国际结算课件：ICC Uniform Customs and Practice for Documentary Credits UCP600

1、ICC Uniform Customs and Practice for Documentary Credits 600UCP7/24/20220Comments from Drafting GroupGeneral: （1st complete draft）1. On its Face 25 countries voted for removal with 12 disagreeing. Reference to On its Face have been deleted in all places except for the Article entitled “Standard for

2、Examination of Documents”. It is felt by the Drafting Group that such reference is warranted in this place so as to maintain the position that is recognised by the courts of what information, page etc. the document checker is expected to review.To remove completely would require the inclusion of a s

3、imilar phrase so as to explain that no change in philosophy has been made.(511 based exclusively upon the bankers examination of the document, and not upon someone elses understanding. In other words, there is a method for examination of documents under the D/C which is peculiar to bankers. This met

4、hod attempts to find whether certain statement, terms or conditions appear on the document. The phrase “on their face” is not to be interpreted as meaning either the “face” or the “reverse” of a document.)7/24/202212. Reasonable Time 36 countries (out of 37) voted for removal of these words. Majorit

5、y of countries voted for 5 days as the new maximum period. 3. Parties or Banks 27 countries (out of 37) voted for retention of banks instead of parties. The draft has been amended in all places to reflect this.4. ISBP All countries indicated the value of ISBP and that as far as possible should be re

6、tained in the publication as opposed to the new rules. 5. Deferred Payments 27 countries (out of 37) voted for a clause allowing for discount of the deferred payment undertaking. 6. Article 30 UCP500 30 countries (out of 37) voted for removal of this article.Reference to revocable credits has been r

7、emoved. This decision is based on the current lack of usage of revocable credits. A bank choosing to issue a revocable credit must incorporate specific terms in the credit to reflect this fact. (Draft 2)7/24/20222Introduced the term honour to better align the deferred payment with an acceptance cred

8、it. The concept of honor relates to the obligations of the Issuing and Confirming Banks. (Draft 2)Majority feedback from the Consulting Group to the question as to whether Negotiation should remain in the UCP was that it should. Negotiation should remain outside the definition of honour, as it is a

9、method of finance. (Draft 2)The expression “bank” includes, but is not limited to, entities traditionally known as a bank or other financial institution. (Draft 2)Inoperative Credit (Draft 2) (HUBEI)In all other Articles the Drafting Group has sought not to use terms like “unless otherwise expressly

10、 stipulated in the credit” since this is a general principle contained in Article 1 and in order to discourage clauses which may have an effect contrary to the essence of the UCP. (Draft 3) 7/24/20223Deleted UCP500 ArticlesArt 5 - Instruction to issue/amend credits Art 6 - Revocable v. irrevocable c

11、redits Issuance of revocable credits is a matter for individual credit and language should be provided in individual revocable credits as to their conditions of operationArt 8 - Revocation of a credit Art 12 - Incomplete or unclear instructionsArt 30 - Transport documents issued by freight forwarder

12、s Art 33 - Freight payable/prepaid transport documents7/24/20224FOREWORD This revision of the Uniform Customs and Practice for Documentary Credits (commonly called “UCP”) is the sixth revision of the rules since they were first promulgated in 1933. It is the fruit of more than three years of work by

13、 the International Chamber of Commerces (ICC) Commission on Banking Technique and Practice. ICC, which was established in 1919, had as its primary objective facilitating the flow of international trade at a time when nationalism and protectionism posed serious threats to the world trading system. It

14、 was in that spirit that the UCP were first introduced to alleviate the confusion caused by individual countries promoting their own national rules on letter of credit practice. The objective, since attained, was to create a set of contractual rules that would establish uniformity in that practice,

15、so that practitioners would not have to cope with a plethora of often conflicting national regulations. The universal acceptance of the UCP by practitioners in countries with widely divergent economic and judicial systems is a testament to the rules success. 7/24/20225It is important to recall that

16、the UCP represent the work of a private international organization, not a governmental body. Since its inception, ICC has insisted on the central role of self-regulation in business practice. These rules, formulated entirely by experts in the private sector, have validated that approach. The UCP rem

17、ain the most successful set of private rules for trade ever developed. A range of individuals and groups contributed to the current revision, which is entitled UCP 600. These include the UCP Drafting Group, which sifted through more than 5000 individual comments before arriving at this consensus tex

18、t; the UCP Consulting Group, consisting of members from more than 25 countries, which served as the advisory body reacting to and proposing changes to the various drafts; the more than 400 members of the ICC Commission on Banking Technique and Practice who made pertinent suggestions for changes in t

19、he text; and ICC national committees worldwide which took an active role in consolidating comments from their members. ICC also expresses its gratitude to practitioners in the transport and insurance industries, whose perceptive suggestions honed the final draft. 7/24/20226INTRODUCTION In May 2003,

20、the International Chamber of Commerce authorized the ICC Commission on Banking Technique and Practice (Banking Commission) to begin a revision of the Uniform Customs and Practice for Documentary Credits, ICC Publication 500. As with other revisions, the general objective was to address developments

