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Preliminary Considerations: Scope of The Publication

This document provides preliminary considerations for interpreting and applying the articles of UCP 600 when examining documents presented under letters of credit. It notes that the credit and any amendments are independent of the underlying contract. It also highlights that problems can be avoided by careful attention to detail when applying for and issuing credits and amendments, such as clearly specifying required documents, who can issue them, and their contents. The applicant bears the risk of any ambiguities in their instructions, and issuing banks should ensure credits and amendments they issue are unambiguous.

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57 views1 page

Preliminary Considerations: Scope of The Publication

This document provides preliminary considerations for interpreting and applying the articles of UCP 600 when examining documents presented under letters of credit. It notes that the credit and any amendments are independent of the underlying contract. It also highlights that problems can be avoided by careful attention to detail when applying for and issuing credits and amendments, such as clearly specifying required documents, who can issue them, and their contents. The applicant bears the risk of any ambiguities in their instructions, and issuing banks should ensure credits and amendments they issue are unambiguous.

Uploaded by

Christous Pk
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Preliminary considerations

Preliminary
considerations

Scope of the publication


i. This publication is to be read in conjunction with UCP 600 and
not in isolation.
ii. The practices described in this publication highlight how the
articles of UCP 600 are to be interpreted and applied, to the
extent that the terms and conditions of the credit, or any
amendment thereto, do not expressly modify or exclude an
7

applicable article in UCP 600.


7 Table of contents

The credit and amendment application, the issuance


of the credit and any amendment thereto
iii. The terms and conditions of a credit and any amendment
thereto are independent of the underlying sale or other
contract even if the credit or amendment expressly refers to
that sale or other contract. When agreeing the terms of the
sale or other contract, the parties thereto should be aware of
the ensuing implications for the completion of the credit or
amendment application.
iv. Many of the problems that arise at the document examination
stage could be avoided or resolved by the respective parties
through careful attention to detail in the credit or amendment
application and issuance of the credit or any amendment
thereto. The applicant and beneficiary should carefully consider
the documents required for presentation, by whom they are to
be issued, their data content and the time frame in which they
are to be presented.
v. The applicant bears the risk of any ambiguity in its instructions
to issue or amend a credit. An issuing bank may, unless the
applicant expressly instructs to the contrary, supplement
or develop those instructions in a manner necessary or
desirable to permit the use of the credit or any amendment
thereto. An issuing bank should ensure that any credit or
amendment it issues is not ambiguous or conflicting in its
terms and conditions.

INTERNATIONAL CHAMBER OF COMMERCE (ICC) | 13

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