International Bank Payment Undertakings. (xv) UCP 600 UNIFORM CUSTOMS AND PRACTl DOCUMENTARY CREDITS (2007 Revision) Article 1 Application of UCP 214 Article 22 Charter Party Bill 0J !_.- Article 2 Definitions 214 Article 23 Air Transport Docurnc Article 3 Interpretations 215 Article 24 Road, Rail or Inland Article 4 Credits v Contracts 216 Waterway Transport Documonr Article 5 Documents v Goods, Services Article 25 Courier Receipt, Po^t or Performance 216 Receipt or Certificate of Posňij Article 6 Availability, Expiry Date and Article26 'On Deck', 'ShippeiM Place for Presentation 216 and Count', 'Said by Shippei cc Article 7 Issuing Bank Undertaking 217 Contain' and Charges Addition Article 8 Confirming Bank Undertaking 217 to Freight Article 9 Advising of Credits and Article 27 Clean Transport Doui Amendments 218 Article 28 Insurance Documen: Article 10 Amendments 219 and Coverage Article 11 Teletransmitted and Pre-Advised Article 29 Extension of Expiry 1.1 Credits and Amendments 219 Day for Presentation Articie 12 Nomination 219 Article 30 Tolerance in Credit <\r Article 13 Bank-to-Bank Reimbursement Quantity and Unit Prices Arrangements 220 Article 31 Partial Drawings or S!i Article 14 Standard for Examination of Article 32 Instalment Drawing, Documents 220 or Shipments Article 15 Complying Presentation 221 Article 33 Hours of Presentation Article 16 Discrepant Documents, Article 34 Disclaimer on Effectiv Waiver and Notice 221 Documents Article 17 Original Documents and Copies 222 Article 35 Disclaimer on Transm, Article 18 Commercial Invoice 223 Translation Article 19 Transport Document Article 36 Force Majeure Covering at Least Two Different Article 37 Disclaimer for Acts of Modes of Transport 223 an Instructed Party Article 20 Bill of Lading 224 Article 38 Transferable Credits Article21 Non-Negotiable Sea Waybill 225 Article39 Assignmenr of Proceec Article 1 Application of UCP The Uniform Customs andPractice for Documentary Credits, 2007Revision, I No. 600 {'UCP') are rules that apply to any documentary credit ('credit') 0 extent to which they may be applicable, any standby letter of credit) whei credit exptessly indicates that it is subject to these rules. They are bindn thereto unless expressly modified or excluded by the credit. Article 2 Definitions K»B«irBWÍtBBBWaWBiaBW«iW»«pFfpnniŕ 111*11 UCP 600 means the party on whose request the credit is issued. lay means a day on which a bank is regularly open at the place at which an act these rules is to be performed. v means the party in whose favour a credit is issued. gjjresentation means a ptesentation that is in accordance with the terms and con-the credit, the applicable provisions of these rules and international standard ractice. [ion means a definite undertaking of the confirming bank, in addition to that of r bank, to honour or negotiate a complying presentation. ig bank means the bank that adds its confirmation to a credit upon the issuing horization or request. ans any arrangement, however named or described, that is irrevocable and thereby ; a definite undertaking of the issuing bank to honour a complying presentation. leans: it sight if the credit is available by sight payment. r a deferred payment undertaking and pay at maturity if the credit is available by d payment. pt a bill of exchange ('draft') drawn by the beneficiary and pay at maturity if the s available by acceptance. nk means the bank that issues a credit at the request of an applicant or on its own in means the purchase by the nominated bank of drafts (drawn on a bank other nominated bank) and/or documents under a complying presentation, by advancing to advance funds to the beneficiary on or before the banking day on which ment is due to the nominated bank. d bank means the bank with which the credit is available or any bank in the case available with any bank. an means either the delivety of documents under a credit to the issuing bank or ítiahk or the docurnenrs so delivered. Tieans a beneficiary, bank or other party that makes a presentation. Article 3 Interpretations rpose of these rules: plicable, words in the singular include the plural and in the plutal include the i International Bank Payment Undertakings A requirement for a document to be legalized, visaed, cettified or similar will be satisfi i signature, mark, stamp or label on the document which appears to satisfy that requii Branches of a bank in different countries are considered to be separate banks. Terms such as 'first class, 'well known, 'qualified', 'independent', 'official', 'comn 'local' used to describe the issuer of a document allow any issuer except the bene1 issue that document. Unless required to be used in a document, words such as 'prompt', 'immediately' o as possible' will be disregarded. The expression on or about' or similar will be interpreted as a stipulation that an e ■ ■ occur during a period of five calendar days before until five calendar days aftet the date, both start and end dates included. The words 'to', 'until', 'till', 'from' and 'between when used to determine a period ■ ■ ment include the date or dates mentioned, and the words 'before' and 'after' excludí mentioned. The words 'from' and 'after' when used to determine a maturity date exclude ■■ mentioned. The terms 'first half and second half of a month shall be construed respectively; to the 15th and the 16th to the last day of the month, all dates inclusive. The terms 'beginning', 'middle' and end' of a month shall be construed respectively to the 1 Oth, the 11 th to the 20th and the 21 st to the last day of the month, all dates Í '. ( Article 4 J Credits v Contracts a. A credit by its nature is a separate transaction from the sale or other contract on may be based. Banks are in no way concerned with or bound by such conttact, e\ reference whatsoever to it is included in the credit. Consequently, the underi a bank to honour, to negotiate or to fulfil any other obligation under the cret subject to claims or defences by the applicant resulting from its relationships issuing bank or the beneficiary. A beneficiary can in no case avail itself of the contractual relationships existing banks or between the applicant and the issuing bank. bi An issuing bank should discourage any attempt by the applicant to include, af y gral part of the credit, copies of the underlying contract, proforma invoice and ; Article 5,/ Documents v Goods,-Services or Performance Banks deal with documents and not with goods, services or performance to w documents may relate. Article 6 Availability, Expiry Date and Place for Presentation / UCP600 ■ -dit must state whether it is available by sight payment, deferred payment, accept- A, err '^ct or negotiation.