gary+collyer上海培训的讲义

1、Overview of exclusion wording and specific requirements seenon letters of credit that are subject to UCP 600.November 2019ICC CHINA UCP600 新问题研讨会培训材料第 142页1.2.3.4.5.6.7.8.9.10.11.12.UCP 600 Exclusions and special requirementsArticle #ExcludedArt. 7cArt. 10cArt. 10fArt. 12bArt. 14bArt. 14eArt. 14iArt

2、. 14jArt. 14kArt. 14lExact Language in LCSub-article 7 (c) is excluded.Sub-article 10 (c) is notapplicable.Sub-article 10 (f) is notapplicable.Sub-article 12 (b) is notapplicable.Sub-article 14 (b) is notapplicable.Sub-article 14 (e) is notacceptable.The description of goods asindicated in field 45A

3、 must beindicated in all the requireddocuments.Sub-article 14 (i) is excluded.Sub-article 14 (j) is notapplicable.Sub-article 14 (k) is excluded.Sub-article 14 (l) is excluded.What It Relates ToThe responsibility of the issuing bank toreimburse a nominated bank, when thenominated bank has honoured o

4、r negotiateda complying presentationThe terms and conditions of the originalcredit will remain in force for the beneficiaryuntil the beneficiary communicates itsacceptance of the amendment.A provision in an amendment to the effectthat the amendment shall enter into forceunless rejected by the benefi

5、ciary within acertain time shall be disregarded.By nominating a bank to accept a draft orincur a deferred payment undertaking, anissuing bank authorizes that nominated bankto prepay or purchase a draft accepted or adeferred payment undertaking incurred bythat nominated bank.See point 9. “special req

6、uirements”The related banks under this credit shall eachhave a maximum of XXX banking daysfollowing the day of presentation todetermine if a presentation is complying.In documents other than the commercialinvoice, the description of the goods,services or performance, if stated, may be ingeneral term

7、s not conflicting with theirdescription in the credit.A document may be dated prior to theissuing date of the credit.All documents need not evidence the sameaddresses as those stated in the credit, butmust be within the same country as therespective addresses mentioned in the credit.The shipper or c

8、onsignor of the goodsindicated on any document need not be thebeneficiary of the credit.A transport document may be issued by anyparty provided that it meets the requirementsof the respective transport article.Art. 18 a iv Sub-article 18 (a) (iv) isexcluded.A commercial invoice need not be signed.Ar

9、t. 18bSub-article 18 (b) is excluded.Invoice issued for an amount in excess of theamount permitted by the credit is acceptableprovided the bank does not honour ornegotiate for an amount in excess of thecredit amount.ICC CHINA UCP600 新问题研讨会培训材料第 242页13.14.15.16.17.18.19.20.21.22.23.24.25.Art. 20a v.A

10、rt. 20cArt. 20dArt. 23c iiArt. 26Art. 26cArt. 27Art. 28iArt. 30bArt. 35Art. 37Art. 37cArt. 38fSub-article 20 (a) (v) is excluded.Sub-article 20 (c) is excluded.Sub-article 20 (d) is excluded.Sub-article 23 (c) is excluded.Article 26 is completelyexcluded.Sub-article 26 (c) is notapplicable.Article 2

11、7 is excluded.Sub-article 28 (i) is notapplicable.Sub-article 30 (b) is excluded.Article 35 Para 2 is excluded.Sub-articles 37 (a), (c) and (d)not applicable.Sub-article 37 (c) does not apply.Sub-article 38 (f) is excluded.Contains terms and conditions of carriage ormake references to other source c

12、ontainingthe terms and conditions of carriage.Contents of terms and conditions of carriagewill not be examined.A bill of lading may indicate that the goodswill or may be transhipped provided that theentire carriage is covered by one and thesame bill of lading.Clauses in a bill of lading stating that

13、 thecarrier reserves the right to tranship will bedisregarded.The same as under sub-article 20 (c).“On deck”, “shippers load and count”, “saidby the shipper to contain”, and costsadditional to freight.Costs additional to freight are not acceptableClean transport document. The word“clean” need not ap

