Introduction To UCP 600 For Importers

Introduction
to UCP 600
for Importers
Introduction to UCP 600 for Importers
Victor Pena
Vice President
Americas Regional Trade Advisor
Global Transaction Services
Cash Management Trade Services and Finance Securities Services Fund Services
2
These materials are provided for educational and illustrative
purposes only and not as a solicitation by Citigroup for any
particular product or service.
Furthermore, although the information contained herein is
believed to be reliable, the following does not constitute legal
advice, and Citigroup makes no representation or warranty as to
the accuracy or completeness of any information contained
herein or otherwise provided by it.
3
UCP 600 Understanding & Application
Review History & Process
Comparison with UCP 500
Overview of UCP 600 Articles
4
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 (6
th
) revision since its inception by the
International Chamber of Commerce in 1933
Included review - ICC Opinions, Decisions, DOCDEX cases, legal
decisions, URR525, ISP98 and eUCP
5
*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
Page 5
6
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, partiesor banks,
Discounting of deferred payment undertakings
Degree of review for inconsistencyor non conflicting
ICC unanimously approved 2007 Revision on 25th October 2006
Effective July 1, 2007
Page 5
7
New terminology, concepts & wording introduced
Re-organization of the rules
Substantive & cosmetic changes
Improved clarity, yet created new ambiguity
Irrevocable
Irrevocable Irrevocable
Independent
Independent Independent
Documentary
Documentary Documentary
Whats not
changed
8
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
9
No Change from UCP 500 legal status
Rules apply to LC by incorporation into the LC - not by
operation of the law
Rules may be overridden by express terms in the L/C
Rules are subject to interpretation by national courts
10
General Provisions and Definitions 1 - 5
Liabilities and Responsibilities 6 - 13
Examination of Documents 14 - 17
Documents 18 - 28
Miscellaneous Provisions 29 - 33
Disclaimers 34 - 37
Transferable Credit & Assignment 38 - 39
UCP 600 39 UCP 500 49
v. v.
11
Use of SWIFT:
This credit is subject to the Uniform Customs and Practice This credit is subject to the Uniform Customs and Practice
for Documentary Credits for Documentary Credits, , 2007 2007 R Revision evision, ICC Publication , ICC Publication
No. 600. No. 600.
This credit is subject to UCP 600 This credit is subject to UCP 600
40E: 40E: Applicable Rules Applicable Rules
UCP LATEST VERSION UCP LATEST VERSION
Use of telex or letter:
Applicable when the credit expressly indicates that is subject to these
rules- (SWIFT changes have been made to bring in line).
Overview of UCP 600 Article 1
12
Binding on all parties unless modified or excluded by the terms of the L/C.
Contrary to article 32 of the UCP, Contrary to article 32 of the UCP, th this is credit remain credit remains s
valid for subsequent valid for subsequent instal instal l l ments ments despite any shipment despite any shipment
or drawing not made within the period allowed. or drawing not made within the period allowed.
Sub Sub- -Article 28(c) does not apply. Article 28(c) does not apply.
Documents must not be dated earlier than the date of Documents must not be dated earlier than the date of
the issuance of this credit. the issuance of this credit.
13
A Advising bank H Honour
Applicant
B Banking day
Beneficiary
C Complying presentation
Confirmation
Confirming bank
Credit
I Issuing bank
N Negotiation
Nominated bank
P Presentation
Presenter
Banking day
Honour
Negotiation
Presenter
