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UCPDC – UCP 600

UCPDC – UCP 600. HIGH LIGHTS. IMPLEMENTED FROM 01-07-07 SIXTH REVISION SINCE 1933 DEFINITION, INTERPRETATION AND CLARIFICATION OF TERMS USED CHANGED PRACTICES – NOTICE OF REFUSAL DEFINES RESPONSIBILITIES AND OBLIGATIONS OF PARTIES TO LC FORM OF DOCUMENTS, ISSUER AND CONTENTS

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UCPDC – UCP 600

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  1. UCPDC – UCP 600

  2. HIGH LIGHTS • IMPLEMENTED FROM 01-07-07 • SIXTH REVISION SINCE 1933 • DEFINITION, INTERPRETATION AND CLARIFICATION OF TERMS USED • CHANGED PRACTICES – NOTICE OF REFUSAL • DEFINES RESPONSIBILITIES AND OBLIGATIONS OF PARTIES TO LC • FORM OF DOCUMENTS, ISSUER AND CONTENTS • CHANGES TO REFLECT DEVELOPMENTS IN WAY COMMERCE IS CARRIED OUT – E TRADE • CHANGES IN TRANSPORT SYSTEMS – MULTI MODAL TRANSPORT DOCUMENTS.

  3. IMPORTANT ARTICLES • ARTICLE 4 CREDITS VS CONTRACTS - CREDIT IS SEPARATE FROM UNDERLYING CONTRACT • ARTICLE 5 DOCS VS GOODS/PERFORMANCE - BANKS DEAL IN DOCUMENTS AND NOT WITH GOODS, SERVICES OR PERFORMANCE TO WHICH THE LC MAY RELATE.

  4. ARTICLE 10 -AMENDMENTS A CREDIT CANNOT BE AMENDED WITHOUT THE AGREEMENT OF THE ISSUING BANK, BENEFICIARY/ CONFIRMING BANK.

  5. ARTICLE 14 STANDARD OF EXAMINATION - EXAMINATION SOLELY ON BASIS OF DOCUMENTS PRESENTED - MAXIMUM OF 5 DAYS FROM THE DATE OF RECEIPT FOR REFUSAL. - DESCRIPTION OF GOODS - DOCUMENS MAY BE DATED PRIOR TO DATE OF LC - IF NOT SPECIFIC ISSUER FOR DOCUMENTS IS NOMINATED, THEN ANY DOCUMENT COMPLYING WITH TERMS WILL BE ACCEPTED

  6. ARTICLE 14 – CONTD. • ANY DOCUMENT, NOT STIPULATED IN LC BUT • PRESENTED FOR NEGOTIATION WILL BE IGNORED. • -IF A CONDITION IN LC DOES NOT STIPULATE • PRESENTATION OF DOCUMENTS IN PROOF OF • COMPLIANCE, THEN SUCH ARTICLE SHALL BE • IGNORED. • -DOCUMENTS MUST BE MUTUALLY CONSISTENT • -PRESENTATION OF DOCS TO BE WITHIN 21 DAYS AFTER THE DATE OF SHIPMENT BUT WITHIN THE VALIDITY. • -DOCUMENTS CAN BE DATED PRIOR TO DATE OF LC

  7. ARTICLE 16 – DISCREPANT DOCUMENTS, WAIVER AND NOTICE -IF DOCS ARE DISCREPANT, NOMINATED BANK MAY REFUSE TO HONOUR OR NEGOTIATE. -ISSUING BANK HAS THE DISCRETION TO APPROACH THE APPLICANT FOR WAIVER OF DISCREPANCIES -SINGLE NOTICE TO BE GIVEN FOR REFUSAL OF DOCS CITING ALL OBJECTIONS. OBJECTIONS CANNOT BE ADDED LATER. MUST ALSO STATE AS TO THE STATUS OF DOCUMENTS-WILL HELD TILL FURTHER INSTRUCTIONS ARE RECEIVED ETC. -DOCUMENTS MAY BE RETURNED TO PRESENTER AT ANY TIME.