^ ' jjj; must not be issued available by a draft: drawn on the applicant. i. A. credit must state an expiry date for presentation. An expiry date stated for honour or negotiation will be deemed to be an expiry date for presentation. - The place of the bank with which the credit is available is the place for presentation. The place for presentation under a credit available with any bank is that of any bank. A place for presentation other than that of the issuing bank is in addition to the place (,f the issuing bank. Except as provided in sub-Article 29 (a), a presentation by or on behalf of the beneficiary must be made on or before the expiry date. ,_^ /•""""^ / / Article,?"" Issuing^BariklJndertaking provided that the stipulated documents are presented to[.the: nominated bank or to the issuing bank and that they constitute a complying presentation, the issuing bank must honour jf the. credit is available by: i sight payment, deferred payment or acceptance with the issuing bank; ii. sight payment with a nominated bank and that nominated bank does not pay; iii.' deferred payment, with a nominated bank and that nominated bank does not incur its deferred payment undertaking or, having incurred its deferred payment undertaking, does not pay at maturity; jv. acceptance with a nominated bank and that nominated bank does not accept a draft drawn on it or, having accepted a draft drawn on it, does not pay at maturity; v. negotiation with.a nominated bank and that nominated bank does not negotiate. fs\ issuing bank is irrevocably bound to honour as of the time it issues the credit. An issuing bank undertakes to reimburse a nominated bank that has honoured or negotiated a complying presentation and forwarded the documents to the issuing bank. Reimbursement for the amount of a complying presentation under a credit available by acceptance or deferred payment is due at maturity, whether or not the nominated bank prepaid or purchased before maturity. An issuing bank's undertaking to reimburse a nominated bank is independent of the issuing bank's undertaking to the beneficiary. [ Articles Confirming^Barik Undertaking Pim ided that the stipulated documents are presented to the confirming bank or to any other nominated bank and that they constitute a complying presentation, the confirming bank must: i. honour, if the credit is available by a I sight payment, deferred payment or acceptance with the confirming bank; b) sight payment with another nominated bank and that nominated bank does not pay; International Bank Payment Undertakings d) acceptance with another nominated bank and that nominated ban' accept a draft drawn on it or, having accepted a draft drawn on it, doe« maturity; e) negotiation with another nominated bank and that nominated ban negotiate. ii. negotiate, without recourse, if the credit is available by negotiation wit firming bank. b. A confirming bank is irrevocably bound to honour or negotiate as of the tim confirmation to the credit. c. A confirming bank undertakes to reimburse another nominated bank that has h negotiated a complying presentation and forwarded the documents to the bank. Reimbursement for the amount of a complying presentation under a crec by acceptance or deferred payment is due at maturity, whether or not another bank prepaid or purchased before maturity. A confirming bank's undertaking t< another nominated bank is independent of the confirming banks undertal beneficiary. d. If a bank is authorized or requested by the issuing bank to confirm a credit bu pared to do so, it must inform the issuing bank without delay and may advis without confirmation. Article 9 Advising of Credits and Amendments a. A credit and any amendment may be advised to a beneficiary through an advi An advising bank that is not a confirming bank advises the credit and any ai without any undertaking to honour or negotiate. b. By advising the credit or amendment, the advising bank signifies that it has sat as to the apparent authenticity of the credit or amendment and that the advice reflects the terms and conditions of the credit or amendment received. c. An advising bank may utilize the services of another bank {'second advisinf advise the credit and any amendment to the beneficiary. By advising the credit ment, the second advising bank signifies that it has satisfied itself as to th authenticity of the advice it has received and that the advice accurately reflect and conditions of the credit or amendment received. d. A bank utilizing the services of an advising bank or second advising bank credit must use the same bank to advise any amendment thereto. e. If a bank is requested to advise a credit or amendment but elects not to do so inform, without delay, the bank from which the credit, amendment or advic received. f. If a bank is requested to advise a credit or amendment but cannot satisfy itst apparent authenticity of the credit, the amendment or the advice, it must without delay, the bank from which the instructions appear to have been i the advising bank or second advising bank elects nonetheless to advise tb amendment, it must inform the beneficiary or second advising bank that it h UCP600 Article 10 Amendments fy'i otherwise provided by Article 38, a credit can neither be amended nor can- M thout the agreement of the issuing bank, the confirming bank, if any, and the $ no hank is irrevocably bound by an amendment as of the time it issues the en t A confirming bank may extend its confirmation to an amendment and will cably bound as of the time it advises the amendment. A confirming bank may, choose to advise an amendment without extending its confirmation and, if so, iform the issuing bank without delay and inform the beneficiary in its advice, is and conditions of the original credit (or a credit incorporating previously amendments) will remain in force for the beneficiary until the beneficiary corn's its acceptance of the amendment to the bank that advised such amendment, 'iiciary should give notification of acceptance or rejection of an