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UCPDC ARTICLE 8-9

UCPDC ARTICLE 8-9

ARTICLE 8:Confirming Bank Undertaking.

a Provided that the stipulated documents are presented to the issuing 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) sight payment, deferred payment or acceptance with the confirming bank;

b) sight payment with another nominated bank and that nominated bank does not pay

c) deferred payment with another 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; d) acceptance with another 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; e) negotiation with another nominated bank and that nominated bank does not negotiate. ii. negotiate, without recourse, if the credit is available by negotiation with the confirming bank. b A confirming bank is irrevocably bound to honuor or negotiate as of the time it adds its confirmation to the credit. c A confirming bank undertakes to reimburse another nominated bank that has honoured or negotiate a complying presentation and forwarded the documents to the confirming 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 another nominated bank prepaid or purchased before maturity. A confirming bank’s undertaking to reimburse another nominated bank is independent of the confirming bank’s undertaking to the beneficiary. d If a bank is authorized or requested by the issuing bank to confirm a credit but is not prepared to do so, it must inform the issuing bank without delay and may advise the credit without confirmation.

ARTICLE 9 :Advising of Credits and Amendments

a.  A credit and any amendment may be advised to a beneficiary through an advising bank. A advising bank that is not a confirming bank advises the credit and any amendment without any undertaking to honour or negotiate. b.  By advising the credit or amendment, the advising bank signifies that it has satisfied itself as to the apparent authenticity of the credit or amendment and that the advice accurately reflects the terms and conditions of the credit or amendment received. c.  An advising bank may utilize the services of another bank (“second advising bank”) to advise the credit and any amendment to the beneficiary. By advising the credit or amendment, the second advising bank signifies that it has satisfied itself as to the apparent authenticity of the advice it has received and that the advice accurately reflects the terms and conditions of the credit or amendment received. d. A bank utilizing the services of an advising bank or second advising bank to advise a 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, if must so inform, without delay, the bank from which the credit, amendment or advice has been received. f. If a bank is requested to advise a credit or amendment but can not satisfy it self as to the apparent authenticity of the credit, the amendment or the advice, it must so inform, without delay, the bank from which the instruction appear to have been received. If the advising bank or second advising bank elects nonetheless to advise the credit or amendment, if must inform the beneficiary or second advising bank it has not been able to satisfy itself as to the apparent authenticity of the credit, the amendment or the advice.

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