UCPDC Article 2: Definitions

UCPDC 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 subject to these rules is to be performed.Beneficiary means the party in whose favour a credit is issued. Complying presentation means a presentation that is in accordance with the terms and conditions of the credit, the applicable provisions of these rules and international standard banking practice. Confirmation means a definite undertaking of the confirming bank, in addition to that of the issuing bank, to honour or negotiate a complying presentation.Confirming bank means the bank that adds its confirmation to a credit upon the issuing bank authorization or request. Credit means any arrangement, however means or described, that is irrevocable and thereby constitutes a definite undertaking of the issuing bank to honour a complying presentation. to pay at sight if the credit is available by at sight
b. to incur a deferred payment undertaking and pay at maturity if the credit is available by deferred payment.
c. to accept a bill of exchange (“draft”) drawn by the beneficiary and pay at maturity if the credit is available by acceptance. Issuing bank means the bank that issues a credit at the request of an applicant or on its own behalf Negotiation means the purchase by the nominated bank if drafts (drawn on a bank other than the nominated bank) and/or documents under a complying presentation, by advancing or agreeing to advance funds to the beneficiary on or before the banking day on which reimbursement is due to the nominated bank. Nominate bank means the bank with which the credit is available or any bank in the case of a credit available with any bank.Presentation means either the delivery of documents under a credit to the issuing bank or nominated bank or the documents so delivered.Presenter means a beneficiary, bank or other party that makes a presentation.