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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
-themasteroranamedagentfororonbehalfofthemaster.
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.
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
-themasteroranamedagentfororonbehalfofthemaster.
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.
