UCP600 PRESENTATION_class 03 - Article 6 Availability Expiry Date and Place for Presentation a A credit must state the bank with which it is available

UCP600 PRESENTATION_class 03 - Article 6 Availability...

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Article 6 Availability, Expiry Date and Place for Presentation a. A credit must state the bank with which it is available or whether it is available with any bank. A credit available with a nominated bank is also available with the issuing bank. b. A credit must state whether it is available by sight payment, deferred payment, acceptance or negotiation. c. A credit must not be issued available by a draft drawn on the applicant.
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Article 6 Availability, Expiry Date and Place for Presentation d. i. A credit must state an expiry date for presentation. An expiry date stated for honour or negotiation will be deemed to be an expiry date for presentation. ii. The place of the bank with which the credit is available is the place for presentation. The place for presentation under a credit available with any bank is that of any bank. A place for presentation other than that of the issuing bank is in addition to the place of the issuing bank. e. Except as provided in sub-article 29 (a), a presentation by or on behalf of the beneficiary must be made on or before the expiry date.
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Article 6 (a) ‘A credit must state the bank with which it is available or whether it is available with any bank. A credit available with a nominated bank is also available with the issuing bank.’
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Availability [Sub –article 6(a) Explanation] A credit must state whether it is available with: ° Itself (issuing bank only) or ° A specific nominated bank (e.g., citibank N.A., BD) or ° Any bank of a region (e.g., any bank in Bangladesh) or ° Any bank (nomination is open)
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Availability [Sub –article 6(a) Explanation] A credit is always available with a the issuing bank in addition to the nominated bank(s).
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Article 6 (b) ‘A credit must state whether it is available by sight payment, deferred payment, acceptance or negotiation.’
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[Sub –article 6(b) Explanation] HOW A CREDIT CAN BE A credit must state whether it is available by: sight payment, deferred payment, AVAILABLE? acceptance or negotiation.
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ICC Banking Commission Opinion R628 [TA661rev] Query 01: If a credit is available by acceptance of beneficiary’s draft at 90 days sight with any bank or a particular nominated bank, on whom should the drafts be drawn –the nominated bank (or any bank, where the credit is available with any bank) or the issuing bank?
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ICC Banking Commission Opinion R628 [TA661rev] (Cont’d) Opinion: If a credit is available by acceptance with a named nominated bank, then the draft must be drawn on the nominated bank, if it agrees to act on its nomination. If the credit is available with any bank by acceptance, the credit should state that the draft is to be drawn on ‘the nominated bank’. The nominated bank will be the bank that agrees to act upon the nomination, at the request of the beneficiary, and on which the draft is to be drawn, and its name is to be specifically stated on the draft as the drawee.
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ICC Banking Commission Opinion R628 [TA661rev] (Cont’d) Query 02: If a draft is drawn on the issuing bank, can a nominated bank Opinion: If a draft is drawn on the issuing bank, it is
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