoutinthenameoftheapplicant(exceptasprovidedinsub-article48(h)),and
iii)neednotbesigned.
b.unlessotherwisestipulatedinthecredit,banksmayrefusecommercialinvoicesissuedforamountsinexcessoftheamountpermittedbythecredit.nevertheless,ifabankauthorisedtopay,incuradeferredpaymentundertaking,acceptdraft(s),ornegotiateunderacreditacceptssuchinvoices,itsdecisionwillbebindinguponallparties,providedthatsuchbankhasnotpaid,incurredadeferredpaymentundertaking,accepteddraft(s)ornegotiatedforanamountinexcessofthatpermittedbythecredit.
c.thedescriptionofthegoodsinthecommercialinvoicemustcorrespondwiththedescriptioninthecredit.inallotherdocuments,thegoodsmaybedescribedingeneraltermsnotinconsistentwiththedescriptionofthegoodsinthecredit.
article38.otherdocuments
ifacreditcallsforanattestationorcertificationofweightinthecaseoftransportotherthanbysea,bankwillacceptaweightstampordeclarationofweightwhichappearstohavebeensuperimposedonthetransportdocumentbythecarrierorhisagentunlessthecreditspecificallystipulatesthattheattestationorcertificationofweightmustbebymeansofaseparatedocument.
e.miscellaneousprovisions
article39.allowancesincreditamount,quantityandunitprice
a.thewords"about,""approximately,""circa"orsimilarexpressionsusedinconnectionwiththeamountofthecreditorthequantityortheunitpricestatedinthecreditaretobeconstruedasallowingadifferencenottoexceed10%moreor10%lessthantheamountorthequantityortheunitpricetowhichtheyrefer.
b.unlessacreditstipulatesthatthequantityofthegoodsspecifiedmustnotbeexceededorreduced,atoleranceof5%moreor5%lesswillbepermissible,alwaysprovidedthattheamountofthedrawingsdoesnotexceedtheamountofthecredit.thistolerancedoesnotapplywhenthecreditstipulatesthequantityintermsofastatednumberofpackingunitsorindividualitems.
c.unlessacreditwhichprohibitspartialshipmentsstipulatesotherwise,orunlesssub-article(b)aboveisapplicable,atoleranceof5%lessintheamountofthedrawingwillbepermissible,providedthatifthecreditstipulatesthequantityofthegoods,suchquantityofgoodsisshippedinfull,andifthecreditstipulatesaunitprice,suchpriceisnotreduced.thisprovisiondoesnotapplywhenexpressionsreferredtoinsub-article(a)aboveareusedinthecredit.
article40.partialshipments/drawings
a.partialdrawingsand/orshipmentsareallowed,unlessthecreditstipulatesotherwise.
b.transpartdocumentswhichappearontheirfacetoindicatethatshipmenthasbeenmadeonthesamemeansofconveyanceandforthesamejourney,providedtheyindicatethesamedestination,willnotberegard.edascoveringpartialshipments,evenifthetransportdocumentsindicatedifferentdatesofshipmentand/ordifferentportsofloading,placesoftakingincharge,ordespatch.
c.shipmentsmadebypostorbycourierwillnotberegardedaspartialshipmentsifthepostreceiptsorcertificatesofpostingorcourier'sreceiptsordispatchnotesappeartohavebeenstamped,signedorotherwiseauthenticatedintheplacefromwhichthecreditstipulatesthegoodsaretobedispatched,andonthesamedate.
article41.instalmentshipments/drawings
ifdrawingsand/orshipmentsbyinstalmentswithingivenperiodsarestipulatedinthecreditandanyinstalmentisnotdrawnand/orshippedwithintheperiodallowedforthatinstalment,thecreditceasestobeavailableforthatandanysubsequentinstalments,unlessotherwisestipulatedinthecredit.
article42.expirydateandplaceforpresentationofdocuments
a.allcreditsmuststipulateanexpirydateandaplaceforpresentationofdocumentsforpayment,acceptance,orwiththeexceptionoffreelynegotiablecredits,aplaceforpresentationofdocumentsfornegotiation.anexpirydatestipulatedforpayment,acceptanceornegotiationwillbeconstruedtoexpressanexpirydateforpresentationofdocuments.
b.exceptasprovidedinsub-article44(a),documentsmustbepresentedonorbeforesuchexpirydate.
c.ifanissuingbankstatesthatthecreditistobeavailable"foronemonth,""forsixmonths,"orthelike,butdoesnotspecifythedatefromwhichthetimeistorun,thedateofissuanceofthecreditbytheissuingbankwillbedeemedtobethefirstdayfromwhichsuchtimeistorun.banksshoulddiscourageindicationoftheexpirydateofthecreditinthismanner.
