Ucp600 Imp

Introductionto UCP 600for Importers

Introduction to UCP 600 for Importers

Victor PenaVice President Americas Regional Trade Advisor

Global Transaction ServicesCash Management Trade Services and Finance Securities Services Fund Services

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“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.”

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UCP 600 Understanding & Application

Review History & Process

Comparison with UCP 500

Overview of UCP 600 Articles

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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 (6th) revision since it’s inception by theInternational Chamber of Commerce in 1933

Included review - ICC Opinions, Decisions, DOCDEX cases, legal decisions, URR525, ISP98 and eUCP


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*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

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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, “parties” or “banks”, – Discounting of deferred payment undertakings”– Degree of review for “inconsistency” or “non conflicting”

ICC unanimously approved 2007 Revision on 25th October 2006

Effective July 1, 2007

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New terminology, concepts & wording introduced

Re-organization of the rules

Substantive & cosmetic changes

Improved clarity, yet created new ambiguity

IrrevocableIrrevocableIrrevocable

IndependentIndependentIndependent DocumentaryDocumentaryDocumentary

What’s not changed …


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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

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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

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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 49v.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 Creditsfor Documentary Credits,, 2007 2007 RRevisionevision, ICC Publication , ICC Publication No. 600.No. 600.

This credit is subject to UCP 600This credit is subject to UCP 600

40E:40E: Applicable RulesApplicable RulesUCP LATEST VERSIONUCP 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

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“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, ththis is credit remaincredit remainssvalid for subsequent valid for subsequent instalinstalllmentsments despite any shipment despite any shipment or drawing not made within the period allowed.or drawing not made within the period allowed.

SubSub--Article 28(c) does not apply.Article 28(c) does not apply.

Documents must not be dated earlier than the date ofDocuments must not be dated earlier than the date ofthe 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

PresentationComplying 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 whenCertain terms are defined, so that they provide references whensuch terms are used in the articlessuch terms are used in the articles


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Honour

Pay at sightPay at sight

Incur deferred payment undertakingIncur deferred payment undertakingPay at maturityPay at maturity

Accept bill of exchangeAccept bill of exchangePay at maturityPay at maturity

For credit available by For credit available by ……

Sight paymentSight payment

Deferred paymentDeferred 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 thenominated bank.


15

Nominated Bank

The bank with which the credit is available, or any bank in the case of a freely available credit

BeneficiaryBeneficiaryAdvising Advising BankBank

Issuing Issuing BankBank

IssuingIssuing AdvisingAdvising

Nominated Nominated BankBank


L/C available with any bank

Any bank is a nominated bank


Restricted L/C

Bank named in the L/C


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Article 3 – Interpretations (UCP 500 - Art. 47 & part of Art. 2, 20, 46)

30 days 30 days fromfrom shipment dateshipment date 30 days 30 days afterafter shipment dateshipment date==Shipment date: 1 AUG 2007Shipment date: 1 AUG 2007 Maturity date: 31 AUG 2007Maturity date: 31 AUG 2007

For determining maturity date, the words For determining maturity date, the words ““fromfrom”” and and ““afterafter””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


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For determining a period of shipment, the words “from” and “after” have different meanings

– “From” includes the date mentioned– “After” excludes the date mentioned

Shipment to be effectedShipment to be effectedfromfrom August 10thAugust 10th

Earliest shipment dateEarliest shipment dateis August 10this August 10th==

Shipment to be effectedShipment to be effectedafter after August 10thAugust 10th

Earliest shipment dateEarliest shipment dateis August 11this August 11th==


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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.123Contract No.123L/CL/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.

DiscouragedDiscouraged ????

