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UCP600 & UCP500 Compared Part I. The Modifications and Changes in General a. Given 14 definitions at first and 12 interpretations to clarify the meaning of ambiguous terms, refer to Art 2 & 3. b. Agreed that the issuing bank must reimburse the nominated bank even though the documents are lost in the transmitting however, the presentation must be complying. c. …… Part II. Detailed Comparison for Each Article Article 1 Application of UCP .................................................................................2 Article 2 Definitions................................................................................................2 Article 3 Interpretations..........................................................................................3 Article 4 Credits v. Contracts .................................................................................4 Article 5 Documents v. Goods, Services or Performance ....................................4 Article 6 Availability, Expiry Date and Place for Presentation ............................4 Article 7 Issuing Bank Undertaking.......................................................................5 Article 8 Confirming Bank Undertaking ...............................................................6 Article 9 Advising of Credits and Amendments....................................................7 Article 10 Amendments ..........................................................................................8 Article 11 Teletransmitted and Pre-Advised Credits and Amendments ..............8 Article 12 Nomination ............................................................................................9 Article 13 Bank-to-Bank Reimbursement Arrangements.....................................9 Article 14 Standard for Examination of Documents...........................................10 Article 15 Complying Presentation......................................................................12 Article 16 Discrepant Documents, Waiver and Notice .......................................12 Article 17 Original Documents and Copies.........................................................13 Article 18 Commercial Invoice ............................................................................14 Article 19 Transport Document Covering at Least Two Different Modes of Transport..............................................................................................15 Article 20 Bill of Lading.......................................................................................17 Article 21 Non-Negotiable Sea Waybill ..............................................................19 Article 22 Charter Party Bill of Lading ...............................................................20 Article 23 Air Transport Document .....................................................................21 Article 24 Road, Rail or Inland Waterway Transport Documents .....................23ThiNganHang.com Article 25 Courier Receipt, Post Receipt or Certificate of Posting ...................24 Article 26 "On Deck", "Shipper's Load and Count", “Said by Shipper to Contain” and Charges Additional to Freight .....................................25 Article 27 Clean Transport Document.................................................................25 Article 28 Insurance Document and Coverage....................................................25 Article 29 Extension of Expiry Date or Last Day for Presentation ...................27 Article 30 Tolerance in Credit Amount, Quantity and Unit Prices ....................27 Article 31 Partial Drawings or Shipments...........................................................27 Article 32 Instalment Drawings or Shipments ....................................................28 Article 33 Hours of Presentation..........................................................................28 Article 34 Disclaimer on Effectiveness of Documents.......................................28 Article 35 Disclaimer on Transmission and Translation.....................................29 Article 36 Force Majeure......................................................................................29 Article 37 Disclaimer for Acts of an Instructed Party.........................................29 Article 38 Transferable Credits ............................................................................30 ThiNganHang.com
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Article 39 Assignment of Proceeds......................................................................32 Part I. The Modifications and Changes in General a. Given 14 definitions at first and 12 interpretations to clarify the meaning of ambiguous terms, refer to Art 2 & 3. And we need pay attention to the change about ‘negotiation’. b. Agreed that the issuing bank must reimburse the nominated bank even though the documents are lost in the transmitting however, the presentation must be complying. c. Denied the practice that banks stipulate the clause about which the amendment should be accepted by beneficiary who did not send any rejected advice in certain time, refer to sub-article 10 f. d. Five banking days replaced reasonable time and seven banking days, refer to sub-article 14 b. e. Two kinds of form about refusing have been added in UCP600, refer to sub-article 16 c iii. f. Banks can now accept an insurance document that contains reference to any exclusion clause, refer to sub-article 28 i. g. The insurance document could be issued by proxies, refer sub-article 28 a. h. The clause for transport documents issued by Freight Forwarders has been deleted. i. The clause about carrying vessel propelled by sail only has been deleted since that kind of sailboat has dropped out of ocean transport. j. The expression is straightaway, precise and compact, for example, the wording for ‘unless the credit expressly stipulates…’is not used in UCP600. k. The clause about shipment date has changed, refer to sub-article 19 a ii, 20 a ii, 21 a ii and 22 a ii, especially to note the effect to received bill of lading. l. Canceled the blocking frame about the form of clauses. m. The number of the clauses has decreased to 39 from original 49. n. The deferred payment credit could be discounted or purchased. o. Added the acts of terrorism as a kind of Force Majeure, refer to Art 36. p. Confirmed that the issuing bank may be a transferring bank, refer to sub-article 38 b. ThiNganHang.com 1 ThiNganHang.com
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Part II. Detailed Comparison for Each Article Article 1 Application of UCP It is similar to the Art 1 of 500, however The Uniform Customs and Practice for Documentary there are three differences: Credits, 2007 Revision, ICC Publication no. 600 (“UCP”) ‘any’replace ‘all’ are rules that apply to any documentary credit (“credit”) (including, to the extent to which they may be applicable, ‘when … rules’replace ‘where … credit’ any standby letter of credit) when the text of the credit expressly indicates that it is subject to these rules. ‘unless … credit’ replace ‘unless They are binding on all parties thereto unless expressly otherwise … credit’ modified or excluded by the credit. Article 2 Definitions For the purpose of these rules: This article is new added, it clarifies many Advising bank means the bank that advises the credit definitions which didn’t defined in 500, at the request of the issuing bank. however, some items ever published in some Applicant means the party on whose request the credit publications of ICC including 500, such as Banking day, credit, etc. is issued. Of cause, some items are first presented in Banking day means a day on which a bank is regularly 600 or have been amended so that we should open at the place at which an act subject to these rules is focus: to be performed. Beneficiary means the party in whose favour a credit is issued. Complying presentation means a presentation that is ‘Complying presentation’ is a new term, in accordance with the terms and conditions of the credit, under 500, we usually used ‘ the documents the applicable provisions of these rules and international to be presented in compliance’, and the new standard banking practice. one is more concision. 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’s authorization or request. Credit means any arrangement, however named or In 500, the Art 2 gave the mean of credit and described, that is irrevocable and thereby constitutes a four types L/C, and in Art 6 the irrevocable definite undertaking of the issuing bank to honour a and revocable L/C were listed at the same complying presentation. time, however, in 600, the revocable L/C has Honour means: been deleted. So, we should note that all L/C a. to pay at sight if the credit is available by sight are irrevocable under UCP600. payment.b.at maturity if the credit is available by deferredpayment.ThiNganHang.comto incur a deferred payment undertaking and pay Another difference is that the original foutypeswhich are called by a joint name - Honourwhich includes available by sight paymentare changed into three categoriesr,,, c. to accept a bill of exchange (“draft”) drawn by the deferred payment and acceptance, and the beneficiary and pay at maturity if the credit is Negotiation was deleted from the basic types. available by acceptance. It was changed to a burchase behalf other Issuing bank means the bank that issues a credit at the than payment type. request of an applicant or on its own behalf. In 500, negotiation means the giving of value Negotiation means the purchase by the nominated for draft(s) and/or document(s), which bank of drafts (drawn on a bank other than the borrowed the jural definition. But there were nominated bank) and/or documents under a many issues and problems in the banking practice, therefore it is amended in 600. And 2 ThiNganHang.com
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