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Scope of application of UCP article
The documentary credits UCP revision--2007 years, of the International Chamber of Commerce publication No. 600 ("UCP") is a set of rules that applies to all of its text clearly indicates that the present rules for documentary credits (hereinafter referred to as the letter of credit) (within its scope of application, including standby letters of credit. ) Unless expressly modified or excluded, this practice the provisionsof the letter of credit shall be binding to all parties.
Article II definitions
Purposes of this practice
Advising bank means the Bank upon the request of the issuing bank to advise a credit.
Refers to the request of the applicant party to open a letter of credit.
Banking day refers to the Bank in its implementation subject to these rules of conduct stations are usually open day.
Beneficiary refers to a letter of credit and to enjoy the benefits of their party.
Complying presentation means the terms and conditions of, these articles of the applicable provisions and the presentation of international standard banking practice.
Confirming refers to the confirming bank, in addition to the commitment of the issuing bank to honour or negotiate a complying presentation of firm commitment.
Confirming bank means the issuing bank authorizes or requires Bank of letter of credit confirmation.
An irrevocable credit means any arrangement, however named or described, that the arrangement constitutes an issuing bank to determine the delivery of complying commitments.
Commitment means:
A. If the credit is available by sight payment letter of credit is payable.
B. If the credit is available by deferred payment, deferred payment commitment and maturity.
C. If a credit acceptance credit, beneficiaries out of acceptance Bill of Exchange and Bill of Exchange due date of payment.
Issuing bank means the request of an applicant or documentary credit issued by banks on their behalf.
Negotiation means under the designated banks in complying, Bank business days in its reimbursement is on or before the advancing or agreeing to advance funds to the beneficiaries, so as to purchase money orders (drawn on banks other than the designated bank) and/or documents.
Nominated Bank means credit available with the Bank, such as a credit available with any Bank, any bank in the banks.
P points to the issuing bank or nominated bank or credit under the Act, or that thedocuments presented in this manner.
Single refers to commit a single act or a beneficiary, Bank or any other person.
Article explains
Purposes of this Convention:
Where applicable, words in the singular include the plural and in the plural includethe singular.
Letter of credit is irrevocable, even if not so indicated.
Document may be signed by handwriting, facsimile signature, perforated signature, stamp, symbol or any other mechanical or electronic method of authentication.
A document to be legalized, visaed, certified or similar requirements may be made by any documents seems to meet the requirements of the signature, mark, stamp or label to meet.
Branches of a bank in different countries are considered different banks.
Such as "first class", "famous", "qualified", "independent", "official", "qualified" or "local" terms when describing the documents of single, allow anyone other than thebeneficiary issued the document.
Unless required to be used in the document, such as "prompt", "immediately" or"as soon as possible, the words" will be disregarded.
"On or about the (onabout)" or similar terms shall be deemed provided event occurs on the specified date or within five calendar days between, all dates inclusive."To (to)", "(until, and till)," "... ... Start () "and" ... ... Between (and between) ", the word is used to determine the date of shipment dates referred to at the time, the use of" ... ... Before (before) "and" ... ... Later (after), "the dates mentioned are not included.
"... ... Start () "and" ... ... Later (after) ", the word is used to determine the expirationdate without date references.
"The first half" and "second half" means the first day of a month to the 15th day and the 16th to the last day of the month, all dates inclusive account.
A month of "starting (beginning)", "intermediate (middle)" and "end (end)" means the first to the tenth day, the 11th to 20th and the 21st to the last day of the month,all dates inclusive account.
Article fourth credit and contract
A., by its nature, with potential as the basis for its opening of letter of credit salescontract or other contract is independent of the transaction, even if a credit contains any such contract for invoking, the Bank also has nothing to do with the contract, and is not bound by it. Therefore, bank reference, to negotiate or to fulfil otherobligations under the letter of credit commitments, not affected by the applicant and the issuing bank or the beneficiary relationship between effects of any claim ordefense arising out of.
A beneficiary can in no case shall not use bank or of the contractual relationship between the applicant and the issuing bank.
B. an issuing bank should discourage any attempt by the applicant to the underlying contract, proforma invoice and other documents as part of the letter of credit practice.
Fifth with documents and not with goods, services or performance
Banks deal with documents, instead of documents may relate to the goods, services or performance.
With sixth, deadline and pay sites
A ... with a credit must state in their bank, or whether it can be used at any bank. Provisions of credit with the nominated Bank is also available with the issuing bank.
B. credit must state whether it is based on the payment, deferred payment, acceptance or negotiation with way.
C. credit must not be with on the applicant for the payment of the Bill.
Di. credit must be a payment deadline date. Provided for honour or negotiation deadline will be considered a payment deadline.
II. credit with its bank is the place. Can be in either a credit with a Bank of its singlelocation for any of the Bank's location. In addition to single locations, is also the seat of the issuing place.
E. except as provided 29th section, beneficiaries or the representatives of the beneficiary should be completed on or before the deadline.
Article seventh issuing bank responsibility
A. provided that the stipulated documents are presented to the designated bank or issuing parties and constitute a complying presentation, the issuing bank must honour, if the credit is one of the following situations:
I. letters of credit provided by the issuing bank by sight payment, deferred payment or acceptance;
II. credit sight payment with a nominated Bank does not pay;
III. credit deferred payment with a nominated bank but its deferred payment undertaking or, having incurred its deferred payment, however, does not pay at maturity;
IV. credit acceptance by banks, but does not accept his payment of Bill of Exchange, or acceptance of bills, but not in maturity.
V. specified credit is available by negotiation, but it is not for negotiation.
B. the issuing bank from the time of opening a letter of credit is irrevocable undertaking to honour responsibilities.
C. specify honoured or negotiated a complying presentation and after the transferof the documents to the issuing bank, the issuing bank undertakes to reimburse anominated bank that has. Acceptance or deferred payment under the letter of credit consistent amount paid at maturity, whether nominated bank prepaid or purchased before maturity date documents, the responsibility of the issuing bank to payspecified bank independent of the responsibility of the issuing bank to the beneficiary.
Eighth article confirming the responsibility
A. provided that the stipulated documents are presented to the confirming bank, or to any other nominated Bank and constitute a complying presentation, the confirming bank must:
I. commitments, if the credit is one of the following situations:
A) letter of credit provided by a confirming bank by sight payment, deferred payment or acceptance;
B) letter of credit provides that the deferred payment with another nominated Bank, but its non-payment;
C) letter of credit provides that the deferred payment with another nominated Bank, but its deferred payment undertaking or, having incurred its deferred payment at maturity but not paid;
D) credit acceptance by other banks, but it does not accept its payment of Bill of Exchange, or accepted draft does not pay at maturity;
E) specified credit by another bank for negotiation, but it is not for negotiation.
II. negotiation without recourse, if the credit is available by the confirming bank fornegotiation.
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Telephone：0086-13315171023 QQ:1215545143
Email：tradelawchina@hotmail.com Technical support：ZW0311