Article 4 - Credits v. Contracts (UCP 500 - Art. 3)

NEW


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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)

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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 bankAny bank

2.2. Issuing bankIssuing bank

1.1. Bank XYZBank XYZ

2.2. Issuing bankIssuing bank

Place for presentationPlace for presentation

Expiry date

Last day for presentation of documents


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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/C’s terms and conditionsNEW


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Article 10 – Amendments (UCP500 - Art. 9,d)

Confirming bank must inform issuing bank of election not toextend confirmation to an amendment and may advisebeneficiary of amendment without it’s 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 beneficiary’s acceptance of the amendment


NEW

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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/CL/C

Available with Available with Citibank N.A. by Citibank N.A. by deferred paymentdeferred paymentat 90 days after at 90 days after date of shipmentdate 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 (““DPUDPU””); and); and

2.2. ““PrepayPrepay”” its DPU (its DPU (ieie early early payment before maturity)payment before maturity)

Nomination does not obligate nominated bank to honour

NEW


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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, servicesservicesor performanceor performance,, may be stated in general termsmay be stated in general terms

Disregard documents not required by L/C and may be returnedDisregard documents not required by L/C and may be returned

Disregard nonDisregard non--documentary conditiondocumentary condition

Documents may be dated prior to issuance date of LC, but notDocuments may be dated prior to issuance date of LC, but notlater than date of presentationlater than date of presentation


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UCP 500: Reasonable time, not to exceed SEVEN banking days following the day of receipt of documents

00 11 22 33 44 XX XX 55UCP 600UCP 600

00 11 22 33 44 XX XX 55 66 77UCP UCP 500500

MM TuTu WW ThTh FF SaSa SS MM TuTu WW

UCP 600: Max. of FIVE banking days following day of presentation. Not curtailed or affected by other events.

What is reasonable ?What is reasonable ?


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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

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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 CertificateCertificate

Goods are certified to be of Singapore origin.

Signed

Dated

Inspection Inspection CertificateCertificate

1 AUG 20071 AUG 2007 1 AUG 20071 AUG 2007 1 AUG 20071 AUG 2007


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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 intransport document, applicant’s contact details must be as stated in the credit

NEW


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Shipper, Consignor, Transport Document IssuerShipper 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


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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 ornegotiate discrepant documents

Issuing bank, in its sole judgment approach applicant for waiver

NEW


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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 presenter’s 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

NEWNEW

NEWNEW


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Article 17 – Original Documents and Copies (UCP 500 - Art. 20,c,ii)

At least one original must be presentedAt least one original must be presented

Original Document = apparent original signature, mark, stamp orOriginal Document = apparent original signature, mark, stamp orlabel of issuer of the doclabel of issuer of the documentument

Also an Original = written, typed, perforated or stamped by theAlso an Original = written, typed, perforated or stamped by thedocument issuerdocument issuer’’s hand; ors hand; oron original stationery; oron original stationery; orstates that it is originalstates that it is original

L/C requires copies of documents, either originals or copies isL/C requires copies of documents, either originals or copies isacceptableacceptable

Documents Documents ““in duplicatein duplicate””, , ““in two foldin two fold”” or or ““in two copiesin two copies””, , presentation of at least one original and remaining number ipresentation of at least one original and remaining number inncopies is acceptable.copies is acceptable.


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Issued by beneficiary, made out in the name of applicant, and need not be signed (except as provided inarticle 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

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Courier and Post Receipts29Courier Receipt, Post Receipt or Certificate of Posting

25

Road, Rail or Inland Waterway Transport Documents

28Road, Rail or Inland Waterway Transport Documents

24

Air Transport Document27Air Transport Document23

Charter Party Bill of Lading25Charter Party Bill of Lading22

Non-Negotiable Sea Waybill24 Non-Negotiable Sea Waybill21

Marine/Ocean Bill of Lading23Bill of Lading20

Multimodal Transport Document26Transport Document Covering At Least Two Different Modes of Transport

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UCP 600 UCP 500

Overview of UCP 600 – Transport Articles

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New SWIFT 700 fields for transport details:

Place of Final Destination/ For Transportation to …/ Place of Delivery

44B

Port of Discharge/ Airport of Destination44F

Port of Loading/ Airport of Departure44E

Place of Taking in Charge/ Dispatch from …/ Place of Receipt

44A

Overview of UCP 600 – Transport Articles

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As AgentAs Agent

ForFor MasterMaster

ABC ForwardersABC Forwarders

As AgentAs Agent

ForFor Master, Master, Takashi Takashi YanagawaYanagawa

ABC ForwardersABC Forwarders600600 600600

500500 500500

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 TwoDifferent Modes of Transport (UCP500 - Art. 26)


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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)