Presentation
Complying presentation
Nominated bank
Article 2 Definitions (UCP 500 - Part of Art. 2, 7, 9, & 10)
NEW
Certain terms are defined, so that they provide references when Certain terms are defined, so that they provide references when
such terms are used in the articles such terms are used in the articles
14
Honour
Pay at sight Pay at sight
Incur deferred payment undertaking Incur deferred payment undertaking
Pay at maturity Pay at maturity
Accept bill of exchange Accept bill of exchange
Pay at maturity Pay at maturity
For credit available by For credit available by
Sight payment Sight payment
Deferred payment Deferred payment
Acceptance Acceptance
Negotiation
Purchase by the nominated bank of drafts (drawn on another bank)
and/or documents under a complying presentation,
By advancing or agreeing to advance funds to beneficiary, on or
before the banking day on which reimbursement is due to the
nominated bank.
15
Nominated Bank
The bank with which the credit is available, or any bank in the case of
a freely available credit
Beneficiary Beneficiary
Advising Advising
Bank Bank
Issuing Issuing
Bank Bank
Issuing Issuing Advising Advising
Nominated Nominated
Bank Bank
Nominated Nominated
Bank Bank
L/C available with
any bank
Any bank is a
nominated bank
Nominated Nominated
Bank Bank
Restricted L/C
Bank named
in the L/C
16
Article 3 Interpretations (UCP 500 - Art. 47 & part of Art. 2, 20, 46)
30 days 30 days from from shipment date shipment date 30 days 30 days after after shipment date shipment date
=
=
Shipment date: 1 AUG 2007 Shipment date: 1 AUG 2007 Maturity date: 31 AUG 2007 Maturity date: 31 AUG 2007
For determining maturity date, the words For determining maturity date, the words from from and and after after
exclude the date mentioned exclude the date mentioned (ISBP (ISBP 45,d) 45,d)
A credit is irrevocable even if no indication to that effect. A credit is irrevocable even if no indication to that effect.
NEW
NEW
NEW
17
For determining a period of shipment, the words fromand afterhave
different meanings
From includes the date mentioned
After excludes the date mentioned
Shipment to be effected Shipment to be effected
from from August 10th August 10th
Earliest shipment date Earliest shipment date
is August 10th is August 10th
=
=
Shipment to be effected Shipment to be effected
after after August 10th August 10th
Earliest shipment date Earliest shipment date
is August 11th is August 11th
=
=
18
Independence Principle - L/C is a separate transaction from the
underlying contract
Banks should discourage any attempt to include contract as integral
part of L/C
Contract No.123 Contract No.123
L/C L/C
Details as per Contract Details as per Contract
No.123, which is No.123, which is
appended and forms an appended and forms an
integral part of the credit. integral part of the credit.
Discouraged Discouraged ?? ??
Article 4 - Credits v. Contracts (UCP 500 - Art. 3)
NEW
19
Article 5 - Documents v. Goods/Services/Performance (UCP 500 - Art. 4)
Banks deal with documents
and not with goods, services
or performances to which the
documents may relate.
In Credit operations all
parties concerned deal with
documents, and not with
goods, services and/or
other performances to
which the documents may
relate. (UCP 500 Article 4)
20
Place for presentation
Bank with which the L/C is available, or
Any bank, if the L/C is available with any bank, and
Issuing bank
L/C available with any bank L/C available with Bank XYZ
1. 1. Any bank Any bank
2. 2. Issuing bank Issuing bank
1. 1. Bank XYZ Bank XYZ
2. 2. Issuing bank Issuing bank
Place for presentation Place for presentation
Expiry date
Last day for presentation of documents
21
