Introduction: Structural comparison of UCP 600 and UCP 500

The framework of the UCP 600: articles 1-5
• New articles on "definitions", "interpretations"
• Introduction of the concept of "honour" upon determination of good tender

Structure of and obligations under documentary credits (articles 6-10)
• Availability of credit and place for presentation
• Undertakings of the issuing and confirming banks
• The role of a "second advising bank" in advising a credit
• Problems of determining acceptance or refusal of amendments

Standard for examination of documents; discrepant documents, waiver and notice; and other items in articles 11-18
• Standards for checking and refusing documents
• Replacing "reasonable time" with definite time limits
• Determining whether data in a document conflicts with data in that document, any other stipulated
   document or the credit

The UCP 600 transport articles (Part 1)
• Differences between the UCP500 and the UCP600 transport articles
• Requirements for on-board notations

The UCP 600 transport articles (Part 2)
• The term “charterer” in the article on charter party bills of lading
• Implications of the new provisions in the insurance articles

Transferable credits and remaining issues
• Partial drawings or shipments
• Force majeure and disclaimer

Export Documentation Requirements under International Standard Banking Practices
• Background, Purpose and Objectives of ISBP
• Introduction and Preliminary Considerations
• General Principles on:
Issuer, Language, Dates, Titles of Documents, Multiple Pages, Attachments and Riders, Originals and Copies, Expressions not defined in UCP 500, Typo Errors, Abbreviations, Inconsistency, Shipping Marks, Signatures, Certification and Declaration, Corrections and Alterations, Transport Documents Articles that do not apply
• Specific Requirements of the Stipulated Documents:
Drafts, Invoices, Maritime/Ocean Bills of Lading, Charter Party Bills of Lading, Multimodal Transport Documents, Air Transport Documents, Road, Rail and Inland Waterway Transport Documents, Insurance Documents and Certificate of Origin

Understanding UCP 600 & ISBP 2007

Long awaited by the letter of credit community, the ISBP contains some 200 paragraphs setting forth the steps document checkers should take when reviewing presented documents.

Among questions answered in the paper are the following:
• Do drafts, certificates and declarations, if not stated in the credit, require a signature?
• Under what conditions can drafts drawn on the applicant be issued?
• What effects do on board notations have if they contain the words "shipped in apparent good order",
   "laden on board" and "clean on board"?
• What will be deemed to be the date of dispatch on a multi modal transport document?
• Does an air transport document have to indicate that the goods have been accepted for carriage?
• What constitutes an “alteration” or “addition” to a document, when and how should these be
   authenticated?
• How should documents be signed, if this is not explicitly stated in the credit?
• How should one handle typing errors on documents regarding the name and address, different
nbsp;  addresses of same company, etc.?
• Must trade terms, such as Incoterms, appear on the invoice?
• What is the “face” of a transport document and should a practitioner examine the reverse side to
   determine the name of carrier, description of the journey, etc.?
• What is a full set of insurance documents, a copy vs. an original, endorsements, and the effective date?
• If the LC is silent, does a certificate require a date and/or a signature?
• If the LC requires a document issued by Company A and an authorized signature of Company A signs
   on Company B letterhead. Is this acceptable?
• Can a bank reduce the number of acceptable languages in its advice and confirmation of the LC?
• What three kinds of documents must bear an issuing date even if the LC and the UCP 500 are both
   silent?
• "Within 2 days of (an event)" means 2 days before, or 2 days after that event or both?
• If the LC requires a packing list and a weight list, is presentation of a combined packing/weight list
   acceptable?
• Under which condition a typographical error is not deemed to be a discrepancy?
• Can documents show goods not mentioned in the LC, but all supplied free of charge, such as
   advertising materials, spare parts and other sales supports?
• Must all bills of lading be marked "originals"?
• Can an endorsement in a BL be made by an agent of the shipper?
• Is a BL stating "packaging may not be sufficient for the sea voyage" acceptable?
• If LC requires "insurance for 110%", should "sum insured" be exactly 110% CIF value or it only
   represents a minimum amount?

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