Commentary on UCP 600
� Article-by-Article Analysis by the UCP 600 Drafting Group
Titel:Commentary on UCP 600 � Article-by-Article Analysis by the UCP 600 Drafting Group
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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.

It 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; and
- 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.

- 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
- 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
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