7" COLYER. Consulting Frequently Asked Questions under UCP 600 Volume III September 2008Introduction Welcome to this third volume of “Frequently Asked Questions under UCP 600” provided by Collyer Consulting LLP. In this publication, we continue to look at the types of questions that are being asked on a giobal basis and look to offer extensive responses thereto. Similar to the second volume, this volume contains a number of questions in relation to articles 2, 6, 14, 16, 28, 35 and 38 of UCP 600. It should be recognised by most that these articles provide rules covering some of the more common types of issues that are faced by banks and beneficiaries today. In addition, there are an increasing number of questions that fall under the category of "General” due to their ‘specific circumstances. There are aiso more questions in relation to international standard banking practice under the title of ISBP. A‘number of the questions are now becoming more detailed due to the specific circumstances of a transaction. Altogether, there are 182 questions ‘ona wide variety of topics and issues covered in 46 pages. All of these questions have been submitted or.asked as a result of email requests to the author. We hope that volumes J and II continue to assist in your day-to-day activities and with this and future volumes they will continue ‘to do so; thereby providing a better understanding of the correct interpretation and application of UCP 600. You will note that for each section of questions ‘the numbering commences with the respective article number (or Gen/ISBP) followed by the . ‘question number. The numbering in this volume continues from the last number under the respective article/section in volume II. In the introduction to volume I we mentioned that an index will be made avaliable. Due to the number of questions that we have covered so far ie, 600, we have decided to make this available in a word file for those that require it. Should you wish to receive a copy of the index please send an email to gary@collyerconsulting.com requesting same. Questions continue to be welcomed from all readers and you may well find your question, and the answer, in this or future volumes. Of course, names and organisations are kept confidential and you will always be the first to receive the response. Watch out for the next volume in March 2009! il¥er Consulting LLP ‘September 2008 © No part ofthis publication may be reproduced, stored or transmitted without the express agreement of Collyer Consulting LL. .Contents Article Page Number 1 Application of UCP 1 2 Definitions 2 3 Interpretations 3 4 Credits v. Contracts No new queries 5 Documents v. Goods, Services or Performance No new queries 6 Availability, Expiry Date and Place for Presentation «4 7 Issuing Bank Undertaking 6 8 Confirming Bank Undertaking 7 9 Advising of Credits and Amendments 7 10 Amendments * No new queries 11 Teletransmitted and Pre-Advised Credits and * ‘Amendments No new queries 12 Nomination : 9 13° Bank-to-Bank Reimbursement Arrangements No new queries 14 Standard for Examination of Documents 10 15 Complying Presentation 15 16 _Discrepant Documents, Waiver and Notice 15 17 Original Documents and Copies 19 18 Commercial Invoice 20 19 Transport Document Covering at Least Two Different Modes of Transport a 20 Bill of Lading 23 21 Non-Negotiable Sea Waybill No new queries 22 Charter Party Bill of Lading No new queries 23. Air Transport Document 2 24 Road, Rail or Inland Waterway Transport Documents 28 25 Courier Receipt, Post Receipt or Certificate of Posting No new queries 26 “On Deck”, "Shipper’s Load and Count”, “Said by ‘ Shipper to Contain” and Charges Additional to Freight’ No new queries 27 Clean Transport Document No new queries 28 Insurance Document and Coverage 28 29 Extension to Expity Date or Last Day for Presentation No new queries 30 Tolerance in Credit Amount, Quantity and Unit Prices No new queries 31 Partial Drawings or Shipments, No new queries 32 _Instaiment Drawings or Shipments 30 33 Hours of Presentation No new queries 34 Disclaimer on Effectiveness of Documents No new queries 35 Disclaimer on Transmission and Transiation 31 36 Force Majeure 32 37 Disclaimer for Acts of an Instructed Party No new queries 38 Transferable Crecits 32 39 Assignment of Proceeds No new queries Gen General Queries 36 SBP International Standard Banking Practice Questions. 44