21、in the banking, transport and insurance industries. Additionally, there was a need to look at the language and style used in the UCP to remove wording that could lead to inconsistent application and interpretation. When work on the revision started, a number of global surveys indicated that, because

22、 of discrepancies, approximately 70% of documents presented under letters of credit were being rejected on first presentation. This obviously had, and continues to have, a negative effect on the letter of credit being seen as a means of payment and, 7/24/20227if unchecked, could have serious implica

23、tions for maintaining or increasing its market share as a recognized means of settlement in international trade. The introduction by banks of a discrepancy fee has highlighted the importance of this issue, especially when the underlying discrepancies have been found to be dubious or unsound. Whilst

24、the number of cases involving litigation has not grown during the lifetime of UCP 500, the introduction of the ICCs Documentary Credit Dispute Resolution Expertise Rules (DOCDEX) in October 1997 (subsequently revised in March 2002) has resulted in more than 60 cases being decided. To address these a

25、nd other concerns, the Banking Commission established a Drafting Group to revise UCP 500. It was also decided to create a second group, known as the Consulting Group, to review and advise on early drafts submitted by the Drafting Group. The transport industry experts. Ably co-chaired by John Turnbul

26、l, Deputy General Manager, Sumitomo Mitsui Banking Corporation Europe Ltd, London and Carlo Di Ninni, Adviser, Italian Bankers Association, Rome, the Consulting Group provided valuable input to the Drafting Group prior to release of draft texts to ICC national committees. 7/24/20228The Drafting Grou

27、p began the review process by analyzing the content of the official Opinions issued by the Banking Commission under UCP 500. Some 500 Opinions were reviewed to assess whether the issues involved warranted a change in, an addition to or a deletion of any UCP article. In addition, consideration was gi

28、ven to the content of the four Position Papers issued by the Commission in September 1994, the two Decisions issued by the Commission (concerning the introduction of the euro and the determination of what constituted an original document under UCP 500 sub-article 20(b) and the decisions issued in DO

29、CDEX cases. During the revision process, notice was taken of the considerable work that had been completed in creating the International Standard Banking Practice for the Examination of Documents under Documentary Credits (ISBP), ICC Publication 645. This publication has evolved into a necessary com

30、panion to the UCP for determining compliance of documents with the terms of letters of credit. It is the expectation of the Drafting Group and the Banking Commission that the application of the principles contained in the ISBP, including subsequent revisions thereof, will continue during the time UC

31、P 600 is in force. 7/24/20229At the time UCP 600 is implemented, there will be an updated version of the ISBP to bring its contents in line with the substance and style of the new rules. The four Position Papers issued in September 1994 were issued subject to their application under UCP 500; therefo

32、re, they will not be applicable under UCP 600. The essence of the Decision covering the determination of an original document has been incorporated into the text of UCP 600. The outcome of the DOCDEX cases were invariably based on existing ICC Banking Commission Opinions and therefore contained no s

33、pecific issues that required addressing in these rules. One of the structural changes to the UCP is the introduction of articles covering definitions (article 2) and interpretations (article 3). In providing definitions of roles played by banks and the meaning of specific terms and events, UCP 600 a

34、voids the necessity of repetitive text to explain their interpretation and application. Similarly, the article covering interpretations aims to take the ambiguity out of vague or unclear language that appears in letters of credit and to provide a definitive elucidation of other characteristics of th

35、e UCP or the credit. 7/24/202210During the course of the last three years, ICC national committees were canvassed on a range of issues to determine their preferences on alternative texts submitted by the Drafting Group. The results of this exercise and the considerable input from national committees

36、 on individual items in the text is reflected in the content of UCP 600. The Drafting Group considered, not only the current practice relative to the documentary credit, but also tried to envisage the future evolution of that practice. This revision of the UCP represents the culmination of over thre

37、e years of extensive analysis, review, debate and compromise amongst the various members of the Drafting Group, the members of the Banking Commission and the respective ICC national committees. Valuable comment has also been received from the ICC Commission on Transport and Logistics, the Commission

38、 on Commercial Law and Practice and the Committee on Insurance. 7/24/202211It is not appropriate for this publication to provide an explanation as to why an article has been worded in such a way or what is intended by its incorporation into the rules. For those interested in understanding the ration

39、ale and interpretation of the articles of UCP 600, this information will be found in the Commentary to the rules, ICC Publication 601, which represents the Drafting Groups views. On behalf of the Drafting Group I would like to extend our deep appreciation to the members of the Consulting Group, ICC

40、national committees and members of the Banking Commission for their professional comments and their constructive participation in this process. Special thanks are due to the members of the Drafting Group and their institutions, who are listed below in alphabetical order. 7/24/202212CONTENTSArticle 1

41、. Application of UCPArticle 2 Definitions Article 3 InterpretationsArticle 4 Credits v. ContractsArticle 5 Documents v. Goods, Services or PerformanceArticle 6 Availability, Expiry Date and Place for PresentationArticle 7 Issuing Bank Undertaking Article 8 Confirming Bank Undertaking Article 9 Advis

