Topic 07 Understanding UCP 600.ppt [Compatibility Mode].pdf - Understanding Course BWBB 3063 UCP 600 International Trade Financing Understanding UCP 600

Topic 07 Understanding UCP 600.ppt [Compatibility Mode].pdf...

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1 Course BWBB 3063 International Trade & Financing by: SS&AMFAB College of Business Universiti Utara Malaysia [email protected] Tel : (Office) 04-928 6478 (Mobile) 012-5255879 Topic No. 7 Understanding UCP 600 SEFB COB Universiti Utara Malaysia BWBB 3063 International Trade & Financing Understanding UCP 600 © SS&AMFAB, 2018 1 To review history and process of UCP 600 2 To compare UCP 500 with UCP 600 3 To understand UCP 600 articles Objectives SEFB COB Universiti Utara Malaysia BWBB 3063 International Trade & Financing Understanding UCP 600 © SS&AMFAB, 2018 Review History and Process The UCP is the work of the ICC, a private international organization founded in 1919. Remains, to date, the most successful set of private rules for trade ever developed. UCP 600 - Sixth (6th) revision since it’s inception by the International Chamber of Commerce in 1933 Included review - ICC Opinions, Decisions, DOCDEX cases, legal decisions, URR525, ISP98 and eUCP SEFB COB Universiti Utara Malaysia BWBB 3063 International Trade & Financing Understanding UCP 600 © SS&AMFAB, 2018 Review History and Process Seven Articles that have lead to nearly 60% of ICC Opinions are: Article 9 Liability of Issuing and Confirming Banks Article 13 Standard for Examination of Documents Article 14 Discrepant Documents and Notice Article 21 Unspecified Issuers of Contents of Documents Article 23 Marine/Ocean Bills of Lading Article 37 Commercial Invoices Article 48 Transferable Credits SEFB COB Universiti Utara Malaysia BWBB 3063 International Trade & Financing Understanding UCP 600 © SS&AMFAB, 2018 Review History and Process ICC National Committees were requested to vote on issues such as: “On its face”, “Reasonable time”, “Negotiation” - leave out or retain Introduction of new articles, splitting of others, “parties” or “banks” Discounting of deferred payment undertakings” Degree of review for “inconsistency” or “non conflicting” ICC unanimously approved 2007 Revision on 25th October 2006 Effective July 1, 2007 SEFB COB Universiti Utara Malaysia BWBB 3063 International Trade & Financing Understanding UCP 600 © SS&AMFAB, 2018 Comparison with UCP 500 New terminology, concepts & wording introduced Re-organization of the rules Substantive & cosmetic changes Improved clarity, yet created new ambiguity What’s not changed Documentary Independent Irrevocable
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2 SEFB COB Universiti Utara Malaysia BWBB 3063 International Trade & Financing Understanding UCP 600 © SS&AMFAB, 2018 Comparison with UCP 500 UCP 600 (39 Articles) New: - Article 2 Definitions - Article 3 Interpretations - Article 9 Advising of Credits & Amendments - Article 12 Nomination - Article 15 Complying Presentation - Article 17 Original Documents & Copies UCP 500 (49 Articles) Not included in new Revision: - Article 5 Instructions to Issue/Amend Credits - Article 6 (part) Revocable Article 8 Revocation - Article 12 Incomplete or Unclear Instructions - Article 38 Other Documents - Articles 2,6,9,10,20,21,22, 30,31,33,35,36,46,47 content merged or amalgamated SEFB COB Universiti Utara Malaysia BWBB 3063 International Trade & Financing
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  • Fall '19
  • Bill of lading, UCP, Universiti Utara Malaysia

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