14、pear on a transportdocument, even if the credit has arequirement for that transport document tobe “clean on board”. .An insurance certificate may containreference to any exclusion clause.A tolerance not to exceed 5% more or 5%less than the quantity of the goods isallowed.Loss of documents in transit

15、.Disclaimer for acts of an instructed party.A bank instructing another bank to performservices is liable for any commission, fees,cost or expenses incurred by that bank inconnection with its charges.If a credit is transferred to more than onesecond beneficiary, rejection of anyamendment by one or mo

16、re secondbeneficiary does not invalidate theacceptance by any other second beneficiary,with respect to which the transferred creditwill be amended accordingly. For anysecond beneficiary that rejects theamendment, the transferred credit willremain unamended.ICC CHINA UCP600 新问题研讨会培训材料第 342页1.2.3.4.5.

17、6.7.8.9.10.11.12.13.Special requirementsQuotations from L/CsOriginal documents must be manually signedAll documents other than invoice and transport must bear the same title stated in thecredit between brackets and clearly show the function of the credit as per sub-article 14(f).All original transpo

18、rt documents required under this credit must be pre-printed with theword “original”:Any alteration/correction/deletion/insertion on documents must be authenticated by theissuer of the documentsAll documents should be manually signedIn case of container shipment no. of containers and no. of package i

19、n each containershould be declared on B/L. (said to contain?)Shipper or consignor of the goods indicated on any document must be the beneficiaryof the credit.All documents must show the address and contact details for both applicant andbeneficiary as stated in the creditThe related banks under this

20、credit shall each have a maximum of seven banking daysfollowing the day of presentation to determine if a presentation is complying. Sub-article 14 (b) is not applicable.The marine B/L must clearly indicate the name of the carrier and clearly state itsfunction in the following strict manner, “the ca

21、rrier” and not “as carrier”Bill of Lading in the form of a combined transport document is prohibited.Bill of Lading issued and/or signed by N.V.O.C.C. and/or freight forwarder and/or anyperson even of equivalent standing of a carrier, owner, and master is not acceptable.Transport document must be is

22、sued by a marine or ocean shipping company or theiragent.ICC CHINA UCP600 新问题研讨会培训材料第 442页Questions posed at ICC Banking Commission meeting24/25 October 2019 relating to UCP 600 exclusions,modifications and clarifications.Article 2QuoteUnder article 2, from definitions of Banking Day and Presentatio

23、n weunderstand that presentation is an act to be performed on a day when a bank isregularly open. We also note from sub-article 14 (b) that the examination periodcommences on the day following the “day of presentation” as opposed to UCP500s “day of receipt of documents.” Therefore it is our understa

24、nding that theday of presentation is to be a banking day even if documents are received by abanks mail receiving unit which may be open on a non-banking day. Are wecorrect?UnquoteSub-article 10 (c)QuoteUCP600 sub-article 10 (a) states:“a. Except as otherwise provided by article 38, a credit can neit

25、her be amendednor cancelled without the agreement of the issuing bank, the confirming bank, ifany, and the beneficiary.”and sub-article 10 (c) states:“c. The terms and conditions of the original credit (or a credit incorporatingpreviously accepted amendments) will remain in force for the beneficiary

26、 untilthe beneficiary communicates its acceptance of the amendment to the bank thatadvised such amendment. The beneficiary should give notification of acceptanceor rejection of an amendment. If the beneficiary fails to give such notification, apresentation that complies with the credit and to any no

27、t yet acceptedamendment will be deemed to be notification of acceptance by the beneficiary ofsuch amendment. As of that moment the credit will be amended.”A question has arisen regarding amendments which do not impact a presentationof documents. Example, where under a credit for $100,000 permitting

28、partshipments, and the issuer amends the credit to reduce it by $50,000: abeneficiary presenting documents for $50,000 without stating they haveaccepted or rejected the amendment the bank cannot construe beneficiarysilence regarding the amendment as acceptance to reduce the credit to zerobecause the

29、 amendment had no impact on the presentation, and therefore1ICC CHINA UCP600 新问题研讨会培训材料第 542页beneficiary has neither expressed consent or rejection of the amendment. Abeneficiary may not even have received such an amendment, and to construesilence as acceptance when the documents are not impacted by