article43.limitationontheexpirydate
a.inadditiontostipulatinganexpirydateforpresentationofdocuments,everycreditwhichcallsforatransportdocument(s)shouldalsostipulateaspecifiedperiodoftimeafterthedateofshipmentduringwhichpresentationmustbemadeincompliancewiththetermsandconditionsofthecredit.tfnosuchperiodoftimeisstipulated,bankswillnotacceptdocumentspresentedtothemlaterthan21daysafterthedateofshipment.inanyevent,documentsmustbepresentednotlaterthantheexpirydateofthecredit.
b.incasesinwhichsub-article40(b)applies,thedateofshipmentwillbeconsideredtobethelatestshipmentdateonanyofthetransportdocumentspresented.
article44.extensionofexpirydate
a.iftheexpirydateofthecreditand/orthelastdayoftheperiodoftimeforpresentationofdocumentsstipulatedbythecreditorapplicablebyvirtueofarticle43fallsonadayonwhichthebanktowhichpresentationhastobemadeisclosedforreasonsotherthanthosereferredtoinarticle17,thestipulatedexpirydateand/orthelastdayoftheperiodoftimeafterthedateofshipmentforpresentationofdocuments,asthecasemaybe,shallbeextendedtothefirstfollowingdayonwhichsuchbankisopen.
b.thelatestdateforshipmentshallnotbeextendedbyreasonoftheextensionoftheexpirydateand/ortheperiodoftimeafterthedateofshipmentforpresentationofdocumentsinaccordancewithsub-article(a)above.ifnosuchlatestdateforshipmentisstipulatedinthecreditoramendmentsthereto,bankswillnotaccepttransportdocumentsindicatingadateofshipmentlaterthantheexpirydatestipulatedinthecreditoramendmentsthereto.
c.thebanktowhichpresentationismadeonsuchfirstfollowingbusinessdaymustprovideastatementthatthedocumentswerepresentedwithinthetimelimitsextendedinaccordancewithsub-article44(a)oftheuniformcustomsandpracticefordocumentarycredits,1993revision,iccpublicationno.500.
article45.hoursofpresentation
banksareundernoobligationtoacceptpresentationofdocumentsoutsidetheirbankinghours.
article46.generalexpressionsastodatesforshipment
a.unlessotherwisestipulatedinthecredit,theexpression"shipment"usedinstipulatinganearliestand/oralatestdateforshipmentwillbeunderstoodtoincludeexpressionssuchas,"loadingonboard,""dis.patch,""acceptedforcarriage,""dateofpostreceipt,""dateofpick-up,"andthelike,andinthecaseofacreditcallingforamultimodaltransportdocumenttheexpression"takingincharge."
b.expressionssuchas"prompt,""immediately,""assoonaspossible,"andthelikeshouldnotbeused.iftheyareusedbankswilldisregardthem.
c.iftheexpression"onorabout"orsimilarexpressionsareused,bankswillinterpretthemasastipulationthatshipmentistobemadeduringtheperiodfromfivedaysbeforetofivedaysafterthespecifieddate,bothenddaysincluded.
article47.dateterminologyforperiodsofshipment
a.thewords"to,""until,""till,""from"andwordsofsimilarimportapplyingtoanydateorperiodinthecreditreferringtoshipmentwillbeunderstoodtoincludethedatementioned.
b.theword"after"willbeunderstoodtoexcludethedatementioned.
c.theterms"firsthalf,""secondhalf"ofamonthshallbeconstruedrespectivelyasthe1sttothe15th,andthe16thtothelastdayofsuchmonth,alldatesinclusive.
d.theterms"beginning,""middle,"or"end"ofamonthshallbeconstruedrespectivelyasthe1sttothe10th,the11thtothe20th,andthe21sttothelastdayofsuchmonth,alldatesinclusive.
f.transferablecredit
article48.transferablecredit
a.atransferablecreditisacreditunderwhichthebeneficiary(firstbeneficiary)mayrequestthebankauthorisedtopay,incuradeferredpaymentundertaking,acceptornegotiate(the"transferringbank"),orinthecaseofafreelynegotiablecredit,thebankspecificallyauthorisedinthecreditasatransferringbank,tomakethecreditavailableinwholeorinparttooneormoreotherbeneficiary(ies)(secondbeneficiary(ies)).
b.acreditcanbetransferredonlyifitisexpresslydesignatedas"transferable"bytheissuingbank.termssuchas"divisible,""fractionable,""assignable,"and"transmissible"donotrenderthecredittransferable.ifsuchtermsareusedtheyshallbedisreearded.
c.atransferringbankshallbeundernoobligationtoeffectsuchtransferexcepttotheextentandinthemannerexpresslyconsentedtobysuchbank.