Article 9 - Advising of Credits and Amendments (UCP500 - Art.7, 11,b)
By advising an L/C, the advising bank signifies:
Its without any undertaking to honour or negotiate
It has satisfied itself as to the apparent authenticity of the L/C
or amendment
The advice accurately reflects the L/Cs terms and conditions
NEW
22
Article 10 Amendments (UCP500 - Art. 9,d)
Confirming bank must inform issuing bank of election not to
extend confirmation to an amendment and may advise
beneficiary of amendment without its confirmation
Partial acceptance = Notice of rejection
Disregard any provision that the amendment shall be in force unless
rejected by beneficiary within certain time
Presentation that complies with the credit and not yet accepted amendment
deemed to be beneficiarys acceptance of the amendment
NEW
23
Article 12 Nomination (UCP500 - Art. 10,c)
By nominating a bank to accept a draft or incur a deferred payment
undertaking, an issuing bank authorizes that nominated bank to
prepay or purchase a draft accepted or a deferred payment undertaking
incurred by that nominated bank
L/C L/C
Available with Available with
Citibank N.A. by Citibank N.A. by
deferred payment deferred payment
at 90 days after at 90 days after
date of shipment date of shipment
Citibank N.A. Citibank N.A. is authorized to : is authorized to :
1. 1. Incur a Deferred Payment Incur a Deferred Payment
Undertaking ( Undertaking ( DPU DPU ); and ); and
2. 2. Prepay Prepay its DPU ( its DPU (ie ie early early
payment before maturity) payment before maturity)
Nomination does not obligate nominated bank to honour
NEW
24
Article 14 - Standard for Examination of Documents (UCP 500 - Art. 13, 21, 22)
Must examine documents on their face to determine compliance Must examine documents on their face to determine compliance
Other than the commercial invoice, description of goods, Other than the commercial invoice, description of goods, services services
or performance or performance, , may be stated in general terms may be stated in general terms
Disregard documents not required by L/C and may be returned Disregard documents not required by L/C and may be returned
Disregard non Disregard non- -documentary condition documentary condition
Documents may be dated prior to issuance date of LC, but not Documents may be dated prior to issuance date of LC, but not
later than date of presentation later than date of presentation
25
UCP 500: Reasonable time, not to exceed SEVEN banking days
following the day of receipt of documents
0 0 1 1 2 2 3 3 4 4 X X X X 5 5 UCP 600 UCP 600
0 0 1 1 2 2 3 3 4 4 X X X X 5 5 6 6 7 7
UCP UCP 500 500
M M Tu Tu W W Th Th F F Sa Sa S S M M Tu Tu W W
UCP 600: Max. of FIVE banking days following day of presentation.
Not curtailed or affected by other events.
What is reasonable ? What is reasonable ?
26
Presentation Period
Presentation including an original transport document must be made
not later than 21 calendar days after date of shipment
Transport document - Subject to Articles 19-25
Data Not Conflicting
Data in a document must not conflict with data in that
document, other stipulated documents or the L/C
27
Unspecified Issuer or Content
Other than invoice, transport document or insurance document, banks will
accept the document if (1) its content appears to fulfill the function, and
(2) it complies with 14(d)
Example: L/C calls for Inspection Certificate
Goods have
been inspected
and are certified
to be in order.
Signed
Dated
Goods have been
inspected and are
certified to be in
order.
Signed
Dated
Inspection Inspection
Certificate Certificate
Goods are
certified to be of
Singapore origin.
Signed
Dated
Inspection Inspection
Certificate Certificate

