Commentary on UCP 600 is the latest version of ICC’s universally used rules on documentary credits. Members of the Drafting Group that developed the new UCP have produced an article-by-article Commentary on the rules that came into effect on July 1, 2007.

“The aim has been to provide a Commentary that enlightens practitioners as to the thought processes behind the changes in each article and to explain why a change was introduced and, in some cases, why no change was made.” - Gary Collyer, Chair of the UCP 600 Drafting Group

Commentary on UCP 600, which reflects the Group’s personal views*, explains the rationale behind the changes in the rules and clarifies the general principles that underlie them. The Drafting Group’s Commentary on UCP 600 examines each of the 39 articles of the new UCP. Each article and sub-article is analyzed under four different topics:

  • The text of the article (or sub-article),
  • The key changes from UCP 500,
  • A commentary explaining the rationale for the new language, and
  • The cross-references to other articles in UCP 600.
  • Practical, compact and easy-to read, Commentary on UCP 600 will be a reference book of choice for students and users of the new UCP.

*Note that Commentary on UCP 600 reflects the personal views of the UCP Drafting Group. It does not necessarily reflect the views of the full ICC Banking Commission.

Code ISBN : 978-92-842-0015-3
Weight : 0.4400 kgs
Number of pages : 151
Publishing date : 2007
Language : English
Format in cm : 15*25

Introduction

Article 1 Application of UCP

Article 2 Definitions

Article 3 Interpretations

Article 4 Credits v. Contracts

Article 5 Documents v. Goods, Services or Performance

Article 6 Availability, Expiry Date and Place for Presentation

Article 7 Issuing Bank Undertaking

Article 8 Confirming Bank Undertaking

Article 9 Advising of Credits and Amendments

Article 10 Amendments

Article 11 Teletransmitted and Pre-Advised Credits and Amendments

Article 12 Nomination

Article 13 Bank-to-Bank Reimbursement Arrangements

Article 14 Standard for Examination of Documents

Article 15 Complying Presentation

Article 16 Discrepant Documents, Waiver and Notice

Article 17 Original Documents and Copies

Article 18 Commercial Invoice

Article 19 Transport Document Covering at Least Two Different Modes of Transport

Article 20 Bill of Lading

Article 21 Non-Negotiable Sea Waybill

Article 22 Charter Party Bill of Lading

Article 23 Air Transport Document

Article 24 Road, Rail or Inland Waterway Transport Documents

Article 25 Courier Receipt, Post Receipt or Certificate of Posting

Article 26 “On Deck”, “Shipper’s Load and Count”, “Said by Shipper to Contain”

and Charges Additional to Freight

Article 27 Clean Transport Document

Article 28 Insurance Document and Coverage

Article 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 Shipments

Article 32 Instalment Drawings or Shipments

Article 33 Hours of Presentation

Article 34 Disclaimer on Effectiveness of Documents

Article 35 Disclaimer on Transmission and Translation

Article 36 Force Majeure

Article 37 Disclaimer for Acts of an Instructed Party

Article 38 Transferable Credits

Article 39 Assignment of Proceeds

Gary Collyer Technical Adviser, ICC Banking Commission Chair, UCP 600 Drafting Group

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