What does Article 14 D of UCP600 say?

01/21/2021 Off By admin

What does Article 14 D of UCP600 say?

The Article 14 d of UCP600 states that “the data in a document, when read in context with the credit, the document itself and international standard banking practice, need not be identical to, but must not conflict with, data in that document, any other stipulated document or the credit.”

What does complying presentation mean in UCP 600?

Complying presentation means a presentation that is in accordance with the terms and conditions of the credit, the applicable provisions of UCP 600 and international standard banking practice. This is further expanded in UCP 600 Article 15.

What was Article 13 of the UCP 500?

Its predecessor, UCP 500 article 13 (a) stated “Banks must examine all documents stipulated in the Credit with reasonable care to ascertain whether or not they appear, on their face, to be in compliance with the terms and conditions of the Credit.

What does UCP 600 say about clean transport documents?

UCP 600, article 27 states that banks only accept clean transport documents and that such a document is one that does not expressly declare a defective condition of the goods or packaging. It was further clarified that the word ‘clean’ did not need to appear on the document.

What does ISBP para C3 mean in UCP600?

Also, ISBP Para C3 might have some relevance to it “The description of the goods, services or performance in the invoice must correspond with the description in the credit. There is no requirement for a mirror image” (Emphasis added).

What did the fifth revision of the UCP mean?

To quote one of the commentators during the fifth revision of the UCP (UCP500), he said the rules “were meant to be a tool and a technique for the settlement of trade transactions. But they were frequently misused and misinterpreted. This resulted in unwarranted disputes and disagreements between bankers and the traders.