amendment. If 'iciaiy fails to give such notification, a presentation that complies with the credit w not yet accepted amendment will be deemed to be notification of acceptance neiiciary of such amendment. As ofthat moment the credit will be amended, liar advises an amendment should inform the bank from which it received the mne of any notification of acceptance or rejection. ceptance of an amendment is not allowed and will be deemed to be notification ;>n of the amendment. on i n an amendment to the effect that the amendment shall enter into force titled by the beneficiary within a certain time shall be disregarded. Article 11 ' leletransmitted and Pre-Advised Credits and Amendments rniicated teletransmisston of a credit or amendment will be deemed to be ativc credit or amendment, and any subsequent mail confirmation shall be .ed. .i iiM nission states 'full details to follow' (or words of similar effect), or states that confirmation is to be the operative credit or amendment, then the teletransmis-nof be deemed to be the operative credit or amendment. The issuing bank must ie the operative credit or amendment without delay in terms not inconsistent rel transmission. i na i y advice of the issuance of a credit or amendment (pre-advice') shall only be e issuing bank is prepared to issue rhe operative credit or amendment. An issu-íliat sends a pre-advice is irrevocably committed to issue the operative credit or lent, without delay, in terms not inconsistent with the pre-advice. Article 12 Nomination linn linated bank is the confirming bank, an authorization to honour or negoti-1101 impose any obligation on that nominated bank to honour or negotiate, International Bank Payment Undertakings b. By nominating a bank to accept a draft or incur a deferred payment undertaki ing bank authorizes that nominated bank to prepay or purchase a draft ac deferred payment undertaking incurred by that nominated bank. c. Receipt or examination and forwarding of documents by a nominated banktl confirming bank does not make that nominated bank liable to honour or nee-does it constitute honour or negotiation. Article 13 Bank-to-Bank Reimbursement Arrangements a. If a credit states that reimbursement is to be obtained by a nominated bank bank') claiming on another party ('reimbursing bank'), the credit must state i bursement is subject to the ICC rules for bank-to-bank reimbursements in ef date of issuance of the credit. b. If a credit does not state that reimbursement is subject to the ICC rules for bar reimbursements, the following apply: i. An issuing bank must provide a reimbursing bank with a reimbursement tion that conforms with the availability stated in the credit. The reiml authorization should not be subject to an expiry date. ii. A claiming bank shall not be required to supply a reimbursing bank with a of compliance with the terms and conditions of the credit. iii. An issuing bank will be responsible for any loss of interest, together with an incurred, if reimbursement is not provided on first demand by a reimbu in accordance with the terms and conditions of the credit. iv. A reimbursing bank's charges are for the account of the issuing bank. How charges are for the account of the beneficiary, it is the responsibility of bank to so indicate in the credit and in the reimbursement authorization bursing bank's charges are for the account of the beneficiary, they shall bi from the amount due to a claiming bank when reimbursement is m reimbursement is made, the reimbursing bank's charges remain the obliga issuing bank. c. An issuing bank is not relieved of any of its obligations to provide reímbursemi bursement is not made by a reimbursing bank on first demand. Article 14 .„..'-J Standard for Examination of Documents a. A nominated bank acting on its nomination, a confirming bank, if any, and bank must examine a presentation to determine, on the basis of the docum whether or not the documents appear on their face to constitute a complying pr b. A nominated bank acting on its nomination, a confirming bank, if any, and bank shall each have a maximum of five banking days following the day of pi to determine if a presentation is complying. This period is not curtailed 01 affected by the occurrence on or after the date of presentation of any expiry < day for presentation. c. A presentation including one or more original transport documents subject UCP600 a in ,t document, when read in context with the credit, the document itself and inter-j standard banking practice, need not be identical to, but must not conflict with, . ,jial document, any other stipulated document or the credit, iiriitm» other than the commercial invoice, the description of the goods, services «rformance, if stated, may be in general terms not conflicting with their description ie credit. dit ffouires presentation of a document other than a transport document, insur- • document or commercial invoice, without stipulating by whom the document is to ■sued 01 its data content, banks will accept the document as presented if its content »■»K to fulfil the function of the required document and otherwise complies with Article 14(d). icumont presented but not required by the credit will be disregarded and may be med co the presenter. ■ředit ĺ (iii tains a condition without stipulating the document to indicate compliance t the condition, banks will deem such condition as not stated and will disregard it. jcumcnr may be dated prior to the issuance date of the credit, but must not be dated than 'lis tlate of presentation. :n the addresses of the beneficiary and the applicant appear in any stipulated docu-t, thev tn-:ed not be the same as those stated in the credit or in any other stipulated jmenr, but must be within the same country as the respective addresses mentioned ie credit. Contact details (telefax, telephone, email and the like) stated as part of the ■ficiary's and the applicant's address will be disregarded. However, when the address conuci details of the applicant appear as part of the consignee or notify party details transport document subject to Articles 19,20,21,22,23,24 or 25, they must be as ■d in the credit. shippĽi or consignor of the goods indicated on any document need not be the bene- ry ofilu' credit. iiusporr document may be issued by any party other than a carrier, owner, master or icľei puivided that the transport