1 AUG 2007 1 AUG 2007 1 AUG 2007 1 AUG 2007 1 AUG 2007 1 AUG 2007
28
Addresses of Beneficiary & Applicant
Need not be the same between stipulated documents & the credit; but
Must be within the same country as in the credit
Disregard contact details of beneficiary and applicant (fax, phone, email)
stated in the credit (ISBP 61)
However, if they form part of consignee and notify party details in
transport document, applicants contact details must be as stated in the
credit
NEW
29
Shipper, Consignor, Transport Document Issuer
Shipper or consignor of goods indicated on any documents
need not be the L/C beneficiary, but must be consistent among
all documents
Transport document may be issued by party other than
carrier/ owner/ master/ charterer, provided it meets the
requirements of articles 19, 20, 21, 22, 23 or 24
NEW
30
Notice of refusal must be given no later than close of the fifth
banking day following day of presentation
After providing notice of refusal
The bank may return documents to presenter at any time
Article 16 Discrepant Documents, Waiver and Notice (UCP 500 Art. 14,b,c,d,e)
Nominated/Confirming/Issuing bank may refuse to honour or
negotiate discrepant documents
Issuing bank, in its sole judgment approach applicant for waiver
NEW
31
Single Notice of Refusal must state:
the bank is refusing to honour or negotiate,
each discrepancy in respect of the refusal, and
one of the following:
The bank is holding documents pending presenters further
instructions
The bank is returning the documents
The bank is acting in accordance with instructions previously
received from the presenter
The issuing bank is holding documents until it receives waiver
from applicant and agrees to accept it, or receives further
instructions from presenter prior to agreeing to accept the waiver
NEW NEW
NEW NEW
32
Article 17 Original Documents and Copies (UCP 500 - Art. 20,c,ii)
At least one original must be presented At least one original must be presented
Original Document = apparent original signature, mark, stamp or Original Document = apparent original signature, mark, stamp or
label of issuer of the doc label of issuer of the document ument
Also an Original = written, typed, perforated or stamped by the Also an Original = written, typed, perforated or stamped by the
document issuer document issuer s hand; or s hand; or
on original stationery; or on original stationery; or
states that it is original states that it is original
L/C requires copies of documents, either originals or copies is L/C requires copies of documents, either originals or copies is
acceptable acceptable
Documents Documents in duplicate in duplicate , , in two fold in two fold or or in two copies in two copies , ,
presentation of at least one original and remaining number i presentation of at least one original and remaining number in n
copies is acceptable. copies is acceptable.
33
Issued by beneficiary, made out in the name of
applicant, and need not be signed (except as provided in
article 38 Transferable L/C)
Invoice amount in excess of L/C May be accepted by the
nominated bank, but must not be honoured or negotiated in
excess of L/C amount
Description of goods, services or performance must correspond
with L/C description
Must be in the same currency as L/C
Article 18 Commercial Invoice (UCP 500 - Art. 37)
NEW
34
Courier and Post Receipts 29 Courier Receipt, Post Receipt or
Certificate of Posting
25
Road, Rail or Inland Waterway
Transport Documents
28 Road, Rail or Inland Waterway
Transport Documents
24
Air Transport Document 27 Air Transport Document 23
Charter Party Bill of Lading 25 Charter Party Bill of Lading 22
Non-Negotiable Sea Waybill 24 Non-Negotiable Sea Waybill 21
Marine/Ocean Bill of Lading 23 Bill of Lading 20
Multimodal Transport Document 26 Transport Document Covering At
Least Two Different Modes of
Transport
19
UCP 600 UCP 500
Overview of UCP 600 Transport Articles
35
New SWIFT 700 fields for transport details:
Place of Final Destination/ For Transportation to /
Place of Delivery
44B
Port of Discharge/ Airport of Destination 44F
Port of Loading/ Airport of Departure 44E
Place of Taking in Charge/ Dispatch from /
Place of Receipt
44A
Overview of UCP 600 Transport Articles
36
As Agent As Agent
For For Master Master
ABC Forwarders ABC Forwarders
As Agent As Agent
For For Master, Master,
Takashi Takashi Yanagawa Yanagawa
600 600 600 600
500 500 500 500
Must appear to indicate name of carrier

