The Comparison of UCP600 & UCP500
Institute of International Banking Law & Practice, May 2007, Pages: 306
Since the mid-1930s, the Uniform Customs and Practice for Documentary Credits (UCP) has articulated standard international commercial letter of credit practice. Most recently revised in 2007, THE COMPARISON OF UCP600 & UCP500 is the world’s most thorough comparison of the current UCP rules with the previous set of rules.
Over 300 pages, its author, Professor James E. Byrne, analyzes the impact of every change in the new UCP rules. The features of the book include:
- An Article-by-Article format based on UCP600 with the text of the UCP600 article corresponding to the relevant provisions in UCP500 or other sources;
- A summary of the provision, an explanation of its context in letter of credit practice, an extensive list of changes from its predecessor, and comments highlighting the major changes for each chapter (based on an Article and sub-chapters for each of the 14 Definitions and 12 Interpretations in Articles 2 and 3);
- Practical advice for bankers, users, and attorneys still dealing with UCP500 credits;
- A full Index followed by Appendices that chart the changes from UCP500 to UCP600 and vice versa;
- The text of the two sets of rules.
Introduction
How to Use this Book
UCP600 Articles
General Provisions
1. Application of UCP
2. Definitions
- 1 “Advising Bank”
- 2 “Applicant”
- 3 “Banking Day”
- 4 “Beneficiary”
- 5 “Complying Presentation”
- 6 “Confirmation”
- 7 “Confirming Bank”
- 8 “Credit”
- 9 “Honour”
- 10 “Issuing Bank”
- 11 “Negotiation”
- 12 “Nominated Bank”
- 13 “Presentation”
- 14 “Presenter”
3. Interpretations
- 1 “Singular/Plural”
- 2 “Irrevocable”
- 3 “Signed”
- 4 “Legalized”
- 5 “Branches”
- 6 “General Terms Describing Issuers of Documents”
- 7 “General Terms Relating to Timely Action”
- 8 “Date Tolerances”
- 9 “Prepositions Indicating Periods of Shipment”
- 10 “Maturity Dates: ‘From’ &’After’”
- 11 & 12 “Portions of a Month”
4. Credits v. Contracts
5. Documents v. Goods, Services or Performance
Obligations or Liabilities of Banks
6. Availability, Expiry Date and Place for Presentation
7. Issuing Bank Undertaking
8. Confirming Bank Undertaking
9. Advising of Credits and Amendments
10. Amendments
11. Teletransmitted and Pre-Advised Credits and Amendments
12. Nomination
13. Bank-to-Bank Reimbursement Arrangements
Examination of Documents and Refusal
14. Standard for Examination of Documents
15. Complying Presentation
16. Discrepant Documents, Waiver and Notice
17. Original Documents and Copies
Specific Documents
18. Commercial Invoice
19. Transport Documents Covering at Least Two Different
Modes of Transport
20. Bill of Lading
21. Non-Negotiable Sea Waybill
22. Charter Party Bill of Lading
23. Air Transport Document
24. Road, Rail or Inland Waterway Transport Documents
25. Courier Receipt, Post Receipt or Certificate of Posting
26. “On Deck”, “Shipper’s Load and Count”, “Said by Shipper
to Contain” and Charges Additional to Freight
27. Clean Transport Document
28. Insurance Document and Coverage
Miscellaneous Provisions
29. Extension of Expiry Date or Last Day for Presentation
30. Tolerance in Credit Amount, Quantity and Unit Prices
31. Partial Drawings or Shipments
32. Instalment Drawings or Shipments
33. Hours of Presentation
Disclaimers
34. Disclaimer on Effectiveness of Documents
35. Disclaimer on Transmission and Translation
36. Force Majeure
37. Disclaimer or Acts of an Instructed Party
Transfer and Assignment
38. Transferable Credits
39. Assignment of Proceeds
Appendices
A. UCP600 Full Text
B. UCP500 Full Text
C. UCP600 to UCP500 Quick Reference Chart
D. UCP500 to UCP600 Quick Reference Chart
E. Index
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