30、 the amendmentdirectly conflicts with the rights of the beneficiary stated in sub-article 10 (a).Please confirm that a presentation of documents which is not impacted by an asyet unaccepted amendment does not constitute acceptance of the amendmentby the beneficiary. A position to the contrary is in

31、direct conflict with sub-article10 (a). An amendment which does not impact a presentation of documents maynot be automatically enforced against the beneficiary.UnquoteSub-article 14 (f) and (k)Quote1. We have received a variety of other UCP 600 article deletions such as thedeletion of sub-article 14

32、 (f).Questions:a) When articles such as this are deleted outright and no further LC guidanceprovided, how should banks interpret this?b) In this case, does a document title now have to match the title of a documentstated in a LC or since no further LC guidance is provided can a nominated bankexercis

33、e its own judgment as to whether or not a document complies?2. Sub-article 14 (k) is also routinely being deleted.Questions:a) Does this mean that only the LC beneficiary must appear as the shipper on atransport document or can the shippers box read as:1. XYZ company on behalf of the beneficiary or2

34、. Manufacturer name or3. Agent name, etc.?b) By outright deletion are nominated banks allowed to make judgment calls tooffset the silence created by the outright deletion?Unquote2ICC CHINA UCP600 新问题研讨会培训材料第 642页Sub-article 14 (l)QuoteUCP 600 article 14 (l) states:“A transport document may be issued

35、 by any party other than a carrier, owner,master or charterer provided that the transport document meets therequirements of articles 19, 20, 21, 22, 23, or 24 of these rules.”Various issuing banks have been deleting this article outright.UnquoteSub-article 16 (c) (iii) (d)QuoteMy bank and a number o

36、f other US banks have been receiving LCs that deleteUCP 600 Article 16 (c) (iii) (d). We find this deletion confusing. We are unsure ofthe intent of this deletion and unsure if both sections 16 (c) (iii) (all in) and 16 (d)are being deleted or if only section 16 (c) (iii) (d) is deleted.Questions:a)

37、 If the former and both sections are being deleted then the concern is whenand how a notice of discrepancies must reach a nominated bank?b) If the latter then why would an issuing bank refuse to accept instructions anominated bank has previously sent as they relate to a specific documentarypresentat

38、ion? Your guidance would be greatly appreciated.UnquoteArticle 20QuoteWhere a credit calls for a B/L evidencing shipment from port to port, paragraphs91 and 92 of the ISBP state that the presented B/L must cover sea shipment onlyso that article 20 could be applicable. In case the B/L shows an inland

39、 place ofreceipt before the port of loading stated in the credit, then due to two differentmodes of transport, the document should be seen as a CTD and be rejected forthe reason that it is not the document required by the credit even if the B/Lshows a separate on board notation indicating the port o

40、f loading as stated inthe credit, the date of shipment and the name of the vessel. Are we correct?Unquote3ICC CHINA UCP600 新问题研讨会培训材料第 742页Sub-article 20 (a) (ii)QuoteA marine B/L contains at its heading an entity name reading ABC LOGISTICS LTDin bold print. The document is signed by a named agent a

41、s “As Agent for theCarrier of B/L title”. We are in favour of interpreting the quoted words as “AsAgent for the Carrier whose name appears at the heading” hence finding the B/Lcompliant in line with UCPs signing requirements. Are we correct?UnquoteArticle 22QuoteIt is widely known that a B/L marked

42、in print “Congenbill 1978 (or 1994)” isdesigned for charter party B/Ls. Can said marking alone be considered “anindication” under sub-article 22 (a) that the presented B/L is a charter party B/L?UnquoteArticle 23QuoteParagraph 141 of the ISBP allows using IATA codes for airports instead of writingou

43、t their names in full. Can the same be applied for carriers IATA codes, i.e., theAWB is signed by the agent of the carrier and the carrier is identified as BA, AF,LH or TK in the field “By First Carrier” or anywhere on the AWB defined as carrierby means of said codes?UnquoteSub-articles 28 (h) and (

44、i)QuoteWe are receiving a number of LCs from different banks, largely from Turkey andEgypt where issuing banks are deleting reference to UCP 600 sub-articles 28 (h)and (i). Our concerns are:a) All insurance documents have exclusions. We are unaware of any maritimeinsurer who will cover all loss circ