document meets the requirements of Articles 19, íl, 22, 2> or 24 of these rules. í Article 15/ Complying Presentation ■n an iv>u ing bank determines that a presentation is complying, it must honour. ?n a confirming bank determines that a presentation is complying, it must honour :goriaiť and forward the documents to the issuing bank. :n a nom mated bank determines that a presentation is complying and honours or niaic-s, ii must forward the documents to the confirming bank or issuing bank. Article 16 Discrepant Documents, Waiver and Notice n a iK »mi nated bank acting on its nomination, a confirming bank, if any, or the issuing : ck-ia-j] lines that a presentation does not comply, it may refuse to honour or negotiate. "......: '—I'^ormmpcfbra oresentation does not comply, it may in its sole International Bank Payment Undertakings c. When a nominated bank acting on its nomination, a confirming bank, if any o ing bank decides to refuse to honour or negotiate, it must give a single notii effect to the presenter. The notice must state: i. that the bank is refusing to honour or negotiate; and Ü. each discrepancy in respect of which the bank refuses to honour or negoti; iii. a) that the bank is holding the documents pending further instructions presenter; or b) that the issuing bank is holding the documents until it receives a wa the applicant and agrees to accept it, or receives further instructions presenter prior to agreeing to accept a waiver; or c) that the bank is returning the documents; or d) that the bank is acting in accordance with instructions previously rece the presenter. d. The notice required in sub-Article 16 (c) must be given by telecommunication ■ is not possible, by other expeditious means no later than the close of the fifth day following the day of presentation. e. A nominated bank acting on its nomination, a confirming bank, if any, or tl bank may, after providing notice required by sub-Article 16 (c) (iii) (a) or (b), \ documents to the presenter at any time. f. If an issuing bank or a confirming bank fails to act in accordance with the pro this article, it shall be precluded from claiming that the documents do not co complying presentation. g. When an issuing bank refuses to honour or a confirming bank refuses to honou tiate and has given notice to that effect in accordance with this article, it sha entitled to claim a refund, with interest, of any reimbursement made. Article 17 Original Documents and Copies a. At least one original of each document stipulated in the credit must be presem b. A bank shall treat as an original any document bearing an apparently original. mark, stamp, or label of the issuer of the document, unless the document itsell that it is not an original. c. Unless a document indicates otherwise, a bank will also accept a doc-original if it: i. appears to be written, typed, perforated or stamped by the document issuer ii. appears to be on the document issuers original stationery; or iii. states that it is original, unless the statement appears not to apply to the < presented. d. If a credit requires presentation of copies of documents, presentation of eithe. or copies is permitted. e. If a credit requires presentation of multiple documents by using terms such as __. > '• ,____f_l J' _ <:_ .________■ ' jl:___Mi I_____-:.£.JL..J.._____. . .- _ c__.............. UCP600 Article 18 Commercial Invoice )mmc:rci.il invoice: miisf appear to have been issued by the beneficiary (except as provided in Article 38); must be made out in the name of the applicant (except as provided in sub-Article 38(g)); must be made out in the same currency as the credit; and nectí nor be signed. ,nlitvjK(.l bank acting on its nomination, a confirming bank, if any, or the issuing bank i accept a commercial invoice issued for an amount in excess of the amount permitted by credit, and its decision will be binding upon all parties, provided the bank in question not honoured or negotiated for an amount in excess ofthat permitted by the credit. description of the goods, services or performance in a commercial invoke must cor-cmtl with that appearing in the credit. Article 19 Transport Document Covering at Least Two Different Modes of Transport import document covering at least two different modes of transport (multimodal or ibiueil transport document), however named, must appear to: indicate the name of the carrier and be signed by: * the carrier or a named agent for or on behalf of the carrier, or , die master or a named agent for or on behalf of the mästet. Anv signature by the carrier, master or agent must be identified as that of the carrier, master or agent. Anv .-.ignature by an agent must indicate whether the agent has signed for or on behalf of the carrier or for or on behalf of the master. indicii re rhat the goods have been dispatched, taken in charge or shipped on board at die placu stated in the credit, by; • p tľ-p tinted wording, or • a stamp or notation indicating the date on which the goods have been dispatched, taken i n charge or shipped on board. The d;irc of issuance of the transport document will be deemed to be the date of dNpnrt h, taking in charge or shipped on board, and the date of shipment. However, if thi- transport document indicates, by stamp or notation, a date of dispatch, taking in chaigc or shipped on board, this date will be deemed to be the date of ship ment. indicate the place of dispatch, taking in charge or shipment, and the place of final desí i nation stated in the credit, even if: a) ilu- transport document states, in addition, a different place of dispatch, taking in charge or shipment or place of final destination, or y> rhe transport document contains the indication 'intended' or similar qualification i n relation to the vessel, port of loading or port of discharge, be Uk- sfiie original transport document or, if issued in more than one original, be the till scr as indicated on the transport document. ľonrain terms and conditions of carriage or make reference to another source con-.. .