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Uniform Customs and Practice for Documentary Credits, UCP 500

Price: $7.50
Item No.: 500
ISBN: 978-92-842-1155-5
Pub No. 500
Paperback (Booklet)
4 inches x 8 inches
1993 Edition
60 pages
 
 
 

This is the 6th edition of ICC's Uniform Customs and Practice for Documentary Credits, 1993 Revision, UCP 500, which went into force on January 1, 1994. The 49 articles of UCP 500 are a comprehensive and practical working aid to bankers, lawyers, importers, exporters, transport executives, educators and everyone involved in letter of credit transactions worldwide. For ease of reference, UCP 500 keeps the same framework of the past revisions of the Uniform Customs and Practice for Documentary Credits.


UCP 500 Changes

  • Simplifies the rules
  • Ensures that they are consistent with current market practice
  • Enhances the integrity and reliability of the documentary promise
  • Introduces the presumption of irrevocability
  • Clarifies the primary liability of the issuing bank and the confirming bank
  • Introduces a course of action to be taken on "non-documentary conditions"
  • Clearly lists the elements of acceptability for each major type of transport document

Product Details

  • ICC No. 500
  • Paperback (Booklet)
  • 4 inches x 8 inches
  • 1993 Edition
  • 60 pages


Table of Contents

 

Foreword

Preface

 

A. General Provisions and Definitions

    Application of UCP
    Meaning of Credit
    Documents v. Goods/Services/Performances
    Instructions to Issue/Amend Credits

 

B. Form and Notification of Credits

    Revocable v. Irrevocable Credits

    Advising Bank's Liability

    Revocation of a Credit

    Liability of Issuing and Confirming Banks

    Types of Credit

    Teletransmitted and Pre-Advised Credits

Incomplete or Unclear Instructions

 

C. Liabilities and Responsibilities

Standard for Examination of Documents

 Discrepant Documents and Notice

Disclaimer on Effectiveness of Documents

Disclaimer on the Transmission of Messages

Force Majeure

Disclaimer for Acts of an Instructed Party

Bank-to-Bank Reimbursement Arrangements

 

D. Documents

Ambiguity as to the Issuers of Documents

Unspecified Issuers or Contents of Documents

Issuance Date of Documents v. Credit Date

Marine/Ocean Bill of Lading

Non-Negotiable Sea Waybill

Charter party Bill of Lading

Multimodal Transport Document

Air Transport Document

Road, Rail or Inland Waterway Transport Documents

Courier and Post Receipts

Transport Documents Issued by Freight Forwarders

<<On Deck>>, <<Shipper’s Load and Count>>, Name of Consignor

Clean Transport Documents

Freight Payable/Prepaid Transport Documents

Insurance Documents

Type of Insurance Cover

All Risks Insurance Cover

Commercial Invoices

Other Documents

 

E. Miscellaneous Provisions

Allowances in Credit Amount, Quantity and Unit Price

Partial Shipments/Drawings

Instalment Shipments/Drawings

Expiry Date and Place for Presentation of Documents

Limitation on the Expiry Date

Extension of Expiry Date

Hours of Presentation

General Expressions as to Dates for Shipment

Date Terminology for Periods of Shipment

 

F. Transferable Credit

Transferable Credit

 

G. Assignment of Proceeds

Assignment of Proceeds

 

 

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