42、ing of Credits and AmendmentsArticle 10 AmendmentsArticle 11 Teletransmitted and Pre-Advised Credits and AmendmentsArticle 12 NominationArticle 13 Bank-to-Bank Reimbursement Arrangements7/24/202213Article 14 Standard for Examination of DocumentsArticle 15 Complying Presentation Article 16 Discrepant

43、 Documents, Waiver and NoticeArticle 17 Original Documents and Copies Article 18 Commercial InvoiceArticle 19 Transport Document Covering at Least Two Different Modes of Transport Article 20 Bill of LadingArticle 21 Non-Negotiable Sea Waybill Article 22 Charter Party Bill of Lading Article 23 Air Tr

44、ansport Document Article 24 Road, Rail or Inland Waterway Transport DocumentsArticle 25 Courier Receipt, Post Receipt or Certificate of PostingArticle 26 On Deck, Shippers Load and Count, “Said by Shipper to Contain” and Charges Additional to Freight7/24/202214Article 27 Clean Transport Document Art

45、icle 28 Insurance Document and CoverageArticle 29 Extension of Expiry Date or Last Day for Presentation Article 30 Tolerance in Credit Amount, Quantity and Unit Prices Article 31 Partial Drawings or ShipmentsArticle 32 Instalment Drawings or Shipments Article 33 Hours of Presentation Article 34 Disc

46、laimer on Effectiveness of Documents Article 35 Disclaimer on Transmission and Translation Article 36 Force MajeureArticle 37 Disclaimer for Acts of an Instructed Party Article 38 Transferable Credits Article 39 Assignment of Proceeds 7/24/202215Article 1 Application of UCP(UCP500 Art 1)The Uniform

47、Customs and Practice for Documentary Credits, 2007 Revision, ICC Publication no. 600 (“UCP”) are rules that apply to any documentary credit (“credit”) (including, to the extent to which they may be applicable, any standby letter of credit) when the text of the credit expressly indicates that it is s

48、ubject to these rules. They are binding on all parties thereto unless expressly modified or excluded by the credit. (UCP500 Art 1) shall apply to all documentary Credits (including to the extent to which they may be applicable, Standby Letter(s) of Credit) where they are incorporated into the text o

49、f the Credit. (Draft 3 The previous clause regarding electronic systems was not added to the text based on SWIFT alone. However, upon further discussion with SWIFT, and comments received, the premise has been changed to reflect that in each credit express reference to the UCP must be made. It is ant

50、icipated that SWIFT Guidelines will be changed to reflect this viewpoint prior to the implementation of the revised UCP.)7/24/202216Article 2 DefinitionsFor the purpose of these rules: Advising bank means the bank that advises the credit at the request of the issuing bank. Applicant means the party

51、on whose request the credit is issued. Banking day means a day on which a bank is regularly open at the place at which an act subject to these rules is to be performed. 银行日(Banking Day)是指在有关行为履行地有关银行通常开业的一天。(ISP98 1.09 ) Beneficiary means the party in whose favour a credit is issued. Complying prese

52、ntation means a presentation that is in accordance with the terms and conditions of the credit, the applicable provisions of these rules and international standard banking practice. (ISP98 3.01)(UCP500 Art 13a) Compliance of the stipulated documents on their face with the terms and conditions of the

53、 credit, shall be determined by international baking practice as reflected in these articles. (not restrict to ISBP) 7/24/202217Confirmation 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

54、means the bank that adds its confirmation to a credit upon the issuing banks authorization or request.Credit means any arrangement, however named or described, that is irrevocable and thereby constitutes a definite undertaking of the issuing bank to honour a complying presentation. (UCP500 Art 2) Ho

55、nour means:a. to pay at sight if the credit is available by sight (HUBEI) payment. b. to incur a deferred payment undertaking and pay at maturity if the credit is available by deferred payment. c. to accept a bill of exchange (“draft”) drawn by the beneficiary and pay at maturity if the credit is av

56、ailable by acceptance. 7/24/202218Negotiation means the purchase by the nominated bank of drafts (drawn on a bank other than the nominated bank) and/or documents under a complying presentation, by advancing or agreeing to advance funds to the beneficiary on or before the banking day on which reimbur

57、sement is due to the nominated bank. (UCP500 Art 10b) (UCP500 Art 10b) Negotiation means giving value for draft(s) and/or document(s) by the bank authorised to negotiate. (ICC Position paper no. 2) giving of value making immediate payment or undertaking an obligation to make paymentGary Collyer: “ne

58、gotiation may be effected at any point up until issuing bank fulfils its obligation to reimburse on due date.”Nominated bank means the bank with which the credit is available or any bank in the case of a credit available with any bank. Presentation means either the delivery of documents under a cred

59、it to the issuing bank or nominated bank or the documents so delivered. (ISP98 1.09 )Presenter means a beneficiary, bank or other party that makes a presentation. (ISP98 1.09 ) Issuing bank means the bank that issues a credit at the request of an applicant or on its own behalf. 7/24/202219Article 3

60、Interpretations For the purpose of these rules: Where applicable, words in the singular include the plural and in the plural include the singular. A credit is irrevocable even if there is no indication to that effect. (UCP500 Art 6) A document may be signed by handwriting, facsimile signature, perfo