-i-.,. rarmc r.riA rnnHitinns of carriaee (short form or blank back transport IV. v. c International Bank Payment Undertakings b. For the purpose of this article, transhipment means unloading from one means ol veyance and reloading to anorher means of conveyance (whether or not in difj -modes of transport) during the carriage from the place of dispatch, taking in chai shipment to the place of final destination stated in the credit. c. Í. A transport document may indicate that the goods will or may be transhipped vided that the entire carriage is covered by one and the same transport documen Ü. A transport document indicating that transhipment will or may take place is ac i able, even if the credit prohibits transhipment. Article 20 BUI of Lading a. A bill of lading, however named, must appear to: i. indicate rhe name of the carrier and be signed by: • the carrier or a named agent for or on behalf of the carrier, or • the master or a named agent for or on behalf of the master. Any signature by rhe carrier, master or agent must be identified as that of the ce ■ ■ master or agent. Any signature by an agent must indicate whether the agent has signed for ■ behalf of the carrier or for or on behalf of the master, ii. indicate that the goods have been shipped on board a named vessel at the port of-ing stared in the credit by: • pre-printed wording, or • an on board notation indicating the date on which the goods have been shi ■. on board. The date of issuance of the bill of lading will be deemed to be the date of ship unless the bill of lading contains an on board notation indicating the date of-1 ment, in which case the date stated in the on board notation will be deemed to t date of shipment. If the bill of lading contains the indication 'intended vessel' or similar qua! tion in relation to the name of the vessel, an on board notation indicating the d, shipment and the name of the actual vessel is required. iü. indicate shipment from the port of loading to the port of discharge stated in the c- . If the bill of lading does not indicate the port of loading stated in the credit í port of loading, or if ir contains the indication 'intended' or similar qualificati ■■ relation to the port of loading, an on board notation indicating the port of lo: as stated in the credit, rhe date of shipment and the name of the vessel is reqi This provision applies even when loading on board or shipment on a named i -is indicated by pre-printed wording on the bill of lading. iv. be the sole original bill of lading or, if issued in more rhan one original, be the ft * as indicated on the bill of lading. v. contain terms and conditions of carriage or make reference to another source •■■ taining the terms and conditions of carriage (short form or blank back bill of lad ■ Contents of terms and conditions of carriage will not be examined. UCP 600 i\ bill of lading may indicate that the goods will or may be rranshipped provided that die entire carriage is covered by one and the same bill of lading. \ bil! of lading indicating that transhipment will or may take place is acceptable, even if rhe credit prohibits transhipment, if the goods have been shipped in a container, trailer or LASH barge as evidenced by the bill of lading. ■ lause;, in a bill of lading stating that the carrier reserves the right to tranship will be lisregaidcd. Article 21 Non-Negotiable Sea Waybill non-negotiable sea waybill, however named, musr appear to: indicate the name of the carrier and be signed by: • the carrier or a named agent for or on behalf of the carrier, or • die master or a named agent for or on behalf of the master. Anv signature by the carrier, masrer or agent must be identified as that of the carrier, master or agent. Anv signature by an agent must indicate whether the agent has signed for or on behalf of the carrier or for or on behalf of rhe master. i. indicate that the goods have been shipped on board a named vessel at rhe port of load-in« stilted in rhe credit by: • pre-printed. wording, or • ;iri on board notation indicating the date on which the goods have been shipped on board. The date of issuance of the non-negotiable sea waybill will be deemed to be the date of shipment unless the non-negotiable sea waybill contains an on board notation indicating the date of shipment, in which case the date stated in the on board nota-rion will be deemed to be the date of shipment. 11'the non-negotiable sea waybill contains the indication 'intended vessel' or similar qualification in relation to the name of the vessel, an on board notarion indicat-in» the dare of shipment and the name of the actual vessel is required, iii. indicate shipment from the port of loading to the port of discharge stared in the Cľwliľ. II (he non-negotiable sea waybill does not indicate the porr of loading stated in rhe credit as the porr of loading, or if ir contains the indication 'intended' or similar qualification in relation to the port of loading, an on board noration indicating the port of loading as stated in the credit, the date of shipment and the name of the vessel is required. This provision applies even when loading on board or shipment on a named vessel is indicated by pre-prinred wording on the non-negotiable sea waybill. iv. he ihe sole original non-negotiable sea waybill or, if issued in more rhan one original, r>e ihe full set as indicated on the non-negotiable sea waybill. v- contain terms and conditions of carriage or make reference to another source containing the terms and condirions of carriage (short form or blank back non-negotiable sea waybill). Contents of terms and conditions of carriage will not be examined. V1- Ľunrain no indication that it is subject to a charter party. International Bank Payment Undertakings c. i. A non-negotiable sea waybill may indicate that the goods wilí or may be translij provided that the entire carriage is covered by one and the same non-negotiub] waybill. ii. A non-negotiable sea waybill indicating that transhipment will or may take p[t acceptable, even if the credit prohibits transhipment, if the goods have been shipp a container, trailer or LASH barge as evidenced by the non-negotiable sea waybU d. Clauses in a non-negotiable sea waybill stating that the carrier reserves the right to ship will be disregarded. Article 22 Charter Party Bill of Lading a. A bill of lading, however named, containing an indication that it is subject to a ch party-{charter party bill of lading), must appear to: i. be signed by: ■ the master or a named agent for or on behalf of the master, or > the owner or a named agent for or on behalf of the owner, or • the charterer or a named agent for or on behalf of the charterer. Any signature by the