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eBook - Commentary on UCP 600
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Item No.: 680 eBook
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Commentary on UCP 600
Article-by-Article Analysis by teh UCP 600 Drafting Group
Pub No. 680 eBook
2007 Edition
168 pages
The International Chamber of Commerce (ICC) has established rules on documentary credits worldwide for more than 70 years. UCP 600, the latest version of ICC's universally used rules on documentary credits, came into effect on July 1, 2007.
Members of the Drafting Group that developed the new UCP have produced an article-by-article commentary on the rules. Commentary on UCP 600, which reflects the Group's personal views, explains their rationale behind the changes in the rules and clarifies the general principles that underlie them.
The Drafting Group's Commentary on the UCP 600 examines each of the 39 articles of the new UCP. Each article and sub-article is analyzed under four different topics:
- the text of the article or subarticle
- the key changes from UCP 500
- the commentary explaining the rationale for the new language
- the cross references to other articles in UCP 600
Practical, compact and easy to read, Commentary on UCP 600 will be a reference book of choice for students and users of the new UCP.
Issues
Commentary on UCP 600 frankly addresses the contentious issues in the new rules, among them:
- the term "on their face" and why it was dropped in all but one UCP article
- the removal of the words "reasonable time"
- the language allowing discounting of deferred payment credits
- the new article on "definitions", containing terms such as "honour" and "negotiation"
On these and other key points, Commentary on UCP 600 provides an invaluable insight into the thinking of those who drafted the new UCP.
Table of Contents
Introduction
Article 1 Application of UCP
Article 2 Definitions
Article 3 Interpretations
Article 4 Credits v. Contracts
Article 5 Documents v. Goods, Services or Performance
Article 6 Availability, Expiry Date and Place for Presentation
Article 7 Issuing Bank Undertaking
Article 8 Confirming Bank Undertaking
Article 9 Advising of Credits and Amendments
Article 10 Amendments
Article 11 Teletransmitted and Pre-Advised Credits and Amendments
Article 12 Nomination
Article 13 Bank-to-Bank Reimbursement Arrangements
Article 14 Standard for Examination of Documents
Article 15 Complying Presentation
Article 16 Discrepant Documents, Waiver and Notice
Article 17 Original Documents and Copies
Article 18 Commercial Invoice
Article 19 Transport Document Covering at Least Two Different Modes of
Transport
Article 20 Bill of Lading
Article 21 Non-Negotiable Sea Waybill
Article 22 Charter Party Bill of Lading
Article 23 Air Transport Document
Article 24 Road, Rail or Inland Waterway Transport Documents
Article 25 Courier Receipt, Post Receipt or Certificate of Posting
Article 26 "On Deck", "Shipper's Load and Count", "Said by Shipper to Contain"
and Charges Additional to Freight
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