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Documentary Credits –UCP 600
The Institute of Bankers, PakistanFebruary 20-21, 2008Nemat Ali, SEVP, Soneri Bank LtdAbid Aziz Merchant, GM Pakistan, Mashreqbank
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A Quote by Bernard Wheble, CBEHon. Chairman, ICC Commission on Banking Technique
It still has to be appreciated, however, that UCP are not –and cannotbe –intended to give a precise answer to each and every problemarising in practice.Those concerned with international trade, whether in banking,commerce and industry, transport or insurance, should not act likerobots. Whilst taking full advantage of the overall guidance given byUCP, they should still apply their own intelligence and experience forthe solution of the occasional essentially individual problem. Better stillif they can avoid the problem ever arising, by the early use of common-sense –unfortunately the least common of senses.Bankers, for example, as experts in this method of payment, couldhelp their customers –and themselves –by timely advice to theapplicant so that he gives instructions which produce a workablecreditat the outset and to the beneficiary so that he knows precisely what hehas to do to get payment under the credit.In fact, UCP needs to be supplemented by what can be described as aform of education, with a constant readiness on the part of those whohave the knowledge to impart it, and a matching willingness on thepart of all concerned to receive it –and act on it.
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UCP 500 Articles Not Covered in UCP 600
During the course of the revision of UCP 500 it was decided thatthecontent of a number of articles and sub-articles would not be included inUCP 600. We will examine the rationale behind those decisions.
Article 5 –Instructions to Issue/Amend Credits
Sub-article 6 (b) –Revocable v Irrevocable Credits
Article 8 –Revocation of a Credit
Article 12 –Incomplete or Unclear Instructions
Article 38 –Other Documents
Sub-article 14 (f) –Discrepant Documents and Notice
Sub-article 33 (a), (b-part), (c) and (d-part) –FreightPayable/Prepaid Transport Documents
Sub-article 42 (c) –Expiry Date and Place for Presentation of Documents
Sub-article 46 (a) –General Expressions as to Dates for Shipment
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