45、umstances.b) The possibility that we may now have to review the whole insurancedocument, including its terms and conditions to see if any exclusion exists.c) It is common knowledge that industry practice for insurance documents toreference all risk clauses may be satisfied in different manners such

46、as InstituteCargo Clause A or B or C, etc. and do not cover every risk that may beencountered en-route to a shipments final delivery.4ICC CHINA UCP600 新问题研讨会培训材料第 842页We feel that this practice is improper and we have been refusing to advise theseLCs. We deem the LC as unworkable. We believe that th

47、e issuers should clearlyand concisely reference what insurance risks must be covered and/or indicatewhat risks cannot be excluded.Question: Is our interpretation correct?UnquoteArticle 35Quote1. Some Asian banks, in Hong Kong and South Korea namely, have issued lettersof credit, available with any b

48、ank by negotiation, whose terms include acondition stating that:QUOTEThe issuing bank shall be entitled to require the nominated bank to send copiesof all the documents presented under the credit and which the nominated bankhas determined to be a complying presentation, were the documents thusdeterm

49、ined to be complying lost in transit after being sent by the nominatedbank. The issuing bank should be entitled to examine the copies of thedocuments to determine if they comply with the terms of the credit (except forthe question of originality) and to refuse reimbursement to the nominated bankshou

50、ld the issuing bank determine that the documents do not comply with theterms of the credit. Article 35, to the extent it is inconsistent with the foregoingis expressly excluded.UNQUOTEIt is our opinion that a more adequate procedure would be to request thatrequired documents be forwarded to the issu

51、ing bank by two subsequent courierparcels. Also we have strong reserves concerning the legitimacy of determiningthe compliance of documents based on photocopies of documents. It seems tooeasy to state “except for the question of originality”, as if it was a minor issue.How would they establish if a

52、document is originally signed or stamped? And,what about the term of validity or period for presentation? Would the issuingbank abide by the negotiating bank statement concerning documents lost intransit?We would strongly appreciate your comments.Unquote5ICC CHINA UCP600 新问题研讨会培训材料第 942页1.2.3.4.5.Su

53、b-article 38 (d)QuoteAn applicant of a credit, at the alleged request of the first beneficiary, asked fora transferable credit to be issued stating that the second beneficiary would beallowed to transfer the credit to a subsequent beneficiary, arguing that theallowance in article 1 ( unless expressl

54、y modified or excluded by the credit.)overruled sub-article 38 (d). Since we refused to do it, based on ourunderstanding that double transferability represented an accrued risk both forthe applicant and the issuing bank, the matter was otherwise resolved.However, the first beneficiary kept insisting

55、 that double transferability was acurrent practice (without referring as to where). We feel we can hardly beblamed for being overzealous in our refusal. Nevertheless, your view on ourdecision and a comment on the risks that double transferability involves wouldbe most appreciated.UnquoteSub-article

56、38 (k)QUOTEQuery : Can a transferring bank be protected by UCP 600 when theyexclude the applicability of sub-article 38 (k) in case of a100% transfer and no substitution of documents is tooccur?According to UCP 600 article 38 when an issuing bank issues a “transferablecredit” nominating a transferri

57、ng bank, the issuing bank authorizes thatnominated transferring bank to issue a transferred credit which accuratelyreflects the terms and conditions of the transferable credit (includingconfirmation, if any) with the following modifications as authorized by sub-article38 (g):the amount of the credit

58、;any unit price stated therein;the expiry date;the period for presentation of documents; orthe latest shipment date or given period for shipment,any or all of which may be reduced or curtailed;and,6ICC CHINA UCP600 新问题研讨会培训材料第 1042页6.7.percentage for which insurance cover must be effected may be in

59、anincreased form, andthe name of the first beneficiary of the transferable credit may besubstituted for that of the applicant in the transferred credit.Under the present rule, the beneficiary (first beneficiary) of the transferablecredit, at the time of making a request for transfer and prior to the

60、 transfer ofthe credit, must irrevocably instruct the transferring bank under what condition(s)the credit and any subsequent amendments are to be transferred to the secondbeneficiary.We feel that such instructions of the first beneficiary should cover the followingissues:a. In accordance with UCP 60