master, owner, charterer or agent must be identified as rl the master, owner, charterer or agent. Any signature by an agent must indicate whether the agent has signed for t behalf of the master, owner or charterer. An agent signing for or on behalf of the owner or charterer must indicate the i of the owner or charterer, ii. indicate that the goods have been shipped on board a named vessel at the port nf ing stated in the credit by: • pre-printed wording, or • an on board notation indicating the date on which the goods have been shi on board. The date of issuance of the charter party bill of lading will be deemed to beüu: of shipment unless the charter party bill of lading contains an on boatd not indicating the date of shipment, in which case the date stated in the on boai d tion will be deemed to be the date of shipment, iii. indicate shipment from the port of loading to the port of discharge stated i credit. The port of discharge may also be shown as a range of ports or a geograp area, as stated in the credit, iv. be the sole original charter party bill of lading or, if issued in more than one ori* be the full set as indicated on the charter party bill of lading. b. A bank will not examine charter party contracts, even if they are required to be piesi by the terms of the credit. Article 23 Air Transport Document a. An air transport document, however named, must appear to: i. indicate the name of the carrier and be signed by: UCP600 Any signature by an agent must indicate that the agent has signed for or on behalf of the carrier. indicate that the goods have been accepted for carriage. indicate the date of issuance. This date will be deemed to be the date of shipment unless the air transport document contains a specific notation of the actual date of shipment, in which case the date stated in the notation will be deemed to be the date of shipment. Any other information appearing on the air transport document relative to the flight number and date will not be considered in determining the date of shipment. indicate the airport of departure and the airport of destination stated in the credit. be the original for consignor or shipper, even if the credit stipulates a full set of originals. contain terms and conditions of carriage or make reference to another source containing the terms and conditions of carriage. Contents of terms and conditions of carriage will not be examined. f the purpose of this article, transhipment means unloading from one aircraft and oading to another aircraft during the carriage from the airport of departure to the port of destination stated in the credit. An air transport document may indicate that the goods will or may be transhipped, provided that the entire carriage is covered by one and the same air transport document. An air transport document indicating that transhipment will or may take place is acceptable, even if the credit prohibits transhipment. Article 24 Road, Rail or Inland Waterway Transport Documents road, rail or inland waterway transport document, however named, must appear to: indicate the name of the carrier and: • be signed by the carrier or a named agent for or on behalf of the carrier, or • indicate receipt of the goods by signature, stamp or notation by the carrier or a named agent for or on behalf of the carrier. Any signature, stamp or notation of receipt of the goods by the carrier or agent must be identified as that of the carrier or agent. Any signature, stamp or notation of receipt of the goods by the agent must indicate that the agent has signed or acted for or on behalf of the carrier. If a rail transport document does not identify the carrier, any signature or stamp of the railway company will be accepted as evidence of the document being signed by the carrier. indicate the date of shipment or the date the goods have been received for shipment, dispatch or carriage at the place stated in the credit. Unless the transport document contains a dated reception stamp, an indication of the date of receipt or a date of shipment, the date of issuance of the transport document will be deemed to be the date of shipment. . indicate the place of shipment and the place of destination stated in the credit. International Bank Payment Undertakings \.'i;. Al!! Üi. A rail or inland waterway transport document will be accepted as an oriuny . ■ 7 ~ marked as an original or not. " ''■" c. In the absence of an indication on the transport document as to the number n issued, the number presented will be deemed to constitute a full set. l" ",l d. For the purpose of this article, transhipment means unloading from one mca* veyance and reloading to another means of conveyance, within the same mod port, during the carriage from the place of shipment, dispatch or carriage to tl .. "'' destination stated in the credit. * ' e. i. A road, rail or inland waterway transport document may indicate thai rhe < or may be transhipped provided that the entire carriage is covered by on same transport document, ii. A road, rail or inland waterway transport document indicating that rrar will or may take place is acceptable, even if the credit prohibits transhipmc Article 25 Courier Receipt, Post Receipt or Certificate of Posting a. A courier receipt, however named, evidencing receipt of goods for rrunsp appear to: i. indicate the name of the courier service and be stamped or signed by the nam service at the place from which the credit states the goods are to be shipped; ii. indicate a date of pickup or of receipt or wording to this effect. TWu. dr deemed to be the date of shipment. b. A requirement that courier charges are to be paid or prepaid may be sat isficd 1 port document issued by a courier service evidencing that courier charges r.i account of a party other than the consignee. c. A post receipt or certificate of posting, however named, evidencing reccipr oi transport, must appear to be stamped or signed and dated at the place ftom ■ credit states the goods are to be shipped. This date will be deemed to he d shipment. Article 26 'On Deck', 'Shipper's Load and Count', 'Said by Shipper to Con rain and Charges Additional to Freight a. A transport document must not indicate that the goods are or will be loadec A clause on a transport document stating that the goods may be loaded c acceptable. b. A transport document bearing a clause such as shipper's load and conrn :tn shipper to contain is acceptable. c. A transport document may bear a reference, by stamp or otherwise, to d i.i rges; to the freight. Article 27 Clean Transport Document A bank will only accept a clean transport document. A clean transport uocum UCP600 Article 28 insurance Document and Coverage nance document, such as an insurance policy, an insurance certificate or a ion under an open cover, must appear to be issued and signed by an insurance V) :tn underwriter or their agents or their proxies. sii'itature by an agent or proxy must indicate whether the agent or proxy has or or on behalf of the insurance company or underwriter. ■"■ -he insurance document indicates that it has been issued in more than one ', all originals must be presented, i ,. i ores will not be accepted. *,!