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1、 1 Cover Note for National Committees This document reflects the latest draft version of UCP600 It incorporates changes made upon the Drafting Group s review of comments submitted by National Committees to the March 2006 draft and takes into consideration some of the issues identified during the dis
2、cussion held at the Banking Commission meeting in Vienna As an example the interpretation of the word Bank has been removed language has been inserted at sub Article 14 l covering issuance of transport documents by parties other than the owner of the means of transport and the Transport and Insuranc
3、e Articles have been reviewed by experts from those respective industries and their input is reflected in the revised text Please Note Based on the above the Drafting Group considers that the Articles are now closed for general comment UNLESS National Committees have serious concerns as to the conte
4、nt and direction of an Article s As with other circulated drafts the Drafting Group will only consider comments submitted by the respective National Committee not from individuals Only one set of comments must be submitted per National Committee Therefore individuals who have comments on the draft s
5、hould send them to their respective National Committee not to the Drafting Group It is the role of each National Committee to develop a consensus position on their comments and not merely send a series of comments received from individual members Please take note of the Drafting Group s comments tha
6、t appear at the back of this document which are provided for guidance purposes These comments are designed to explain why an Article has been changed Any National Committee comment to this draft must be based on the actual wording of the Article s and not the comments All comments must be sent by em
7、ail to Whitney Jacob wjb iccwbo org by Wednesday July 19 2006 at the latest and must refer to the line number s on the draft to make it easier for the Drafting Group to review them and if sent as an attachment to an email be in word format No comments will be reviewed if not sent by this date Please
8、 do not forward this attachment with your comments Please state in the Subject Line of your email the name of your National Committee and comments to UCP Revision Jun06 Draft Whether or not a National Committee is submitting specific comments to this draft it would be useful for the Drafting Group t
9、o know in principle and based on the content of this latest draft the manner in which the National Committee intends to vote at the October meeting of the Banking Commission 2 Article 1 Application of UCP 1 2 The Uniform Customs and Practice for Documentary Credits 2007 Revision ICC 3 Publication no
10、 600 UCP are rules that apply to any documentary credit credit 4 including to the extent to which they may be applicable any standby letter of credit 5 when the text of the credit expressly indicates that it is subject to these rules They are 6 binding on all parties thereto unless expressly modifie
11、d or excluded by the credit 7 8 Article 2 Definitions 9 10 For the purpose of these rules 11 12 Advising bank means the bank that advises the credit at the request of the issuing 13 bank 14 15 Applicant means the party on whose request the credit is issued 16 17 Banking day means a day on which a ba
12、nk is regularly open at the place at which an 18 act subject to these rules is to be performed 19 20 Beneficiary means the party in whose favour a credit is issued 21 22 Complying presentation means a presentation that is in accordance with the terms 23 and conditions of the credit the applicable pr
13、ovisions of these rules and international 24 standard banking practice 25 26 Confirmation means a definite undertaking of the confirming bank in addition to that of 27 the issuing bank to honour or negotiate a complying presentation 28 29 Confirming bank means the bank that adds its confirmation to
14、a credit upon the issuing 30 bank s authorization or request 31 32 Credit means any arrangement however named or described that is irrevocable and 33 thereby constitutes a definite undertaking of the issuing bank to honour a complying 34 presentation 35 36 Honour means 37 38 a to pay at sight if the
15、 credit is available by sight payment 39 b to incur a deferred payment undertaking and pay at maturity if the credit is 40 available by deferred payment 41 c to accept a bill of exchange draft drawn by the beneficiary and pay at 42 maturity if the credit is available by acceptance 43 44 Issuing bank
16、 means the bank that issues a credit at the request of an applicant or on 45 its own behalf 46 3 47 Negotiation means the purchase by the nominated bank of drafts drawn on a bank 48 other than the nominated bank and or documents under a complying presentation by 49 either advancing or agreeing to advance funds to the beneficiary 50 51 Nominated bank means the bank authorized in the credit to honour or negotiate or in 52 the case of a freely available credit any bank 53 54 Presentation means eith