MasterMaster 600600500500

As AgentAs Agent

ForFor Master,Master, John DoeJohn Doe

ABC ForwardersABC Forwarders600600

500500As AgentAs AgentForFor MasterMaster


500500

Overview of UCP 600 Article 20 & 21

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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 ChartererCharterer 600600


39

Agent signing for owner or charterer must indicate name of owner or charterer

As AgentAs Agent

For For ChartererCharterer, , John DoeJohn Doe


As AgentAs Agent

ForFor Owner, John DoeOwner, John Doe


As AgentAs Agent

ForFor MasterMaster




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 portsNEW



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 tobe 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 ofshipment

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 thecarrier (ISBP – 172)

Transport document marked “duplicate” is accepted as an originalTransport document will be accepted as original whethermarked as an original or not (also applicable to inlandwaterway transport)

For rail transport document:

Road transport document marked for consignor or shipperor bear no marking for whom the document has beenprepared – is the original

NEW

NEW


Road, Rail or Inland WaterwayTransport Documents(UCP500 – Art. 28)

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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.ABC Insurance Co. Ltd.ABC Insurance Co. Ltd.Agent forAgent for

Article 28 – Insurance Document and Coverage (UCP500 – Art. 34-36)

ABC Insurance Co. Ltd.ABC Insurance Co. Ltd.By proxy forBy proxy for


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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 Date1 AUG 2007

Insurance PolicyInsurance Policy


Shipped On Board1 AUG 2007

Bill of LadingBill of Lading


Effective Date1 AUG 2007

Insurance PolicyInsurance Policy


Shipped On Board1 AUG 2007

Bill of LadingBill 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 shipmentshipment

Place of dischargePlace of discharge or final or final destinationdestination

… 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 risks” or “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 risks” notation 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

AAA BBB CCC = L/C quantity= L/C quantity

Port APort A

Port BPort B

Port CPort C

B/L B/L ““AA”” AUG 1AUG 1AUG 1

B/L B/L ““BB”” AUG 7AUG 7AUG 7

B/L B/L ““CC”” AUG 9AUG 9AUG 9

Take latest of the shipment dates as date of shipment (Aug 9 in the above example) (ISBP 89)

•• Same vessel and voyageSame vessel and voyage

•• Same destinationSame destinationPort DPort 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)

AAA BBB CCC = L/C quantity= L/C quantity

AUG 1AUG 1AUG 1

AUG 1AUG 1AUG 1

AUG 1AUG 1AUG 1

DestinationDestinationDD

Partial ShipmentPartial ShipmentTruckTruck AA

TruckTruck BB

TruckTruck CC

NEW


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Article 37 Article 37 –– Disclaimer for Acts of an Instructed PartyDisclaimer for Acts of an Instructed Party(UCP 500 (UCP 500 –– Art. 18)Art. 18)

Bank instructing another bank to perform services is liablefor that bank’s charges

Issuing bank is liable for charges that cannot be collectedor deducted from the proceeds


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Transferable credit – An L/C may be made available by the transferring bank to a second beneficiary

TransferringTransferringBankBank

IssuingIssuingBankBank

ApplicantApplicantApplicant FirstBeneficiary

FirstFirstBeneficiarBeneficiaryy

SecondBeneficiary

SecondSecondBeneficiaryBeneficiary

11 22 33 44

1.1. L/C applicationL/C application

2.2. Transferable creditTransferable credit

3.3. Request for transferRequest for transfer

4.4. Transferred creditTransferred 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 theIssuing Bank)Issuing Bank)


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Transferred credit must accurately reflect the terms and conditions of the credit, including confirmation …

Second beneficiary’s 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 bene’s invoice)NEW



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38 (k): Second beneficiary’s documents must be presented to transferring bank

Second beneficiary’s documentsFirst beneficiary’s draft & invoiceDocuments after substitution

AABB

CC

NEW



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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 doesnot 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 coverageFirst beneficiary’s name may be substituted for that of the applicant

Honour or negotiation of transferred L/C may be in the second beneficiary’s country


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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”, “Shipper’s Load and Count”, “Said by Shipper to Contain” and Charges Additional to Freight(UCP 500 – Art. 31,i,ii and Art. 33,d)

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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)

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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: [email protected]

Victor Pena in Tampa, FL

Phone: 1-813-604-7042


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


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