d.atthetimeofmakingarequestfortransferandpriortotransferofthecredit,thefirstbeneficiarymustirrevocablyinstructthetransferringbankwhetherornotheretainstherighttorefusetoallowthetransferringbanktoadviseamendmentstothesecondbeneficiary(ies).ifthe
transferringbankconsentstothetransferundertheseconditions,itmust,atthetimeoftransfer,advisethesecondbeneficiary(ies)ofthefirstbeneficiary'sinstructionsregardingamendments.
e.ifacreditistransferredtomorethanonesecondbeneficiary(ies),refusalofanamendmentbyoneormoresecondbeneficiary(ies)doesnotinvalidatetheacceptance(s)bytheothersecondbeneficiary(ies)withrespecttowhomthecreditwillbeamendedaccordingly.withrespecttothesecondbeneficiary(ies)whorejectedtheamendment,thecreditwillremainunamended.
f.transferringbankchargesinrespectoftransfersincludingcommissions,fees,costsorexpensesarepayablebythefirstbeneficiary,unlessotherwiseagreed.ifthetransferringbankagreestotransferthecredititshallbeundernoobligationtoeffectthetransferuntilsuchchargesarepaid.
g.unlessotherwisestatedinthecredit,atransferablecreditcanbetransferredonceonly.consequently,thecreditcannotbetransferredattherequestofthesecondbeneficiarytoanysubsequentthirdbeneficiary.forthepurposeofthisarticle,aretransfertothefirstbeneficiarydoesnotconstituteaprohibitedtransfer.fractionsofatransferablecredit(notexceedingintheaggregatetheamountofthecredit)canbetransferredseparately,providedpartialshipments/drawingsarenotprohibited,andtheaggregateofsuchtransferswillbeconsideredasconstitutingonlyonetransferofthecredit.
h.thecreditcanbetransferredonlyonthetermsandconditionsspecifiedintheoriginalcredit,withtheexceptionof:
-theamountofthecredit,
-anyunitpricestatedtherein,
-theexpirydate,
-thelastdateforpresentationofdocumentsinaccordancewitharticle43,
-theperiodforshipment,
anyorallofwhichmaybereducedorcurtailed.
thepercentageforwhichinsurancecovermustbeeffectedmaybeincreasedinsuchawayastoprovidetheamountofcoverstipulatedintheoriginalcredit,orthesearticles.inaddition,thenameofthefirstbeneficiarycanbesubstitutedforthatoftheapplicant,butifthenameoftheapplicantisspecificallyrequiredbytheoriginalcredittoappearinanydocument(s)otherthantheinvoice,suchrequirementmustbefulfilled.
i.thefirstbeneficiaryhastherighttosubstitutehisowninvoice(s)(anddraft(s))forthoseofthesecondbeneficiary(ies),foramountsnotinexcessoftheoriginalamountstipulatedinthecreditandfortheoriginalunitpricesifstipulatedinthecredit,anduponsuchsubstitutionofinvoice(s)(anddraft(s))thefirstbeneficiarycandrawunderthecreditforthedifference,ifany,betweenhisvoice(s)andthesecondbeneficiary's(ies')invoice(s).
whenacredithasbeentransferredandthefirstbeneficiaryistosupplyhisowninvoice(s)(anddraft(s))inexchangeforthesecondbeneficiary's(ies')invoice(s)(anddraft(s))butfailstodosoonfirstdemand,thetransferringbankhastherighttodelivertotheissuingbankthedocumentsreceivedunderthetransferredcredit,includingthesecondbeneficiary's(ies')invoice(s)(anddraft(s))withoutfurtherresponsibilitytothefirstbeneficiary.
j.thefirstbeneficiarymayrequestthatpaymentornegotiationbeeffectedtothesecondbeneficiary(ies)attheplacetowhichthecredithasbeentransferreduptoandincludingtheexpirydateofthecredit,unlesstheoriginalcreditexpresslystatesthatitmaynotbemadeavailableforpaymentornegotiationataplaceotherthanthatstipulatedinthecredit.thisiswithoutprejudicetothefirstbeneficiary'srighttosubstitutesubsequentlyhisowninvoice(s)(anddraft(s))forthoseofthesecondbeneficiary(ies)andtoclaimanydifferenceduetohim.
g.assignnientofproceeds
article49.assignmentofproceeds
thefactthatacreditisnotstatedtobetransferableshallnotaffectthebeneficiary'srighttoassignanyproceedstowhichhemaybe,ormaybecome,entitledundersuchcredit,inaccordancewiththeprovisionsoftheapplicablelaw.thisarticlerelatesonlytotheassignmentofproceedsandnottotheassignmentoftherighttoperformunderthecredititself.
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