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 : | 978-92-842-0285-0 |
| Number of pages : | 163 |
| Publishing date : | 2007 |
| Language : | English |
| Format in cm : | 16*24 |
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