The role of the ICC and the development of the UCP The role of the ICC and the development of the UCP 2.1 The role of the International Chamber of Commerce (ICC) The International Chamber of Commerce (ICC) is the world business organization- a representative, body that speaks with authority on behalf of enterprises from all sectors in every part […]
Read MoreUCPDC 600-Uniform Customs and Practice for Documentary Credits 600 ( UCPDC ) UCPDC 600 Bangla UCPDC ARTICLE 1 Application of UCP The Uniform Customs and Practice for Documentary Credits, 2007 Revision, ICC Publication No. 600 (“UCP”) are rules that apply to any documentary credit (“credit”) (including to the extent to which they may be applicable, […]
Read MoreUCPDC 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; […]
Read MoreUCPDC Article 5-7 ARTICLE 5 : Documents V. Goods, Services or Performance Banks deal with documents and not with goods, services or performance to which the credit may relate. ARTICLE 6 : Availability, Expiry Date and Place for presentation a. A credit must state the bank with which it is available or whether it is […]
Read MoreUCPDC ARTICLE 4 UCPDC ARTICLE 4 CREDITS V. CONTRACTS: a. A credit by its nature is a separate transaction from the sale or other contract on which it may be based. Banks are in no way concerned with or bound by such contract, even if any reference whatsoever to it is included in the credit. Consequently, the […]
Read MoreUCPDC ARTICLE 3: INTERPRETATIONS For the purpose of these rules: Where applicable, words in the singular include the plural and in the plural include the singular. A credit is irrevocable even if there is no indication to that effect. A document may be signed by handwriting, facsimile signature, perforated signature, stamp, symbol or any other mechanical or […]
Read MoreUCPDC Article 2: Definition For the purpose of these rules: Advising bank means the bank that advises the credit at the request of the issuing bank.Applicant means the party on whose request the credit is issued. Banking day means a day on which a bank is regularly open at the place at which an act […]
Read MoreUCPDC 600 ARTICLE 18-19 ARTICLE 18: Commercial Invoice a. A commercial invoice: i. must appear to have been issued by the beneficiary (except as provided in article 38) ii. must be made out in the name of the applicant (except as provided in article 38 ( g ) ); iii. must be made our in […]
Read MoreUCPDC 600 ARTICLE 15-17 ARTICLE 15:Complying Presentation a. When an issuing bank determines that a presentation is complying, it must honour. b. When a confirming bank determines that a presentation is complying, it must honour or negotiate and forward the documents to the issuing bank. c. When a nominated bank determines that a presentation is […]
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UCPDC 600 ARTICLE 12-14 ARTICLE 12:Nomination a. Unless a nominated bank is the confirming bank, an authorization to honour or negotiate does not impose any obligation on that nominated bank to honour or negotiate, except when expressly agreed to by that nominated bank and so communicated to the beneficiary. b. By nominating a bank to accept […]
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UCPDC ARTICLE 10-11 ARTICLE 10: Amendments a. Except as otherwise provided by article 38, a credit can neither be amended nor cancelled without the agreement of the issuing bank, the confirming bank, if any, and the beneficiary. b. An issuing bank is irrevocably bound by an amendment as of the time it issues the amendment. […]
Read MoreUCPDC ARTICLE 1 UCPDC ARTICLE 1 Application of UCP The Uniform Customs and Practice for Documentary Credits, 2007 Revision, ICC Publication No. 600 (“UCP”) are rules that apply to any documentary credit (“credit”) (including to the extent to which they may be applicable, any standby letter of credit) when the text of the credit expressly […]
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