■.. rancepolicyisacceptableinlieuofaninsurancecertificateoradeclarationunder ., ■ t cover. 11 . i c of the insurance document must be no later than the date of shipment, unless , rs from the insurance document that the cover is effective from a date not later .j... ii; date of shipment. I ; insurance document must indicate the amount of insurance coverage and be in ! same currency as the credit. ;quirement in the credit for insurance coverage to be for a percentage of the value he goods, of the invoice value or similar is deemed to be the minimum amount of erage required. I íere is no indication in the credit of the insurance coverage required, the amount . nsurance coverage must be at least 110% of the CIF or CIP value of the goods. JPhen the CIF or CIP value cannot be determined from the documents, the >unt of insurance coverage must be calculated on the basis of the amount for 1 ch honour or negotiation is requested or the gross value of the goods as shown on i invoice, whichever is greater. I ; insurance document must indicate that risks are covered at least between the ;e of taking in charge or shipment and the place of discharge or final destination as ed in the credit. ■.' I ■ should state the type of insurance required and, if any, the additional risks to be -■ ■ .An insurance document will be accepted without regard to any risks that are not ■ if the credit uses imprecise terms such as usual risks' or customary risks'. •l i ii credit requires insurance against all risks' and an insurance document is pre-^'ľ i xmtaining any 'all risks' notation or clause, whether or not bearing the heading ;', the insurance document will be accepted without regard to any risks stated to ' ■■ ' ided. j* i -.■ ranee document may contain reference to any exclusion clause. ■' ' irance document may indicate that the cover is subject to a franchise or excess ■I i tble). Article 29 Extension of Expiry Last Date or Day for Presentation :piry date of a credit or the last day for presentation falls on a day when the bank International Bank Payment Undertakings b. If presentation is made on the first following banking day, a nominated ba provide the issuing bank or confirming bank with a statement on its covcrir ule that the presentation was made within the time limits extended in accotda sub-Article 29 (a). c. The latest date for shipment will not be extended as a result of sub-Article 29 (; Article 30 Tolerance in Credit Amount, Quantity and Unit Prices a. The words about' or approximately used in connection with the amount of: or the quantity or the unit price stated in the credit are to be construed as allow erance not to exceed 10% more or 10% less than the amount, the quantuv oi price to which they refer. b. A tolerance not to exceed 5% more or 5% less than the quantity of the goods is provided the credit does not state the quantity in terms of a stipulated number ing units or individual items and the total amount of the drawings does not t: amount of the credit. c. Even when partial shipments are not allowed, a tolerance not to exceed 5% less amount of the credit is allowed, provided that the quantity of the goods, ij ,-,rat credit, is shipped in full and a unit price, if stated in the credit, is not reduced ot Article 30 (b) is not applicable. This tolerance does not apply when the credit ■ a specific tolerance or uses the expressions referred to in sub-Article 30 (a). Article 31 Partial Drawings or Shipments a. Partial drawings or shipments are allowed. b. A presentation consisting of more than one set of transport documents evident ment commencing on the same means of conveyance and for the same journey, they indicate the same destination, will not be regarded as covering a parti.il t even if they indicate different dates of shipment or different ports of loading, taking in charge or dispatch. If the presentation consists of more than one set port documents, the latest date of shipment as evidenced on any of the sets of documents will be regarded as the date of shipment. Apresentation consisting of one or more sets of transport documents evident ment on more than one means of conveyance within the same mode of trampt regarded as covering a partial shipment, even if the means of conveyance le.r same day for the same destination. c. A presentation consisting of more than one courier receipt, post receipt or t of posting will not be regarded as a partial shipment if the courier receipts; pn«-or certificates of posting appear to have been stamped or signed by the same t postal service at the same place and date and for the same destination. Article 32 Instalment Drawings or Shipments UCP600 Article 33 Hours of Presentation has no obligation to accept a presentation outside of its banking hours. Article 34 Disclaimer on Effectiveness of Documents , glumes no liability or responsibility for the form, sufficiency, accuracy, genuineness, tion or legal effect of any document, or for the general or particular conditions stipu- document or superimposed thereon; nor does it assume any liability or responsi- ror the description, quantity, weight, quality, condition, packing, delivery, value or ice of the goods, services or other performance represented by any document, or for the ■aith or acts or omissions, solvency, performance or standing of the consignor, the car- e forwarder, the consignee or the insurer of the goods or any other person. Article 35 Disclaimer on Transmission and Translation í assumes no liability or responsibility for the consequences arising out of delay, loss isit, mutilation or other