OLLYER | Consulting Frequently Asked Questions under UCP 600 Volume V September 2009Introduction ‘Welcome to this fith volume of "Frequently Asked Questions under UCP 600” provided by Collyer Consutting LLP. Although only covering the same number of questions as included in previous volumes, this is the largest volume by number of pages demonstrating that the questions given and, in some instances the answers, are quite extensive. In this publication, we continue to look at the types of questions that are being asked on 2 global basis. Similar to the fourth volume, this volume contains 2 number of questions in relation to artides 6, 14, 16, 20, 28 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 fell under the category of "General" due to their specific, ron-article driven, circumstances. There has been a marked increase in the number of questions in relation to international standard banking practice under the ttle of ISBP. We also have a new Category of questions ~ URR725. Altogether, there are 200 questions on a wide variety of topics and issues covered in 56 pages, bringing the total in the 5 volumes to 1000 questions. All of these questions have been submitted as @ result of email requests to the author. We hope that the previous volumes continue to assist In your day-to-day activities and with this and our future publications they will continue to do so; thereby providing a better insight into the correct interpretaton and application of UCP 600 and documentary crecits in general. You will note that for each section of questions the numbering commences with the respective article number (or ‘Gen/ISBP/URR) followed by the question number. The numbering in this volume continues from the last number under the respective article/section of volume IV. As with other volumes, we are separately making available an index for the questions covered in this publication..Should you wish to receive a copy of the index please send a request by email to Gary@callyerconsulting.com In June 2009 we launched our website - www.collyerconsulting.com Please vist this site and see what is being made available in the public and member domains. We hope that you or your organisation will see the benefits of joining this new and informative website, Watch out for our next publication in March 2010! (© No part ofthis publication may be reproduced, stored or transmited without the exiress agreement of Collyer Consing LP, {© Copyright Colyer Consuiting LLP 2008 Not to be repreduced er copied without consent of te authortetas Contents Article Page Number 1 Application of uc 3 2 Definitions 3 3 Interpretations 3 4 Credits v. Contracts No new queries 5 Documents v. Goods, Services or Performance No new queries © Availabilty, Expiry Date and Place for Presentation 5 7 Issuing Bank Undertaking No new queries 8 Confirming Bank Undertaking 8 9 Advising of Credits and Amendments No new queries 10 Amendments uw 11 Teletransmitted and Pre-Advised Credits and ‘Amendments ‘No new queries 12 Nomination 3 43° Bank-to-Bank Reimbursement Arrangements 15 14 Standard for Examination of Documents 15 15 Complying Presentation 19 46 Discrepant Documents, Waiver and Notice 19 47. Original Documents and Copies R 18 "Commercial Invoice B 19 Transport Document Covering at Least Two Different Modes of Transport No new queries 20 Bill of Lading 2 21 Non-Negotiable Sea Waybil No new queries 22 Charter Party Bill of Lading 2B 23 Air Transport Document 28 24 Road, Rall or Inland Waterway Transport Documents No new queries 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 lean Transport Document No new queries 28 Insurance Document and Coverage 29 29 Extension to Expiry Date oF Last Day for Presentation 33 30 Tolerance in Credit Amount, Quantity and Unit Prices 33 31 Partial Drawings or Shipments 35 32 _Instalment Drawings or Shipments 36 33. Hours of Presentation No new queries 34 Disclaimer on Effectiveness of Documents No new queries 35 Disclaimer on Transmission and Translation 36 36 Force Majeure 7 37 Disclaimer for Acts of an Instructed Party No new queries 38 Transferable Credits 37 39 Assignment of Proceeds No new queries Gen General Queries a2 ISBP International Standard Banking Practice Questions SL URR Uniform Rules for Bank to Bank Reimbursements 57 © copy Cotyer Consuting UP 2009 Tot be reproduced oF copied without consent ofthe author