  8. ARTICLE 16 CONTD. -IF ISSUING/NEGOTIATING BANK FAILS TO ACT ACCORDING TO THIS ARTICLE, THEN IT SHALL BE PRECLUDED FROM CLAIMING THAT THE PRESENTATION IS NOT COMPLIANT. -IF THE ISSUING/NOMINATED BANK ACTS ACCORDING TO THIS ARTICLE THEN IT IS ENTITLED TO CALL BACK FUNDS CLAIMED BY NEGOTIATING BANK TOGETHER WITH INTEREST IF APPLICABLE.

  9. ARTICLE 17 – ORIGINAL DOCS -ATLEASE ONE ORIGINAL OF ALL DOCS CALLED FOR MUST BE SUBMITTED FOR NEGOTIATION -ANY DOCUMENT, APPREARING ON THE FACE OF IT TO BE A ORIGINAL, EVEN IF NOT MARKED SO, WILL BE TREATED AS ORIGINAL -COPIES OF DOCS MAY BE ORIGINAL/COPY -IF DOCS CALLS FOR SUBMISSION OF MORE THAN ONE COPY OF DOCUMENT, THEN ATLEAST ONE ORIGINAL IS TO BE SUBMITTED.

  10. ARTICLE 27 – CLEAN TRANSPORT DOCUMENT -TRANSPORT DOCUMENT SHOULD NOT CONTAIN ANY NOTATION TO THE EFFECT THAT THE GOODS OR PACKING IS DAMAGED. THE WORD CLEAN NEED NOT APPEAR ON BL.

  11. ARTICLE 31 – PARTIAL DRAWINGS -IS PERMISSIBLE UNLESS SPECIFICALLY PROHIBITED. ARTICLE 32 – DRAWING IN INSTALMENTS -IF CONDITIONS IN RESPECT OF ONE INSTALMENT IS NOT FULFILLED, THEN THE CREDIT CEASES TO BE AVAILABLE FOR FURTHER INSTALMENTS.

  12. ARTICLE 34 – DISCLAIMER ON EFFECTIVENESS OF DOCUMENTS - BANKS ASSUME NO RESPONSIBILITY FOR THE FORM, SUFFICIENCY, GENUINENESS OR FOR ANY CONDITIONS SUPERIMPOSED THEREON ON DOCUMENTS. NOT DOES IT ASSUME ANY RESPONSIBILITY ON THE DESCRIPTION, QUANTITY, QUALITY, WEIGHT AND CONDITION OF GOODS.

  13. ARTICLE 37 – DISCLAIMER FOR ACTS OF AN INSTRUCTED PARTY -BANK UTILIZING THE SERVICE OF ANOTHER BANK FOR THE PURPOSE OF GIVING EFFECT TO THE INSTRUCTIONS OF THE APPLICANT DOES SO FOR THE ACCOUNT AND AT THE RISK OF THE APPLICANT. THE BANK INSTRUCTING IS NOT RESPONSIBLE FOR NON COMPLIANCE BY OTHER BANK, EVEN WHEN THAT BANK IS CHOSEN BY THE BANK GIVING INSTRUCTIONS. -ISSUING BANK IS LIABLE FOR CHARGES IF IT IS NOT PAID BY THE BENEFICIARY.

  14. ARTICLE 39 – ASSIGNMENT OF PROCEEDS -PROCEEDS CAN BE ASSIGNED TO THIRD PARTY EVEN WHEN THE CREDIT IS NOT TRANSFERRABLE. -HOWEVER, ONLY THE RIGHT FOR RECEIPT OF MONEY CAN BE ASSIGNED AND NOT THE RIGHT FOR PERFORMANCE.

  15. A NEW SECTION DEALING WITH E-PRESENTATION HAS BEEN INTRODUCED TO FACILITATE ELECTRONIC COMMERCE.

  16. THANK YOU

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