Signed by carrier, master or named agent
If signed by agent, need to specify for whom - carrier or
master - it is signed
Article 19 Transport Documents Covering at Least Two
Different Modes of Transport (UCP500 - Art. 26)
37
Signed by carrier, master or named agent
If signed by master, name of master is not necessary
If signed by agent, need to specify for whom,
carrier or master - it is signed
Article 20 Bill of Lading (UCP500 Art. 23)
Article 21 Non-Negotiable Sea Waybill (UCP500 Art. 24)
Master Master
600 600

500 500

As Agent As Agent
For For Master, Master, John Doe John Doe
600 600

500 500

As Agent As Agent
600 600

500 500

Overview of UCP 600 Article 20 & 21

38
B/L containing indication that it is subject to a charter
party
Signed by master, owner, charterer or named agent
If signed by master, or owner, or charterer, their
names are not necessary
If signed by agent, need to specify for whom master,
owner or charterer - it is signed
Charter Party Bill of Lading (UCP500 Art. 25)
Master, Owner or Master, Owner or Charterer Charterer
600 600


39
Agent signing for owner or charterer must indicate name of
owner or charterer
As Agent As Agent
For For Charterer Charterer, , John Doe John Doe
600 600

As Agent As Agent
For For Owner, John Doe Owner, John Doe
600 600

As Agent As Agent
600 600


40
Port of discharge may be shown as a range of ports, or
geographical area, as stated in L/C (ISBP 106)
e.g. L/C calls for shipment to Asian ports
NEW
41
Signed by carrier or named agent
If signed by agent, need to indicate that agent has signed for or on
behalf of carrier
Must indicate date of issuance, which will be deemed to
be the date of shipment, unless.
Specific notation of actual date of shipment, even not
called for in the credit, will be deemed to be the date of
shipment
Article 23 Air Transport Document (UCP500 Art. 27)
NEW
42
If it does not identify the carrier, any signature or stamp
of railway company is accepted as being signed by the
carrier (ISBP 172)
Transport document marked duplicate is accepted as
an original
Transport document will be accepted as original whether
marked as an original or not (also applicable to inland
waterway transport)
For rail transport document:
Road transport document marked for consignor or shipper
or bear no marking for whom the document has been
prepared is the original
NEW
NEW
Road, Rail or Inland WaterwayTransport Documents
(UCP500 Art. 28)
43
Insurance document Insurance policy, insurance certificate or
declaration under open cover
Issued and signed by insurance company, underwriter or their
agents or their proxies
Signature by agent or proxy indicated as being for or on behalf
of insurance company or underwriter
ABC Insurance Co. Ltd. ABC Insurance Co. Ltd.
Agent for Agent for
Article 28 Insurance Document and Coverage (UCP500 Art. 34-36)
By proxy for By proxy for
44
All originals must be presented, if the document indicates that more
than one original has been issued
Cover Note not acceptable
Insurance policy is acceptable in lieu of insurance certificate or
declaration under open cover
Issued no later than shipment date, or it appears from the document
that cover is effective from a date no later than shipment date
Issued on 8 AUG 2007
Effective Date
1 AUG 2007
Insurance Policy Insurance Policy
Shipped On Board
1 AUG 2007
Bill of Lading Bill of Lading
Effective Date
1 AUG 2007
Insurance Policy Insurance Policy
Shipped On Board
1 AUG 2007
Bill of Lading Bill of Lading
45
Min. 110% of CIF or CIP value, if L/C does not indicate insurance
coverage required
If CIF or CIP value cannot be determined from documents take the
greater of the following:
Amount for which honour or negotiation is requested; or
Gross invoice value of the goods
Place of taking in charge or Place of taking in charge or
shipment shipment
Place of discharge Place of discharge or final or final
destination destination
as stated in the L/C
Risks covered at least :
NEW
46
L/C should state type of insurance required and additional risks to be
covered
If L/C uses imprecise terms such as usual risksor customary risks,
bank will accept insurance document without regard to any risks not
covered
If L/C requires insurance against all risks, bank will accept
insurance document containing any all risksnotation or clause,
without regard to any risks stated to be excluded
Insurance document may :
Contain reference to any exclusion clause
Indicate that cover is subject to franchise or excess
(deductible)
NEW
47
Partial drawings or shipments are allowed
Presentation of multiple sets of transport docs evidencing shipment on
the same means of conveyance (e.g. vessel, aircraft) from different
ports/places on different dates and for the same journey to the same
destination not partial shipment
A
A A
B
B B
C
C C = L/C quantity = L/C quantity
Port A Port A
Port B Port B
Port C Port C
B/L B/L A A
AUG 1
AUG 1 AUG 1
B/L B/L B B
AUG 7
AUG 7 AUG 7
B/L B/L C C
AUG 9
AUG 9 AUG 9
Take latest of the shipment dates as date of shipment (Aug 9 in the