errors arising in the transmission of any messages or delivery ;rs or documents, when such messages, letters or documents are transmitted or sent [ins to the requirements stated in the credit, or when the bank may have taken the iniin the choice of the delivery service in the absence of such instructions in the credit. miinated bank determines that a presentation is complying and forwards the docu-to the issuing bank or confirming bank, whether or not the nominated bank has ired or negotiated, an issuing bank or confirming bank must honour or negotiate, or arse that nominated bank, even when the documents have been lost in transit en the nominated bank and the issuing bank or confirming bank, or between the ming bank and the issuing bank. k assumes no liability or responsibility for errors in translation or interpretation of cal terms and may transmit credit terms without ttanslating them. Article 36 Force Majeure k assumes no liability or responsibility for the consequences arising out of the inter-in of its business by Acts of God, riots, civil commotions, insurrections, wars, acts of ism, or by any sttikes or lockouts or any other causes beyond its control. k will not, upon resumption of its business, honour or negotiate under a credit that d during such interruption of its business. Article 37 Disclaimer for Acts of an Instructed Party 3ank utilizing the services of another bank for the purpose of giving effect to the tructions of the applicant does so for the account and at the risk of the applicant. International Bank Payment Undertakings c. A bank instructing another bank to perform services is liable for any commissions f costs or expenses (charges') incurred by that bank in connection with its instruction If a credit states that charges are for the account of the beneficiary and charges cannot be lected or deducted from proceeds, the issuing bank remains liable for payment of chare A credit or amendment should not stipulate that the advising to a beneficiary is coi. tional upon the receipt by the advising bank or second advising bank of its charges. d. The applicant shall be bound by and liable to indemnify a bank against all obiirar . and responsibilities imposed by foreign-laws and usages. í Article 38' Transferable Credits a. A bank is under no obligation to transfer a credit except to the extent and in the mat expressly consented to by that bank. b. For the purpose of this article: Transferable credit means a credit that specifically states it is 'transferable'. A transfer ■" credit may be made available in whole or in pan to another beneficiary ('second hi ficiary') at the request of the beneficiary ['first beneficiary). Transferring bank means a nominated bank that transfers the credit or, in a credit an able with any bank, a bank that is specifically authorized by the issuing bank to ixar and that transfers the credit. An issuing bank may be a transferring bank. Transferred credit means a credit that has been made available by the transferrins; b to a second beneficiary. c. Unless otherwise agreed at the time of transfer, all charges (such as commissions, ] costs or expenses) incurred in respect of a transfer must be paid by the first benefícia d. A credit may be transferred in part to more than one second beneficiary provided pa drawings or shipments are allowed. A transferred credit cannot be transferred at the request of a second beneficiary 10 subsequent beneficiary. The first beneficiary is not considered to be a subseqi beneficiary. e. Any request for transfer must indicate if and under what conditions amendments be advised to the second beneficiary. The transferred credit must clearly indicate i! -conditions. f. If a credit is transferred to more than one second beneficiary, rejection of an amen (In by one or more second beneficiary does not invalidate the acceptance by any other -ond beneficiary, with respect to which the transferred credit will be amended aco ingly. For any second beneficiary that rejected the amendment, the transferred credit ■ remain unamended. g. The transferred credit must accurately reflect the terms and conditions of the ck ■ including confirmation, if any, with the exception of: • the amount of the credit, • any unit price stated therein, • the expiry date, UCP600 ['he percentage for which insurance cover must.be effected may be increased to provide he amount of cover stipulated in the credit or these articles. ["he. name of the first beneficiary may be substituted for that of the applicant in the .■rcdit. "f rhe name of the applicant is specifically required by the credit to appear in any docu-nent other than the invoice, such requirement must be reflected in the transferred credit, flic first beneficiary has the right to substitute its own invoice and draft, if any, for those )fa second beneficiary for an amount not in excess ofthat stipulated in the credit, and ipon such substitution the first beneficiary can draw under rhe credit for the difference, f any, between its invoice and the invoice of a second beneficiary, f rhe first beneficiary is to present its own invoice and draft, if any, but fails to do so on irst demand, or if the invoices presented by the first beneficiary create discrepancies that lid not exist in the presentation made by the second beneficiary and the first beneficiary ■ails to correct them on first demand, the transferring bank has the right to present the locuments as received from the second beneficiary to the issuing bank, without further ■csponsibility to the first beneficiary. ľhe first beneficiary may, in its request for transfer, indicate that honour or negotiation s co be effected to a second beneficiary at the place to which the credit has been trans-erred, up to and including the expiry date of the credit. This is without prejudice to the ■iglit of the first beneficiary in accordance with sub-Article 38 (h). Presentation of documents by or on behalf of a second beneficiary must be made to the ransferring bank. Article 39 Assignment of Proceeds ■ fact that a credit is not stated to be transferable shall not affect the right of the benefi-yf ro assign any proceeds to which it may be or may become entitled under the credit, in )id;mce with the provisions of applicable law. This article relates only to the assignment roceeds and not to the assignment of the right to perform under the credit.