ICC uniform customs and practice for documentary credits 2007 revision 2007th Edition by International Chamber Of Commerce ISBN 978-9284212576 ‎928421257X

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Product details: 

ISBN 10:  ‎928421257X

ISBN 13: 978-9284212576

Author: International Chamber Of Commerce 

Commercial letters of credit are the lifeblood of the international trade system and, for more than 70 years, the International Chamber of Commerce (ICC) has established the rules governing documentary credits worldwide. By a unanimous vote of 91 to 0, the ICC Banking Commission on October 25, 2006 approved UCP 600, ICC’s revised rules on documentary credits and how to use a letter of credit. UCP 600 entered into force on July 1, 2007 and contains substantive changes to the existing rules that all international business professionals need to know.

New Provisions
A leaner set of rules, with 39 articles rather than 49 articles of UCP 500
A new section of definitions, containing terms such as
honor
and
negotiation
A replacement of the term
reasonable time
with a definite number of days for examining and determining compliance of documents
A new provision concerning addresses of the beneficiary and the applicant
An expanded discussion of
original documents
Re-drafted transport articles aimed at resolving confusion over the identification of carriers and agents.

The new UCP 600 also contains within the text the 12 articles of the eUCP, ICC’s supplement to the UCP governing presentation of documents in electronic or part-electronic form.

Table of contents: 

Foreword

ICC Uniform Customs and Practice for Documentary Credits

Introduction

Article 1

Application of UCP

Article 2

Definitions

Article 3

Interpretations

Article 4

Article 5

Article 6

Credits v. Contracts

Documents v. Goods, Services or Performance

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.

Article 27

Clean Transport Document

Article 28

Insurance Document and Coverage

Article 29

Extension of Expiry Date or Last Day for Presentation

Article 30

Tolerance in Credit Amount, Quantity and Unit Prices

Article 31

Partial Drawings or Shipments

Article 32

Instalment Drawings or Shipments

Article 33

Hours of Presentation

Article 34

Disclaimer on Effectiveness of Documents.

Article 35

Disclaimer on Transmission and Translation

Article 36

Force Majeure

Article 37

Disclaimer for Acts of an Instructed Party.

Article 38

Transferable Credits.

Article 39

Assignment of Proceeds

Supplement to UCP 600 for Electronic Presentation.

Introduction

Article el Scope of the eUCP

Article e2 Relationship of the eUCP to the UCP

Article c3 Definitions

Article c4 Format.

Article e5 Presentation

Article có Examination

Article e7 Notice of Refusal

Article e8 Originals and Copies

Article c9 Date of Issuance

Article e10 Transport

Article e11 Corruption of an Electronic Record After Presentation

Article e12 Additional Disclaimer of Liability for Presentation of Electronic Records under eUCP

Acknowledgements

ICC at a Glance

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