above example) (ISBP 89)
Same vessel and voyage Same vessel and voyage
Same destination Same destination
Port D Port D
Article 31 Partial Drawings or Shipments (UCP 500 Art. 40)
48
Presentation of multiple sets of transport docs evidencing shipment on
more than one means of conveyance within the same mode of transport
(e.g. shipment by truck) will be regarded as partial shipment, even if
shipped on the same day for the same destination (ISBP 89)
A
A A
B
B B
C
C C = L/C quantity = L/C quantity
AUG 1
AUG 1 AUG 1
AUG 1
AUG 1 AUG 1
AUG 1
AUG 1 AUG 1
Destination Destination
D D
Partial Shipment Partial Shipment
Truck Truck A A
Truck Truck B B
Truck Truck C C
NEW
49
Article 37 Article 37 Disclaimer for Acts of an Instructed Party Disclaimer for Acts of an Instructed Party
(UCP 500 (UCP 500 Art. 18) Art. 18)
Bank instructing another bank to perform services is liable
for that banks charges
Issuing bank is liable for charges that cannot be collected
or deducted from the proceeds
50
Transferable credit An L/C may be made available by the transferring
bank to a second beneficiary
Transferring Transferring
Bank Bank
Issuing Issuing
Bank Bank
Applicant
Applicant Applicant
First
Beneficiary
First First
Beneficiar Beneficiary y
Second
Beneficiary
Second Second
Beneficiary Beneficiary
1 1 2 2 3 3 4 4
1. 1. L/C application L/C application
2. 2. Transferable credit Transferable credit
3. 3. Request for transfer Request for transfer
4. 4. Transferred credit Transferred credit
( (Credit has been made available Credit has been made available
to a second beneficiary) to a second beneficiary)
Article 38 Transferable Credits (UCP 500 - Art. 48)
NEW
(May be the (May be the
Issuing Bank) Issuing Bank)
51
Transferred credit must accurately reflect the terms and conditions of the
credit, including confirmation
Second beneficiarys documents may be sent to issuing bank if first
beneficiary fails, on first demand, to:
Present its invoice (and draft, if any), or
Rectify discrepancies in its invoice (where such discrepancies did not
exist in second benes invoice)
NEW
52
38 (k): Second beneficiarys documents must be presented to
transferring bank
Second beneficiarys documents
First beneficiarys draft & invoice
Documents after substitution
A A B B
C C
NEW
53
Bank not obligated to effect transfer
All charges relating to the transfer are for the account of first
beneficiary
If L/C allows partial drawings or shipments, it can be transferred in part
to more than one second beneficiary
Transferred L/C cannot be transferred to any subsequent beneficiary
Must determine the handling of subsequent amendments
Rejection of an amendment by one or more second beneficiary does
not invalidate the acceptance by any other second beneficiary
Allowable changes:
- credit amount - unit price - expiry date - period for presentation
- latest shipment date - percentage of insurance coverage
First beneficiarys name may be substituted for that of the applicant
Honour or negotiation of transferred L/C may be in the second
beneficiarys country
54
Article 7 Issuing Bank Undertaking (UCP500 part of Art. 9,a)
Article 8 Confirming Bank Undertaking (UCP500 - 9,c and part of Art.9,b)
Article11 Teletransmitted and Pre-Advised Credits and
Amendments (UCP 500 - Art. 11,a,c)
Article 13 Bank to Bank Reimbursement Agreements (UCP500 - Art.19)
Article 15 Complying Presentation
NEW
Article 25 Courier Receipt, Post Receipt or Certificate of Posting
(UCP 500 Article 29)
Article 26 On Deck , Shippers Load and Count , Said by
Shipper to Contain and Charges Additional to Freight
(UCP 500 Art. 31,i,ii and Art. 33,d)
55
Article 30 Tolerance in Credit Amount, Quantity and Unit Prices
(UCP500 - Art. 39)
Article 32 Installment Drawings or Shipments (UCP 500 - Art. 41)
Article 33 Hours of Presentation (UCP 500 - Art. 45)
Article 36 Force Majeure (UCP 500 - Art. 17)
Article 27 Clean Transport Document (UCP 500 Art. 32)
Article 29 Extension of Expiry Date or Last Day for Presentation
(UCP 500 Art. 44)
Article 34 Disclaimer on Effectiveness of Documents
(UCP 500 - Art. 15)
Article 35 Disclaimer on Transmission and Translation
(UCP 500 - Art. 16)
56
Any Questions?
Our Technical Trade Specialists are happy to answer your technical LC questions. Please
mention that you attended our Introduction to UCP 600 for Importers Webinar!
Barbara Fernandez in Tampa, FL
Phone: 1-813-604-7088
E-Mail: barbara.e.fernandez@citigroup.com
Victor Pena in Tampa, FL
Phone: 1-813-604-7042
E-Mail: victor.a.pena@citigroup.com
Our Trade Bankers are available to provide additional information about our trade services,
our trade finance capabilities, and our global network. Please contact:
Phyllis Kai-Kee in New York, USA
Phone: 1-213-239-1749
E-Mail: phyllis.kaikee@citigroup.com
2006 Citigroup Inc. All rights reserved.

CITIGROUP and the Umbrella Device are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

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Overview of UCP 600 Article 20 & 21

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