What was the value of the concept of reasonable time when there was no common

What was the value of the concept of reasonable time

This preview shows page 6 - 7 out of 7 pages.

What was the value of the concept of “reasonable time” when there was nocommon standard for determining reasonableness globally?Should the UCP now reflect the growing practice of documentary creditsbeing issued by non-banks, by substituting “issuer”, “confirmer”, etc., forthe terms “issuing bank”, “confirming bank”, etc., that had been used inpast UCPs?Was a majority of the Banking Commission in favour of including a rulecovering the ability of a nominated bank to prepay or purchase a draft itaccepted or a deferred payment it incurred? Was there a need for an equivalent of UCP 500 article 30 when the UCPtransport document articles do not mention who is actually to “issue” therespective transport document?All of the points were debated at some length by national committees taskedwith providing input, so that the Drafting Group could gauge where theirrepresentatives on the Banking Commission wished an article to be positioned.All of this is now history. The UCP 600 was unanimously approved by theBanking Commission in October 2006 and came into effect on 1 July 2007. But inkeeping with other revisions of the UCP, the work of the Drafting Group did notcease with the approval of the rules or their implementation. Other UCPrevisions have been followed by ICC publications comparing past versions of therules with the new.
Background image
8Commentary on UCP 600As experienced documentary credit practitioners know, UCP 600, whilst notcontaining many substantial changes in practice, does have a new style andstructure. The introduction of new articles covering definitions andinterpretations has brought together rules that existed in various sections ofUCP 500. As examples, article 6 has combined wording from articles 9, 10 and 42of UCP 500, whilst article 14 has wording from articles, 13, 14, 21, 22, 30, 31, 37and 43 of UCP 500. With this in mind, the Drafting Group decided that apublication comparing one set of rules with another would be too unwieldy andthat a Commentary on the rules themselves would prove to be more beneficial.
Background image

You've reached the end of your free preview.

Want to read all 7 pages?

  • Fall '16
  • Dr Ajape
  • Trade finance, Letter of credit, Uniform Code of Military Justice, UCP, Drafting Group

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes