UCP 6 0 0

UCP 60 0 are t he lat est rev ision of t he Uniform Cust om s and Pract ice t hat govern t he oper at ion of let t er s of
credit .

UCP 60 0 com es int o effect on 01 July 20 07

The 39 art icles of UCP 600 are a com pr ehen siv e and pract ical working aid t o bankers, lawy er s, im port er s,
and ex port er s, t ransport ex ecut ives, edu cat or s, and ever y one inv olv ed in let t er of credit t ransact i ons
w orldw ide.

I CC U n iform Cu st om s a n d Pr a ct ice for D ocu m e n t a r y Cr e dit s ( U CP 6 0 0 )

Fore w or d

This rev ision of t he Uniform Cust om s and Pract ice for Docum ent ary Credit s ( com m only called “ UCP” ) is t he
sixt h r ev ision of t he rules since t hey were fir st prom ulgat ed in 1933. I t is t he fruit of m ore t han t hree y ears
of w or k by t he I nt ernat ional Cham ber of Com m er ce’s ( I CC) Com m ission on Bank ing Technique and Pract ice.

I CC, which was est ablished in 191 9, had as it s prim ary obj ect ive facilit at ing t he flow of int ernat ional t rade at
a t im e when nat ionalism and prot ect ionism posed seriou s t hreat s t o t he world t rading syst em . I t was in t hat
spirit t hat t he UCP were first int roduced – t o allev iat e t he conf usion cau sed by indiv idual count ries’
prom ot ing t heir own nat ional r ules on let t er of credit pract ice. The ob j ect iv e, since at t ained, was t o creat e a
set of cont ract ual rules t hat would est ablish unif or m it y in t hat pract ice, so t hat pract it ioners would n ot hav e
t o cope wit h a plet hora of oft en conflict ing nat ional regul at ions. The univer sal accept ance of t he UCP by
pract it ioner s in cou nt ries wit h widely div ergent econom ic and j udicial syst em s is a t est am ent t o t he rules’
success.

I t is im port ant t o recall t hat t he UCP represent t he w ork of a privat e int ernat ion al organizat ion, not a
govern m ent al body . Since it s incept ion, I CC has insist ed on t he cent r al r ole of self- regulat ion in business
pract ice. These rules, form ulat ed ent irely by ex pert s in the privat e sect or, have v alidat ed t hat approach. The
UCP rem ain t he m ost successful set of privat e rules f or t rade ev er dev eloped.

A range of individuals and groups cont ribut ed t o t he curr ent rev ision, w hich is ent it led UCP 60 0. These
include t he UCP Draft ing Group, w hich sift ed t hroug h m ore t han 5000 indiv idual com m ent s bef ore arriving
at t his consensus t ex t ; t he UCP Con sult ing Group, consist ing of m em bers from m ore t han 25 count ries,
w hich serv ed as t he advisor y body react ing t o and proposing changes t o t he v ariou s draft s; t he m ore t han
40 0 m em ber s of t he I CC Com m i ssion on Bank ing Techni que and Pract ice w ho m ade pert inent suggest ions
f or changes in t he t ex t ; and I CC nat ional com m it t ees worldwide which t ook an act ive role in consolidat ing
com m ent s f rom t heir m em ber s. I CC also expresses it s grat it ude t o pract it ioner s in t he t ransport an d
insurance indu st ries, w hose percept iv e suggest ions honed t he final dr aft .

Guy Sebban
Secret ary General
I nt er nat ional Ch am ber of Com m er ce

I n t rodu ct ion

I n May 20 03, t he I nt ern at ional Cham ber of Com m erce aut hori zed t he I CC Com m ission on Bank ing
Technique and Pract ice ( Bank ing Com m ission) t o begin a r ev ision of t he Uniform Cust om s and Pract ice f or
Docum ent ary Credit s, I CC Publicat ion 5 00.

As wit h ot her rev ision s, t he general obj ect iv e was t o address developm ent s in t he bank ing, t ransport an d
insurance indu st ries. Addit ionally , t here was a need t o look at t he language and st y le used in t he UCP t o
rem ov e wording t h at could lead t o incon sist ent applicat ion and int erpret at ion.

When work on t he rev ision st art ed, a num ber of global sur vey s indicat ed t hat , because of discrepancies,
approx im at ely 7 0% of docum ent s present ed under let t ers of credit were being rej ect ed on first present at ion.
This obvi ously had, and cont in ues t o hav e, a negat iv e effect on t he let t er of credit being seen as a m eans of
paym ent and, if uncheck ed, could hav e seri ous im plicat ions for m aint aining or increasing it s m arket share as
a recognized m ean s of set t lem ent in int ernat ion al t r ade. The int roduct ion by banks of a discrepan cy f ee has
highlight ed t he im port an ce of t his issue, especially w hen t he under ly ing discrepancies hav e been found t o be
dubiou s or unsou nd. Whilst t he num ber of cases inv olvin g lit igat ion has not gr ow n during t he lif et im e of UCP
50 0, t he int roduct ion of t he I CC’s Docum ent ary Credit Disput e Resolut ion Ex pert ise Rules ( DOCDEX) in
Oct ober 1 99 7 ( subsequent ly rev ised in March 200 2) has result ed in m ore t han 60 cases being decided.
To address t hese and ot her con cern s, t he Bank ing Com m ission est ablished a Draft ing Group t o revise UCP
50 0. I t w as also decided t o creat e a second group, k now n as t he Consult ing Group, t o rev iew and adv ise on
early draft s subm it t ed by t he Draft ing Group. The Consult ing Group, m ade up of ov er 40 individuals f rom 26
cou nt r ies, consist ed of banking and t ransp ort indust ry ex per t s. Ably co- ch aired by John Turnb ull, Deput y
General Manager, Sum it om o Mit sui Bank ing Corp orat ion Europ e Lt d, London and Carl o Di Ninni, Adv iser,
I t alian Bankers Associat ion, Rom e, t he Con sult ing Gr oup pr ov ided v aluable input t o t he Draft ing Group prior
t o r elease of draft t ex t s t o I CC nat ional com m it t ees.

The Draft ing Group began t he rev iew pr ocess by analy zing t he cont ent of t he of ficial Opinions issued by t he
Bank ing Com m ission under UCP 50 0. Som e 5 00 Opinion s were rev iewed t o assess whet her t he issues
inv olv ed warrant ed a change in, an addit ion t o or a delet ion of any UCP art icle. I n addit ion, considerat ion
w as given t o t he cont ent of t he four Posit ion Papers issu ed by t he Com m ission in Sept em ber 1 994, t he t w o
Decisions issued by t he Com m ission ( concer ning t he int r oduct ion of t he euro and t he det erm in at ion of what
con st it ut ed an original docum ent under UCP 50 0 sub- art icle 20( b) and t he decisions issued in DOCDEX
cases.

During t he rev ision process, not ice w as t ak en of t he considerable work t hat had been com plet ed in cr eat ing
t he I nt er nat ional St andard Bank ing Pract ice for t he Ex am inat ion of Docum ent s un der Docum ent ary Credit s
( I SBP) , I CC Publicat ion 645. This publicat ion has ev olv ed int o a necessary com panion t o t he UCP for
det erm ining com pliance of docum ent s wit h t he t erm s of let t ers of credit . I t is t he ex pect at ion of t he Draft ing
Group and t he Bank ing Com m issi on t hat t he applicat ion of t he principles cont ained in t he I SBP, including
subsequent rev isions t hereof, will cont inue during t he t im e UCP 60 0 is in force. At t he t im e UCP 600 is
im plem ent ed, t her e will be an updat ed v ersion of t he I SBP t o bring it s cont ent s in line w it h t he subst an ce
and st yle of t he new rules.

The four Posit ion Paper s issued in Sept em ber 1994 were issued su bj ect t o t heir applicat ion u nder UCP 5 00;
t herefore, t hey w ill not be applicable under UCP 60 0. Th e essence of t he Decision cov er ing t he
det erm inat ion of an original docum ent has been incorp or at ed int o t he t ex t of UCP 600. The out com e of t he
DOCDEX cases were inv ariably based on ex ist ing I CC Bank ing Com m ission Opinions and t her ef ore cont ained
no specific issues t hat required addr essing in t hese rules.

One of t he st ruct ural ch anges t o t he UCP is t he int roduct ion of ar t icles cov er ing definit ions ( art icle 2) and
int erpret at ion s ( art icle 3) . I n pr ov iding definit ions of roles play ed by banks and t he m eaning of specif ic
t erm s and ev ent s, UCP 600 av oids t he necessit y of repetit iv e t ex t t o ex plain t heir int erpret at ion and
applicat ion. Sim ilarly , t he art icle covering int erpret at ion s aim s t o t ak e t he am biguit y out of v ague or unclear
language t hat appears in let t ers of cr edit and t o provide a definit iv e elucidat ion of ot her charact er ist ics of
t he UCP or t he credit .

During t he course of t he last t hree years, I CC nat ion al com m it t ees were canv assed on a range of issues t o
det erm ine t heir prefer ences on alt er nat ive t ex t s subm it t ed by t he Draf t ing Group. The result s of t his
ex ercise and t he consider able input from nat ional com m it t ees on indiv idual it em s in t he t ex t is reflect ed in
t he cont ent of UCP 600. The Draf t ing Group considered, not only t he cur rent pract ice relat iv e t o t he
docum ent ar y cr edit , but also t ried t o envisage t he fut ure ev olut ion of t hat pract ice.

This rev ision of t he UCP represent s t he culm in at ion of over t hree y ears of ex t ensiv e analy sis, review, debat e
and com prom ise am ong st t he various m em bers of t he Draft ing Group, t he m em bers of t he Bank ing
Com m ission an d t he respect iv e I CC nat ion al com m it t ees. Valuable com m ent has also been receiv ed from
t he I CC Com m ission on Tran sport and Logist ics, t he Com m ission on Com m ercial Law an d Pract ice and t he
Com m it t ee on I nsurance.

I t is not appropriat e for t his publicat ion t o prov ide an ex planat ion as t o w hy an art icle has been worded in
such a way or what is int ended by it s incorpor at ion int o t he rules. For t hose int erest ed in under st anding t he
rat ionale and int erpret at i on of t he art icles of UCP 600, t his inform at ion will be found in t he Com m ent ary t o
t he rules, I CC Publicat ion 601, which represent s t he Draft ing Group’s v iew s.

On behalf of t he Draf t ing Group I would like t o ex t end our deep appr eciat ion t o t he m em ber s of t he
Consult ing Group, I CC nat ional com m it t ees and m em ber s of t he Banking Com m ission for t heir profession al
com m ent s and t heir const r uct ive part icipat ion in t his process.

Special t hank s are due t o t he m em bers of t he Draft ing Group and t heir inst it ut ions, who are list ed below in
alphabet ical order.

Nicole Keller – Vice President , Serv ice I nt er nat ional Prod uct s, Dresdner Bank AG, Frank fur t , Germ any;
Represent at iv e t o t he I CC Com m ission on Bank ing Techn ique and Pract ice;
Laur ence Kooy – Legal Adviser, BNP Paribas, Paris, France; Represent at ive t o t he I CC Com m ission on
Bank ing Tech nique and Pract ice.

Kat j a Lehr – Bu siness Manager, Tr ade Serv ices St andards, SWI FT, La Hulpe, Belgium , t hen Vice President ,
Mem bership Represent at ion, I nt er nat ional Finan cial Services Associat ion, New Jersey , USA; Represent at iv e
t o t he I CC Com m ission on Banking Techniq ue and Pract ice;

Ole Malm qv ist – Vice President , Dansk e Bank , Copen hag en, Denm ark ; Represent at ive t o t he I CC
Com m ission on Bank ing Tech nique and Pr act ice;

Paul Miserez – Head of Trade Finan ce St andards, SWI FT, La Hulpe, Belgium ; Represent at iv e t o t he I CC
Com m ission on Bank ing Tech nique and Pr act ice;

René Mueller – Dir ect or, Cr edit Suisse, Zurich, Sw it zerland; Represent at iv e t o t he I CC Com m ission on
Bank ing Tech nique and Pr act ice;

Chee Seng Soh – Con sult ant , Associat ion of Banks in Singapore, Singapore; Represent at ive t o t he I CC
Com m ission on Bank ing Tech nique and Pr act ice;

Dan Tay lor – President and CEO, I nt ern at ional Financial Serv ices Associat ion., New Jersey USA; Vice
Chair m an, I CC Com m ission on Bank ing Technique and Pr act ice;

Alex ander Zelenov – Dir ect or, Vneshecon om bank , Moscow , Russia; Vice Chairm an, I CC Com m ission on
Bank ing Tech nique and Pr act ice;

Ron Kat z – Policy Manager, I CC Com m ission on Banking Technique and Pract ice, I nt er nat ional Cham ber of
Com m er ce, Paris, Fr ance.

The undersign ed had t he pleasure of chairing t he Draft ing Group.

I t was t hrough t he gener ou s giv ing of t heir k now ledge, t im e and ener gy t hat t his rev ision w as accom plished
so su ccessfully . As Chair of t he Draft ing Group, I w ould lik e t o ext end t o t hem and t o t heir inst it ut ions m y
grat it ude for t heir cont ribut ion, for a j ob w ell done and for t heir f riendship. I would also like t o ex t end m y
sincere t hank s t o t he m anagem ent of ABN AMRO Bank N. V., for t heir underst anding, pat ience and support
during t he cou rse of t his rev ision process.

Gary Collyer
Corporat e Direct or,
ABN AMRO Bank N.V., London, England
and Techni cal Adv iser t o t he I CC Com m ission on Banking Technique and Pract ice
Nov em ber 20 06
 UCP 6 0 0 - Art icle 1

Applicat ion of UCP

The Uniform Cust om s and Pr act ice for Docu m ent ary Cr edit s, 200 7 Rev ision, I CC Publicat ion n o. 600 ( " UCP")
are rules t hat apply t o any docu m ent ary credit ( "credit ") ( including, t o t he ext ent t o w hich t hey m ay be
applicable, any st andby let t er of credit ) w hen t he t ext of t he credit expressly indicat es t hat it is subj ect t o
t hese rules. They are binding on all part ies t heret o unless ex pressly m odified or excluded by t he credit .

UCP 6 0 0 - Art icle 2

Def init ions

For t he purpose of t hese rules:

Advisin g b an k m eans t he bank t hat adv ises t he credit at t he request of t he issuing bank .

Applica n t m eans t he part y on wh ose request t he credit is issued.

Ban kin g da y m eans a day on which a bank is regularly open at t he place at w hich an act subj ect t o t hese
rules is t o be perform ed.

Ben eficiar y m eans t he part y in whose favour a credit is issued.

Com plyin g p resen t a t ion m eans a present at ion t hat is in accordance wit h t he t erm s and condit ions of t he
credit , t he applicable provisions of t hese rules and int ernat ional st and ard bank ing pract ice.

Con firm at ion m ean s a definit e undert ak ing of t he confirm ing bank , in addit ion t o t hat of t he issuing bank ,
t o honour or negot iat e a com ply ing present at ion.

Con firm in g b a n k m eans t he bank t hat adds it s confirm at ion t o a credit upon t he issuing bank' s
aut horizat ion or request .

Cre dit m eans any arrangem ent , howev er nam ed or described, t hat is irrev ocable and t hereby con st it ut es a
definit e undert ak ing of t he issuing bank t o honour a com ply ing present at ion.

H on ou r m ea n s:

a . t o pay at sight if t he credit is av ailable by sight paym ent .

b. t o incur a deferred pay m ent undert ak ing and pay at m at urit y if t he cr edit is av ailable by def erred
paym ent .

c. t o accept a bill of ex change ( " draft ") dr aw n by t he ben eficiary and pay at m at urit y if t he credit is available
by accept ance.

I ssu in g ba n k m eans t he bank t hat issues a credit at t he request of an applicant or on it s own behalf.

N e g ot ia t ion m eans t he pur chase by t he nom in at ed ban k of dr aft s ( draw n on a bank ot her t han t he
nom in at ed bank ) and/ or docum ent s und er a com plying p resent at i on, by advancing or agreeing t o adv ance
f unds t o t he benef iciary on or bef ore t he bank ing day on which reim bur sem ent is due t o t he nom inat ed
bank .

N om in at e d Ba n k m eans t he bank wit h which t he cr edit is av ailable or any bank in t he case of a credit
av ailable wit h any bank .

Prese n t a t ion m eans eit her t he delivery of docum ent s u nder a credit t o t he issuing bank or nom inat ed bank
or t he docu m ent s so deliv ered.

Prese n t e r m ean s a beneficiary, bank or ot her part y t hat m ak es a present at ion.

 UCP 6 0 0 - Art icle 3

I nt er pret at ions

For t he purpose of t hese rules:

Where applicable, w or ds in t he singular include t he plural and in t he plural include t he singular.

A credit is irrev ocable ev en if t here is no indicat ion t o t hat eff ect .

A docu m ent m ay be signed by handwrit ing, facsim ile signat ure, perforat ed signat ure, st am p, sym bol or any
ot her m echanical or elect ronic m et h od of aut hent icat ion.

A requirem ent for a docum ent t o be legalized, v isaed, cer t ified or sim ilar will be sat isfied by any signat ure,
m ark , st am p or label on t he docum ent w hich appear s t o sat isf y t hat requirem ent .

Branches of a bank in different count ries are con sidered t o be separ at e bank s.

Term s such as "first class", "well known", "qualified", "independent ", " official", "com pet ent " or "local" used
t o describe t he issuer of a docum ent allow any issuer ex cept t he benef iciary t o issue t hat docum ent .

Unless required t o be used in a docum ent , word s such as "prom pt ", "im m ediat ely " or "as soon as possible"
w ill be disregarded.

The ex pression "on or ab out " or sim ilar will be int erpret ed as a st ipulat ion t hat an event is t o occu r during a
period of five calendar day s bef ore unt il five calendar day s aft er t he specif ied dat e, bot h st art and end dat es
included.

The words "t o" , "u nt il", "t ill", "from " and "bet ween" when used t o det erm ine a period of shipm ent includ e
t he dat e or dat es m ent ioned, and t he w or ds "before" and "aft er" ex clude t he dat e m ent ioned.

The words "from " and "aft er" w hen used t o det erm ine a m at urit y dat e ex clude t he dat e m ent ioned.

The t erm s "first half" and "second half" of a m ont h shall be const r ued respect ively as t he 1st t o t he 15t h and
t he 16t h t o t he last day of t he m ont h, all dat es inclusive.

The t erm s "beginning", "m iddle" and "end" of a m ont h shall be const rued respect ively as t he 1st t o t he
10t h, t he 11t h t o t he 20t h and t he 21 st t o t he last day of t he m ont h, all dat es inclusiv e.

UCP 6 0 0 - Art icle 4

Credit s v . Cont ract s

a . A credit by it s nat ure is a separat e t ransact ion from t he sale or ot her cont ract on which it m ay be based.
Bank s are in no way concer ned wit h or bound by su ch cont ract , ev en if any reference what soev er t o it is
included in t he credit . Consequent ly , t he undert ak ing of a bank t o hon our, t o negot iat e or t o f ulfil any ot her
obligat ion under t he credit is not subj ect t o claim s or defences by t he applicant result ing from it s
relat ionships wit h t he issuing bank or t he beneficiary .

A beneficiary can in no case av ail it self of t he cont ract ual relat ionships ex ist ing bet ween bank s or bet ween
t he applicant and t he issuing bank .

b. An issuing bank should discourage any at t em pt by t he applicant t o include, as an int egral part of t he
credit , copies of t he underlying cont ract , profor m a invoice and t he lik e.

UCP 6 0 0 - Art icle 5

Docum ent s v. Goods, Serv ices or Per for m an ce

Bank s deal wit h docu m ent s and not w it h good s, serv ices or perf orm ance t o which t he docum ent s m ay
relat e.
 UCP 6 0 0 - Art icle 6

Av ailabilit y , Ex piry Dat e and Place for Present at ion

a . A credit m ust st at e t he bank wit h which it is av ailable or w het her it is av ailable wit h any bank . A credit
av ailable wit h a nom inat ed bank is also av ailable wit h t he issuing bank.

b. A credit m ust st at e whet her it is av ailable by sight pay m ent , deferred pay m ent , accept an ce or
negot iat ion.

c. A credit m ust not be issued av ailable by a draf t draw n on t he applicant .

d.

i. A credit m ust st at e an ex piry dat e for present at ion. An ex piry dat e st at ed f or honour or negot iat ion will be
deem ed t o be an ex piry dat e for present at ion.

ii. The place of t he bank w it h which t he credit is available is t he place for present at ion. The place for
present at i on under a credit av ailable wit h any bank is t hat of any bank. A place f or present at ion ot her t han
t hat of t he issuing bank is in addit ion t o t he place of t he issuing bank .

e . Ex cept as prov ided in sub- art icle 29 ( a) , a present at ion by or on behalf of t he beneficiary m ust be m ade
on or bef ore t he ex piry dat e.

UCP 6 0 0 - Art icle 7

I ssuing Bank Undert ak ing

a . Prov ided t hat t he st ipulat ed docum ent s are present ed t o t he nom inat ed bank or t o t he issuing bank and
t hat t hey con st it ut e a com ply ing present at ion, t he issuin g bank m ust honour if t he credit is av ailable by :

i. sight pay m ent , deferred pay m ent or accept an ce wit h t he issuing bank ;

ii. sight pay m ent w it h a nom inat ed bank and t hat nom in at ed bank does not pay ;

iii. deferred pay m ent wit h a nom inat ed bank and t hat nom inat ed bank does not incur it s deferred pay m ent
undert ak ing or , hav ing incurred it s deferred pay m ent un dert ak ing, does not pay at m at urit y ;

iv. accept ance wit h a nom inat ed bank and t hat nom inat ed bank does not accept a draft drawn on it or,
having accept ed a draft drawn on it , does not pay at m at urit y ;

v. negot iat ion wit h a nom inat ed bank and t hat nom inat ed bank does not neg ot iat e.

b. An issuing bank is irrevocably bound t o honour as of t he t im e it issues t he credit .

c. An issuing bank undert akes t o reim bur se a nom inat ed bank t hat has honou red or negot iat ed a com ply ing
present at i on and for warded t he docum ent s t o t he issuing bank . Reim bursem ent for t he am ount of a
com ply ing present at ion under a credit available by accept ance or deferred pay m ent is due at m at urit y ,
w het her or not t he nom inat ed bank prepaid or purchased bef ore m at urit y. An issuing bank 's undert ak ing t o
reim burse a nom inat ed bank is independent of t he issuing bank 's undert ak ing t o t he beneficiar y.

UCP 6 0 0 - Art icle 8

Confirm ing Bank Undert ak ing

a . Prov ided t hat t he st ipulat ed docum ent s are present ed t o t he confirm ing bank or t o any ot her nom inat ed
bank and t hat t hey const it ut e a com ply ing present at ion, t he conf irm ing bank m ust :

i. honour , if t he credit is av ailable by

a . sight pay m ent , deferred pay m ent or accept ance wit h t he confirm ing bank;
b. sight pay m ent w it h anot her nom inat ed bank and t hat nom in at ed bank does not pay;

c. deferred pay m ent wit h anot her n om in at ed bank and t hat nom inat ed bank does not incur it s deferred
paym ent un dert ak ing or, hav ing incurred it s deferred pay m ent undert ak ing, does n ot pay at m at urit y ;

d. accept ance wit h anot her n om inat ed bank and t hat nom inat ed bank does not accept a draf t drawn on it
or, hav ing accept ed a draft drawn on it , does not pay at m at urit y;

e . negot iat ion wit h anot her nom inat ed bank and t hat nom inat ed bank does not negot iat e.

ii. negot iat e, wit hout recourse, if t he credit is available by negot iat ion wit h t he confirm ing bank .

b. A conf irm ing bank is irrev ocably bound t o honour or negot iat e as of t he t im e it adds it s conf irm at ion t o
t he credit .

c. A confirm ing bank undert ak es t o reim b urse an ot her n om inat ed bank t hat has honoured or neg ot iat ed a
com ply ing present at ion and forwarded t he docum ent s t o t he confirm ing bank. Reim bu rsem ent f or t he
am ount of a com ply ing present at ion under a credit av ailable by accept ance or def err ed paym ent is due at
m at urit y , whet her or n ot anot her nom inat ed bank prepaid or purchased before m at urit y . A confirm ing
bank ' s under t ak ing t o reim burse anot her nom in at ed ban k is independent of t he confirm ing bank 's
undert ak ing t o t he beneficiary .

d. I f a bank is aut hor ized or req uest ed by t he issuing bank t o confirm a credit but is not prepared t o do so,
it m ust inform t he issuing bank wit hout delay and m ay adv ise t he credit w it hout confirm at ion.

UCP 6 0 0 - Art icle 9

Advising of Credit s and Am endm ent s

a . A credit and any am endm ent m ay be adv ised t o a beneficiary t hr ough an advising bank . An adv ising bank
t hat is not a confirm ing bank adv ises t he credit and any am endm ent wit hout any undert aking t o honour or
negot iat e.

b. By adv ising t he credit or am endm ent , t he adv ising bank signif ies t hat it has sat isf ied it self as t o t he
apparent aut hent icit y of t he credit or am endm ent and t h at t he adv ice accur at ely reflect s t he t erm s and
condit ions of t he credit or am end m ent receiv ed.

c. An adv ising bank m ay ut ilize t he services of anot her bank ( "second adv ising bank ") t o adv ise t he credit
and any am en dm ent t o t he beneficiary . By adv ising t he credit or am endm ent , t he second adv ising bank
signif ies t hat it has sat isf ied it self as t o t he apparent aut hent icit y of t he adv ice it has received and t hat t he
advice accurat ely reflect s t he t erm s and condit ion s of t he credit or am endm ent received.

d. A bank ut ilizing t he services of an adv ising bank or second adv ising bank t o adv ise a credit m ust use t he
sam e bank t o adv ise any am end m ent t heret o.

e . I f a bank is request ed t o advise a credit or am endm en t but elect s not t o do so, it m ust so inform , wit hout
delay , t he bank from which t he credit , am endm ent or advice has been receiv ed.

f. I f a bank is request ed t o adv ise a credit or am endm en t but cannot sat isfy it self as t o t he apparent
aut hent icit y of t he credit , t he am endm ent or t he adv ice, it m ust so inform , w it hout delay , t he bank fr om
w hich t he inst r uct ion s appear t o have been receiv ed. I f t he advising bank or second adv ising bank elect s
nonet heless t o adv ise t he credit or am endm ent , it m ust inform t he beneficiary or second adv ising bank t hat
it has not been able t o sat isfy it self as t o t he appar ent aut hent icit y of t he credit , t he am endm ent or t he
advice.

UCP 6 0 0 - Art icle 1 0

Am end m ent s

a . Ex cept as ot herwise prov ided by art icle 38, a credit can neit her be am ended nor can celled wit hout t he
agreem ent of t he issuing bank , t he conf irm ing bank , if any, and t he beneficiary .
b. An issuing bank is irrevocably bound by an am endm ent as of t he t im e it issues t he am end m ent . A
confirm ing bank m ay ext end it s confirm at ion t o an am endm ent and will be irrevocably bound as of t he t im e
it adv ises t he am endm ent . A confirm ing bank m ay , howev er , choose t o adv ise an am endm ent wit hout
ex t ending it s confirm at ion and, if so, it m ust inform t he issuing bank wit hout delay and inform t he
beneficiary in it s adv ice.

c. The t erm s and condit ion s of t he original credit ( or a credit incorporat in g pr ev iously accept ed
am end m ent s) will rem ain in force for t he benef iciary unt il t he benef iciary com m unicat es it s accept ance of
t he am end m ent t o t he bank t hat adv ised such am endm ent . The beneficiary sh ould giv e not ificat ion of
accept ance or rej ect ion of an am endm ent . I f t he benef iciary fails t o giv e such not if icat ion, a present at ion
t hat com plies wit h t he credit and t o any not yet accept ed am endm ent will be deem ed t o be not ificat ion of
accept ance by t he beneficiary of such am endm ent . As of t hat m om ent t he credit w ill be am ended.

d. A bank t hat advises an am endm ent should inform t he bank from which it receiv ed t he am endm ent of any
not ificat ion of accept ance or rej ect ion.

e . Part ial accept ance of an am end m ent is not allowed and w ill be deem ed t o be not ificat ion of rej ect ion of
t he am end m ent .

f. A prov ision in an am endm ent t o t he ef fect t hat t he am endm ent shall ent er int o f orce unless rej ect ed by
t he beneficiary wit hin a cert ain t im e shall be disregarded.

UCP 6 0 0 - Art icle 1 1

Telet ran sm it t ed and Pre- Adv ised Credit s and Am endm en t s

a . An aut hent icat ed t elet ransm ission of a credit or am en dm ent will be deem ed t o be t he operat iv e credit or
am end m ent , and any subsequent m ail confirm at ion sh all be disregarded.

I f a t elet ransm ission st at es " full det ails t o follow " ( or words of sim ilar effect ) , or st at es t hat t he m ail
confirm at i on is t o be t he oper at iv e cr edit or am endm ent , t hen t he t elet ransm ission will not be deem ed t o be
t he operat ive credit or am endm ent . The issuing bank m ust t hen issue t he oper at iv e credit or am endm ent
w it hout delay in t erm s not inconsist ent wit h t he t elet ransm ission.

b. A prelim inary advice of t he issuance of a credit or am endm ent ( "pre- adv ice") shall only be sent if t he
issuing bank is pr epared t o issue t he operat iv e credit or am endm ent . An issuing bank t hat send s a pre-
advice is irrevocably com m it t ed t o issue t he operat iv e cr edit or am endm ent , wit hout delay, in t erm s not
incon sist ent wit h t he pre- adv ice.

UCP 6 0 0 - Art icle 1 2

Nom inat ion

a . Unless a nom inat ed bank is t he conf irm ing bank , an aut horizat ion t o honour or neg ot iat e does not im pose
any obligat ion on t hat n om inat ed bank t o honour or neg ot iat e, ex cept when ex pressly agreed t o by t hat
nom in at ed bank and so com m u nicat ed t o t he beneficiary .

b. By nom inat i ng a bank t o accept a draft or incur a deferred pay m ent undert aking, an issuing bank
aut horizes t hat nom in at ed bank t o prepay or purchase a draft accept ed or a def err ed paym ent undert ak ing
incurred by t hat nom inat ed bank .

c. Receipt or exam inat ion and f or wardi ng of docum ent s by a nom inat ed bank t hat is not a confirm ing bank
does not m ak e t hat nom inat ed bank liable t o honour or negot iat e, nor does it const it ut e h onour or
negot iat ion.

UCP 6 0 0 - Art icle 1 3

Bank - t o- Bank Reim bur sem ent Arrangem ent s

a . I f a credit st at es t hat reim bur sem ent is t o be obt ained by a nom inat ed bank ( "claim ing bank ") claim ing
on anot her part y ( "reim bursing bank ") , t he credit m ust st at e if t he reim bursem ent is subj ect t o t he I CC
rules f or bank- t o- bank r eim bur sem ent s in ef fect on t he dat e of issuance of t he credit .
b. I f a credit does not st at e t hat reim bur sem ent is subj ect t o t he I CC r ules for bank - t o- bank
reim bursem ent s, t he following apply :

i.An issuing bank m ust provide a reim bur sing bank wit h a reim bursem ent aut horizat ion t hat confor m s wit h
t he av ailabilit y st at ed in t he credit . The r eim bursem ent aut hor izat ion should not be subj ect t o an ex piry
dat e.

ii.A claim ing bank shall not be required t o supply a reim bur sing bank w it h a cert if icat e of com pliance w it h
t he t erm s and condit ion s of t he credit .

iii.An issuing bank will be responsible f or any loss of int erest , t oget her wit h any expenses incurr ed, if
reim bursem ent is not prov ided on first dem and by a reim bursi ng bank in accordan ce wit h t he t erm s and
condit ions of t he credit .

iv.A reim bu rsing bank 's charges are for t he accou nt of t he issuing bank . Howev er, if t he charges are for t he
account of t he beneficiary , it is t he respon sibilit y of an issuing bank t o so indicat e in t he credit and in t he
reim bursem ent aut hori zat ion. I f a reim bursing bank 's ch ar ges are for t he account of t he beneficiary, t hey
shall be deduct ed from t he am ount due t o a claim ing bank when reim bur sem ent is m ade. I f no
reim bursem ent is m ade, t he reim bu rsing bank 's charges rem ain t he obligat ion of t he issuing bank .

c. An issuing bank is not relieved of any of it s obligat ions t o prov ide reim bursem ent if reim bursem ent is not
m ade by a reim bursing bank on f irst dem and.

UCP 6 0 0 - Art icle 1 4

St andard for Ex am inat ion of Docum ent s

a . A nom inat ed bank act ing on it s nom inat ion, a confirm ing bank , if any , and t he issuing bank m ust ex am ine
a present at ion t o det erm ine, on t he basis of t he docum ent s alone, whet h er or not t he docum ent s appear on
t heir face t o const it ut e a com ply ing present at ion.

b. A nom inat ed bank act ing on it s nom inat ion, a confirm ing bank, if any , and t he issuing bank sh all each
have a m ax im u m of fiv e banking day s following t he day of pr esent at ion t o det er m ine if a present at ion is
com ply ing. This period is not curt ailed or ot herwise af fect ed by t he occurren ce on or aft er t he dat e of
present at i on of any ex piry dat e or last day for present at ion.

c. A present at ion including one or m ore original t ran spor t docum ent s su bj ect t o art icles 19, 20, 2 1, 22, 23,
24 or 2 5 m ust be m ade by or on behalf of t he beneficiary not lat er t han 21 calendar day s af t er t he dat e of
shipm ent as described in t hese rules, but in any ev ent not lat er t han t he ex piry dat e of t he credit .

d. Dat a in a docum ent , when read in cont ex t w it h t he cr edit , t he docum ent it self and int ernat ion al st andard
bank ing pract ice, need n ot be ident ical t o, but m ust not conflict w it h, dat a in t hat docum ent , any ot her
st ipulat ed docum ent or t he credit .

e . I n docum ent s ot her t han t he com m ercial inv oice, t he descript ion of t he goods, serv ices or perform an ce, if
st at ed, m ay be in general t erm s not conflict ing w it h t heir descript ion in t he credit .

f. I f a credit requires present at ion of a docum ent ot her t han a t ransport docum ent , insur ance docum ent or
com m ercial inv oice, w it hout st ipulat ing by w hom t he docum ent is t o be issued or it s dat a cont ent , bank s w ill
accept t he docum ent as present ed if it s cont ent appears t o f ulfil t he funct ion of t he required docu m ent and
ot herwise com plies wit h sub- art icle 14 ( d) .

g. A docu m ent pr esent ed but not required by t he credit will be disregarded and m ay be ret urned t o t he
present er.

h . I f a credit cont ains a con dit ion wit hout st ipulat ing t he docum ent t o indicat e com pliance wit h t he
condit ion, bank s will deem such condit ion as n ot st at ed and will disregard it .

i. A docum ent m ay be dat ed prior t o t he issuance dat e of t he credit , but m ust not be dat ed lat er t han it s
dat e of present at ion.

j . When t he addresses of t he benef iciary and t he applicant appear in any st ipulat ed docu m ent , t hey need
not be t he sam e as t h ose st at ed in t he credit or in any ot her st ipulat ed docum ent , but m ust be wit hin t he
sam e count ry as t he respect iv e addresses m ent ion ed in t he credit . Cont act det ails ( t elefax , t elephone, em ail
and t he lik e) st at ed as part of t he beneficiary 's and t he applicant 's addr ess w ill be disregarded. However,
w hen t he address and cont act det ails of t he applicant appear as par t of t he consignee or not ify part y det ails
on a t ransp ort docum ent subj ect t o art icles 19, 2 0, 21, 22, 23, 24 or 25, t hey m ust be as st at ed in t he
credit .

k . The shipper or consign or of t he goods indicat ed on an y docum ent need not be t he benef iciary of t he
credit .

l. A t ransport docum ent m ay be issued by any part y ot h er t han a carrier , owner , m ast er or chart erer
prov ided t hat t he t ransport docum ent m eet s t he requirem ent s of art icles 19, 2 0, 21, 22, 23 or 24 of t hese
rules.

UCP 6 0 0 - Art icle 1 5

Com plying Present at ion

a . When an issuing bank det er m ines t hat a present at ion is com ply ing, it m ust honour.

b. When a confir m ing bank det erm ines t hat a pr esent at ion is com ply ing, it m ust honour or negot iat e and
f orw ard t he docu m ent s t o t he issuing bank.

c. When a nom inat ed bank det erm in es t hat a present at ion is com ply ing and h on our s or negot iat es, it m ust
f orw ard t he docu m ent s t o t he confirm ing bank or issuing bank.

UCP 6 0 0 - Art icle 1 6

Discrepant Docum ent s, Waiver and Not ice

a . When a nom in at ed bank act ing on it s nom inat ion, a conf irm ing bank , if any, or t he issuing bank
det erm ines t hat a present at ion does not com ply , it m ay refuse t o hon our or negot iat e.

b. When an issuing bank det erm ines t hat a present at ion does not com ply , it m ay in it s sole j udgem ent
approach t he applicant for a w aiv er of t he discr epancies. This does n ot , how ev er, ex t end t he period
m ent ioned in sub- art icle 14 ( b) .

c. When a nom inat ed bank act ing on it s nom inat ion, a confirm ing bank , if any , or t he issuing bank decides
t o r efuse t o honour or neg ot iat e, it m ust giv e a single not ice t o t hat effect t o t he present er.

The not ice m u st st at e:

i. t hat t he bank is refusing t o honour or neg ot iat e; and

ii. each discrepancy in respect of w hich t he bank refuses t o honour or negot iat e; and

iii.

a) t hat t he bank is holding t he docu m ent s pen ding furt h er inst ruct ions from t he present er; or

b) t hat t he issuing bank is holding t he docum ent s unt il it receives a waiver f rom t he applicant and agrees t o
accept it , or receives furt her inst ru ct ion s from t he present er prior t o agreeing t o accept a waiv er; or

c) t hat t he bank is ret urning t he docum ent s; or

d) t hat t he bank is act ing in accordance wit h inst ru ct ions prev iously receiv ed fr om t he present er.

d. The not ice r equired in sub- art i cle 16 ( c) m ust be giv en by t elecom m u nicat ion or, if t hat is not possible, by
ot her expedit iou s m ean s no lat er t han t he close of t he f ift h bank ing day following t he day of present at ion.

e . A nom inat ed bank act ing on it s nom inat ion, a confirm ing bank , if any , or t he issuing bank m ay , aft er
prov iding not ice r equired by sub- ar t icle 16 ( c) ( iii) ( a) or ( b) , ret urn t he docum ent s t o t he present er at any
t im e.
f. I f an issuing bank or a conf irm ing bank fails t o act in accordan ce wit h t he prov ision s of t his art icle, it shall
be precluded from claim ing t hat t he docum ent s do not const it ut e a com plying present at ion.

g. When an issuing bank refuses t o hon our or a confirm ing bank r ef uses t o honour or negot iat e an d has
giv en not ice t o t hat ef fect in accordan ce wit h t his art icle, it shall t hen be ent it led t o claim a refund, w it h
int erest , of any reim bursem ent m ade.

UCP 6 0 0 - Art icle 1 7

Original Docum ent s and Copies

a . At least one original of each docu m ent st ipulat ed in t he credit m ust be present ed.

b. A bank shall t reat as an original any docu m ent bearin g an apparent ly original signat ure, m ark , st am p, or
label of t he issuer of t he docum ent , unless t he docum ent it self indicat es t hat it is not an original.

c. Unless a docum ent indicat es ot h erwise, a bank w ill also accept a docum ent as original if it :

i. appears t o be writ t en, t yped, perforat ed or st am ped b y t he docum ent issuer' s hand; or

ii. appears t o be on t he docum ent issuer's original st at ionery ; or

iii. st at es t hat it is or iginal, unless t he st at em ent appear s not t o apply t o t he docum ent present ed.

d. I f a credit requires present at ion of copies of docu m ent s, present at ion of eit her originals or copies is
perm it t ed.

e . I f a credit requires pr esent at ion of m ult iple docum ent s by using t erm s su ch as "in duplicat e", "in t w o f old"
or "in t wo copies" , t his w ill be sat isfied by t he present at ion of at least one original and t he rem aining
num ber in copies, ex cept when t he docum ent it self indicat es ot herwise.

UCP 6 0 0 - Art icle 1 8

Com m er cial I nv oice

a . A com m er cial inv oice:

i. m ust appear t o hav e been issued by t he beneficiary ( ex cept as pr ov ided in art icle 38) ;

ii. m ust be m ade out in t he nam e of t he applicant ( ex cept as provided in sub- ar t icle 38 ( g) ) ;

iii. m ust be m ade out in t he sam e curren cy as t he credit ; and

iv. need not be signed.

b. A nom inat ed bank act ing on it s nom inat ion, a confirm ing bank , if any , or t he issuing bank m ay accept a
com m ercial inv oice issued for an am ount in excess of t he am ount per m it t ed by t he cr edit , and it s decision
w ill be binding upon all part ies, provided t he bank in quest ion has not honoured or negot iat ed for an am ou nt
in ex cess of t hat perm it t ed by t he credit .

c. The descript ion of t he goods, serv ices or perfor m ance in a com m er cial inv oice m u st correspond w it h t hat
appearing in t he credit .

UCP 6 0 0 - Art icle 1 9

Transp ort Docum ent Cov eri ng at Least Two Different Modes of Tran sport

a . A t ransport docu m ent cov ering at least t wo differ ent m odes of t ransport ( m ult im odal or com bined
t r ansp ort docum ent ) , howev er nam ed, m ust appear t o:

i. indicat e t he nam e of t he carrier and be signed by :

- t he carrier or a nam ed agent for or on behalf of t he carrier, or

- t he m ast er or a nam ed agent f or or on behalf of t he m ast er.

Any signat ure by t he carrier, m ast er or agent m ust be ident if ied as t hat of t he carrier, m ast er or agent .

Any signat ure by an agent m ust indicat e whet h er t he agent has signed for or on behalf of t he carrier or for
or on behalf of t he m ast er.

ii. indicat e t hat t he goods hav e been dispat ched, t ak en i n charge or shipped on board at t he place st at ed in
t he credit , by :

- pre- print ed wording, or

- a st am p or not at ion indicat ing t he dat e on which t he goods hav e been dispat ched, t aken in charge or
shipped on board.

The dat e of issuance of t he t ransp or t docum ent will be deem ed t o be t he dat e of dispat ch, t aking in charge
or shipped on board, and t he dat e of shipm ent . Howev er , if t he t ransport docum ent indicat es, by st am p or
not at ion, a dat e of dispat ch, t ak ing in charge or shipped on board, t his dat e w ill be deem ed t o be t he dat e of
shipm ent .

iii. indicat e t he place of dispat ch, t aking in charge or shi pm ent and t he place of final dest inat ion st at ed in
t he credit , ev en if:

a . t he t ransport docu m ent st at es, in addit ion, a different place of dispat ch, t ak ing in charge or shipm ent or
place of final dest inat ion,

or

b. t he t ransport docum ent cont ains t he indicat ion "int en ded" or sim ilar qualif icat ion in relat ion t o t he v essel,
port of loading or port of discharge.

iv. be t he sole original t ransp or t docum ent or, if issued in m ore t han one original, be t he full set as indicat ed
on t he t ransport docum ent .

v. cont ain t erm s and con dit ions of carriage or m ak e reference t o an ot her sour ce cont aining t he t er m s and
condit ions of carriage ( short f orm or blank back t ran spor t docum ent ) . Cont ent s of t erm s and condit ions of
carriage will not be ex am ined.

vi. cont ain no indicat ion t hat it is subj ect t o a chart er part y .

b. For t he purpose of t his art icle, t ranshipm ent m eans u nloading fr om on e m ean s of convey ance and
reloading t o anot her m eans of convey ance ( whet her or not in different m odes of t r ansport ) during t he
carriage from t he place of dispat ch, t ak ing in charge or shipm ent t o t he place of final dest inat ion st at ed in
t he credit .

c.

i. A t ransport docum ent m ay indicat e t hat t he good s will or m ay be t r anshipped provided t hat t he ent ire
carriage is cov ered by one an d t he sam e t ran sport docum ent .

ii. A t ransport docum ent indicat ing t hat t ran shipm ent will or m ay t ak e place is accept able, ev en if t he credit
prohibit s t r an shipm ent .

UCP 6 0 0 - Art icle 2 0

Bill of Lading

a .A bill of lading, however nam ed, m ust appear t o:

i. indicat e t he nam e of t he carrier and be signed by :

- t he carrier or a nam ed agent for or on behalf of t he carrier, or

- t he m ast er or a nam ed agent f or or on behalf of t he m ast er.

Any signat ure by t he carrier, m ast er or agent m ust be ident if ied as t hat of t he carrier, m ast er or agent .

Any signat ure by an agent m ust indicat e whet h er t he agent has signed for or on behalf of t he carrier or for
or on behalf of t he m ast er.

ii. indicat e t hat t he goods hav e been shipped on board a nam ed v essel at t he port of loading st at ed in t he
credit by :

- pre- print ed wording, or

- an on board not at ion indicat ing t he dat e on w hich t he goods h ave been shipped on board.

The dat e of issuance of t he bill of lading will be deem ed to be t he dat e of shipm ent unless t he bill of lading
cont ains an on board not at ion indicat ing t he dat e of ship m ent , in which case t he dat e st at ed in t he on boar d
not at ion will be deem ed t o be t he dat e of shipm ent .

I f t he bill of lading cont ains t he indicat ion "int ended v essel" or sim ilar qualificat ion in relat ion t o t he nam e of
t he v essel, an on boar d n ot at ion indicat ing t he dat e of shipm ent and t he nam e of t he act u al v essel is
required.

iii. indicat e shipm ent from t he por t of loading t o t he port of discharge st at ed in t he credit .

I f t he bill of lading does not indicat e t he port of loading st at ed in t he credit as t he port of loading, or if it
cont ains t he indicat ion "int ended" or sim ilar qualificat ion in relat ion t o t he port of loading, an on board
not at ion indicat ing t he port of loading as st at ed in t he credit , t he dat e of shipm ent and t he nam e of t he
v essel is required. This provision applies ev en w hen loading on board or shipm ent on a nam ed v essel is
indicat ed by pre- print ed wording on t he bill of lading.

iv. be t he sole original bill of lading or, if issued in m or e t han one original, be t he f ull set as indicat ed on t he
bill of lading.

v. cont ain t erm s and con dit ions of carriage or m ak e reference t o an ot her sour ce cont aining t he t erm s and
condit ions of carriage ( short f orm or blank back bill of lading) . Cont ent s of t erm s and condit ion s of carriage
w ill not be ex am ined.

vi. cont ain no indicat ion t hat it is subj ect t o a chart er part y .

b. For t he purpose of t his art icle, t ranshipm ent m eans u nloading fr om on e v essel and reloading t o an ot her
v essel during t he carriage from t he port of loading t o t he port of discharge st at ed in t he credit .

c.

i. A bill of lading m ay indicat e t hat t he goods w ill or m ay be t ranshipped provided t hat t he ent ire carriage is
cov er ed by one and t he sam e bill of lading.

ii. A bill of lading indicat ing t hat t ranshipm ent w ill or m ay t ake place is accept able, ev en if t he cr edit
prohibit s t r an shipm ent , if t he goods have been shipped in a cont ainer, t railer or LASH barge as ev idenced by
t he bill of lading.

d. Clau ses in a bill of lading st at ing t hat t he carrier reserv es t he right t o t r anship will be disregar ded.

UCP 6 0 0 - Art icle 2 1

Non- Negot iable Sea Way bill

a . A non- negot iable sea way bill, however nam ed, m ust appear t o:

i. indicat e t he nam e of t he carrier and be signed by :

- t he carrier or a nam ed agent for or on behalf of t he carrier, or

- t he m ast er or a nam ed agent f or or on behalf of t he m ast er.

Any signat ure by t he carrier, m ast er or agent m ust be ident if ied as t hat of t he carrier, m ast er or agent .

Any signat ure by an agent m ust indicat e whet h er t he agent has signed for or on behalf of t he carrier or for
or on behalf of t he m ast er.

ii. indicat e t hat t he goods hav e been shipped on board a nam ed v essel at t he port of loading st at ed in t he
credit by :

- pre- print ed wording, or

- an on board not at ion indicat ing t he dat e on w hich t he goods h ave been shipped on board.

The dat e of issuance of t he non- negot iable sea w ay bill will be deem ed t o be t he dat e of shipm ent unless t he
non- negot iable sea way bill cont ains an on board not at i on indicat ing t he dat e of shipm ent , in which case t he
dat e st at ed in t he on board not at ion will be deem ed t o be t he dat e of shipm ent .

I f t he non- negot iable sea waybill cont ain s t he indicat ion "int ended vessel" or sim ilar qualif icat ion in relat ion
t o t he nam e of t he vessel, an on board not at ion indicat ing t he dat e of shipm ent and t he nam e of t he act ual
v essel is required.

iii. indicat e shipm ent from t he por t of loading t o t he port of discharge st at ed in t he credit .

I f t he non- negot iable sea waybill does not indicat e t he port of loading st at ed in t he credit as t he port of
loading, or if it cont ains t he indicat ion "int ended" or sim ilar qualificat ion in relat ion t o t he por t of loading, an
on board n ot at ion indicat ing t he port of loading as st at ed in t he credit , t he dat e of shipm ent and t he nam e
of t he v essel is r equired. This provision applies ev en when loading on board or shipm ent on a nam ed v essel
is indicat ed by pre- print ed w ording on t he non- negot iabl e sea w ay bill.

iv. be t he sole original non- negot iable sea w ay bill or, if issued in m ore t han on e original, be t he full set as
indicat ed on t he non- negot iable sea way bill.

v. cont ain t erm s and con dit ions of carriage or m ak e reference t o an ot her sour ce cont aining t he t er m s and
condit ions of carriage ( short f orm or blank back non- neg ot iable sea w ay bill) . Cont ent s of t erm s and
condit ions of carriage will not be ex am ined.

vi. cont ain no indicat ion t hat it is subj ect t o a chart er part y .

b. For t he purpose of t his art icle, t ranshipm ent m eans u nloading fr om on e vessel and reloading t o an ot her
v essel during t he carriage from t he port of loading t o t he port of discharge st at ed in t he credit .

c.

i. A non- negot iable sea waybill m ay indicat e t hat t he goods will or m ay be t ranshipped prov ided t hat t he
ent ire carriage is cov ered by one and t he sam e non- negot iable sea way bill.

ii. A non- negot iable sea way bill indicat ing t hat t ranshipm ent will or m ay t ak e place is accept able, ev en if t he
credit prohibit s t ranshipm ent , if t he goods hav e been shipped in a cont ainer, t railer or LASH barge as
ev idenced by t he non- negot iable sea way bill.

d. Clau ses in a non- negot iable sea waybill st at ing t hat t he carrier r eserv es t he r ight t o t ranship w ill be
disregarded.

UCP 6 0 0 - Art icle 2 2

Chart er Part y Bill of Lading

a . A bill of lading, howev er nam ed, cont aining an indicat ion t hat it is subj ect t o a chart er part y ( ch ar t er
part y bill of lading) , m ust appear t o:
i. be signed by:

- t he m ast er or a nam ed agent f or or on behalf of t he m ast er, or

- t he owner or a nam ed agent f or or on behalf of t he owner , or

- t he chart erer or a nam ed agent for or on behalf of t he chart erer.

Any signat ure by t he m ast er, owner, ch ar t er er or agent m ust be ident ified as t hat of t he m ast er, ow ner,
chart erer or agent .

Any signat ure by an agent m ust indicat e whet h er t he agent has signed for or on behalf of t he m ast er, owner
or chart er er .

An agent signing for or on behalf of t he owner or char t er er m ust indicat e t he nam e of t he owner or
chart erer .

ii. indicat e t hat t he goods hav e been shipped on board a nam ed v essel at t he port of loading st at ed in t he
credit by :

- pre- print ed wording, or

- an on board not at ion indicat ing t he dat e on w hich t he goods h ave been shipped on board.

The dat e of issuance of t he chart er part y bill of lading will be deem ed t o be t he dat e of shipm ent unless t he
chart er part y bill of lading cont ain s an on board not at ion indicat ing t he dat e of shipm ent , in w hich case t he
dat e st at ed in t he on board not at ion will be deem ed t o be t he dat e of shipm ent .

iii. indicat e shipm ent from t he por t of loading t o t he port of discharge st at ed in t he credit . The port of
dischar ge m ay also be shown as a range of port s or a geographical ar ea, as st at ed in t he credit .

iv. be t he sole original chart er part y bill of lading or, if issued in m ore t han one original, be t he full set as
indicat ed on t he ch art er part y bill of lading.

b. A bank will not ex am ine chart er part y cont ract s, even if t hey are required t o be present ed by t he t erm s of
t he credit .

UCP 6 0 0 - Art icle 2 3

Air Tran sport Docum ent

a . An air t r ansport docu m ent , howev er nam ed, m u st app ear t o:

i. indicat e t he nam e of t he carrier and be signed by :

- t he carrier, or

- a nam ed agent for or on behalf of t he carrier .

Any signat ure by t he carrier or agent m ust be ident if ied as t hat of t he carrier or agent .

Any signat ure by an agent m ust indicat e t hat t he agent has signed for or on beh alf of t he carrier.

ii.indicat e t hat t he good s hav e been accept ed for carriag e.

iii. indicat e t he dat e of issuance. This dat e will be deem ed t o be t he dat e of shipm ent unless t he air
t r ansp ort docum ent cont ains a specif ic not at ion of t he act ual dat e of shipm ent , in which case t he dat e st at ed
in t he not at ion will be deem ed t o be t he dat e of shipm ent .

Any ot her inform at ion appearing on t he air t ransport docum ent relat iv e t o t he flight num ber and dat e will
not be con sidered in det erm ining t he dat e of shipm ent .
iv. indicat e t he airport of depart ure and t he airport of dest inat ion st at ed in t he credit .

v. be t he original for consignor or shipper, ev en if t he credit st ipulat es a full set of originals.

vi. cont ain t erm s and condit ions of carriage or m ak e reference t o an ot her sour ce cont aining t he t erm s and
condit ions of carriage. Cont ent s of t erm s and condit ions of car riage w ill not be ex am ined.

b. For t he purpose of t his art icle, t ranshipm ent m eans u nloading fr om on e aircraft and reloading t o anot her
air cr af t during t he carriage from t he airpor t of depart ure t o t he airport of dest inat ion st at ed in t he credit .

c.

i. An air t ransport docum ent m ay indicat e t hat t he goods w ill or m ay be t ranshipped, prov ided t hat t he
ent ire carriage is cov ered by one and t he sam e air t ranspor t docu m ent .

ii. An air t ransport docum ent indicat ing t hat t r an shipm ent w ill or m ay t ake place is accept able, even if t he
credit prohibit s t ranshipm ent .

UCP 6 0 0 - Art icle 2 4

Road, Rail or I nland Wat erw ay Transp ort Docum ent s

a . A road, rail or inland wat er way t ransport docum ent , h ow ev er nam ed, m ust appear t o:

i. indicat e t he nam e of t he carrier and:

- be signed by t he carrier or a nam ed agent for or on behalf of t he carrier, or

- indicat e receipt of t he goods by signat ure, st am p or n ot at ion by t he carrier or a nam ed agent for or on
behalf of t he carrier.

Any signat ure, st am p or not at ion of receipt of t he goods by t he carr ier or agent m ust be ident ified as t hat of
t he carrier or agent .

Any signat ure, st am p or not at ion of receipt of t he goods by t he agent m ust indicat e t hat t he agent has
signed or act ed for or on behalf of t he car rier.

I f a rail t ransport docum ent does not ident ify t he carrier, any signat ure or st am p of t he railway com pany will
be accept ed as ev idence of t he docum ent being signed by t he carrier.

ii. indicat e t he dat e of shipm ent or t he dat e t he goods h ave been receiv ed for shipm ent , dispat ch or carriage
at t he place st at ed in t he credit . Unless t he t ransport docum ent cont ain s a dat ed recept ion st am p, an
indicat ion of t he dat e of receipt or a dat e of shipm ent , t he dat e of issuance of t he t ransport docu m ent w ill be
deem ed t o be t he dat e of shipm ent .

iii. indicat e t he place of shipm ent and t he place of dest inat ion st at ed in t he credit .

b.

i. A road t r ansport docu m ent m u st appear t o be t he original for consignor or shipper or bear n o m ark ing
indicat ing for whom t he docum ent has been prepared.

ii. A rail t ransport docum ent m ark ed "d uplicat e" will be accept ed as an original.

iii. A rail or inland wat erway t ransport docum ent w ill be accept ed as an original w het her m arked as an
original or not .

c. I n t he ab sence of an indicat ion on t he t ran sport docu m ent as t o t he num ber of originals issued, t he
num ber present ed will be deem ed t o const it ut e a full set .
d. For t he purpose of t his art icle, t ranshipm ent m eans u nloading fr om on e m ean s of convey ance and
reloading t o anot her m eans of convey ance, wit hin t he sam e m ode of t ransp ort , during t he carr iage f rom t he
place of shipm ent , dispat ch or carriage t o t he place of dest inat ion st at ed in t he credit .

e.

i. A road, r ail or inland w at erw ay t ransport docu m ent m ay indicat e t hat t he goods will or m ay be
t r anshipped prov ided t hat t he ent ire carr iage is covered by one and t he sam e t ran sport docu m ent .

ii. A road, rail or inland wat er way t ransp or t docu m ent in dicat ing t hat t ranshipm ent will or m ay t ak e place is
accept able, ev en if t he credit prohibit s t ranshipm ent .

UCP 6 0 0 - Art icle 2 5

Courier Receipt , Post Receipt or Cert ificat e of Post ing

a . A cour ier receipt , however nam ed, ev idencing receipt of goods for t ransp ort , m ust appear t o:

i. indicat e t he nam e of t he cour ier service and be st am p ed or signed by t he nam ed courier serv ice at t he
place from which t he credit st at es t he goods are t o be sh ipped; and

ii. indicat e a dat e of pick - up or of receipt or wording t o this effect . This dat e will be deem ed t o be t he dat e
of shipm ent .

b. A requirem ent t hat courier ch arges are t o be paid or prepaid m ay be sat isfied by a t ransport docum ent
issued by a courier serv ice ev idencing t hat courier char g es are f or t he account of a part y ot her t han t he
con signee.

c. A post receipt or cert if icat e of post ing, howev er nam ed, evidencing receipt of goods for t r ansport , m ust
appear t o be st am ped or signed and dat ed at t he place from which t he credit st at es t he goods are t o be
shipped. This dat e will be deem ed t o be t he dat e of shipm ent .

UCP 6 0 0 - Art icle 2 6

On Deck", "Shipper's Load and Cou nt ", "Said by Shipper t o Cont ain" and Charges Addit ional t o Freight

a . A t ransport docu m ent m u st not indicat e t hat t he goods are or w ill be loaded on deck . A clause on a
t r ansp ort docum ent st at ing t hat t he good s m ay be loaded on deck is accept able.

b. A t ransport docum ent bearing a clau se su ch as "shipp er' s load and count " and "said by shipper t o
cont ain" is accept able.

c. A t r ansport docu m ent m ay bear a ref erence, by st am p or ot herwise, t o charges addit ional t o t he f reight .

UCP 6 0 0 - Art icle 2 7

Clean Tran sport Docum ent

A bank will only accept a clean t ransp ort docum ent . A clean t ransp or t docum ent is one bearing no clause or
not at ion ex pressly declar ing a defect iv e condit ion of t he goods or t heir pack aging. The word "clean" need
not appear on a t ranspor t docu m ent , even if a credit has a requirem ent for t hat t ransport docum ent t o be
"clean on board".

UCP 6 0 0 - Art icle 2 8

I n sur ance Docum ent and Cov erage

a . An insurance docu m ent , such as an insurance policy, an insurance cert ificat e or a declarat ion under an
open cov er , m ust appear t o be issued and signed by an insur an ce com pany, an underw rit er or t heir agent s
or t heir prox ies.
Any signat ure by an agent or prox y m ust indicat e w het h er t he agent or prox y has signed for or on behalf of
t he insurance com pany or underwrit er.

b. When t he insur ance docum ent indicat es t hat it has been issued in m ore t han one original, all originals
m ust be present ed.

c. Cov er not es will not be accept ed.

d. An insur ance policy is accept able in lieu of an insuran ce cert ificat e or a declarat ion under an open cover.

e . The dat e of t he insurance docum ent m ust be no lat er t han t he dat e of shipm ent , unless it appears f rom
t he insurance docu m ent t hat t he cov er is eff ect iv e from a dat e not lat er t han t he dat e of shipm ent .

f.

i.The insurance docum ent m ust indicat e t he am ount of insur an ce cov erage and be in t he sam e currency as
t he credit .

ii. A requirem ent in t he credit for insurance coverage t o be for a percent age of t he v alue of t he goods, of t he
inv oice v alue or sim ilar is deem ed t o be t he m inim um am ou nt of cov erage requir ed.

I f t her e is no indicat ion in t he credit of t he insurance cov erage required, t he am ount of insurance cov erage
m ust be at least 110% of t he CI F or CI P v alue of t he goods.

When t he CI F or CI P value cannot be det erm ined from t h e docum ent s, t he am ou nt of insuran ce coverage
m ust be calculat ed on t he basis of t he am ount for which honour or negot iat ion is request ed or t he gross
v alue of t he goods as shown on t he invoice, whichev er is great er.

iii. The insur an ce docum ent m ust indicat e t hat r isk s ar e cov ered at least bet ween t he place of t ak ing in
charge or shipm ent and t he place of discharge or final dest inat ion as st at ed in t he credit .

g. A credit should st at e t he t ype of insurance required and, if any , t he addit ional risk s t o be cov ered. An
insurance docum ent will be accept ed wit hout regard t o any risks t hat are not covered if t he cr edit uses
im precise t erm s such as "usual risks" or " cust om ary risk s".

h . When a credit requires insurance against "all risk s" and an insur an ce docum ent is present ed cont aining
any "all r isk s" not at ion or clause, whet her or not bearing t he heading "all risks", t he insuran ce docum ent will
be accept ed wit hout regard t o any risk s st at ed t o be ex cluded.

i. An insuran ce docum ent m ay cont ain reference t o any exclusion clause.

j . An insurance docum ent m ay indicat e t hat t he cov er is subj ect t o a franchise or ex cess ( dedu ct ible) .

UCP 6 0 0 - Art icle 2 9

a . I f t he expiry dat e of a credit or t he last day for present at ion f alls on a day when t he bank t o which
present at i on is t o be m ade is closed for reasons ot her t han t hose referred t o in art icle 36, t he ex piry dat e or
t he last day for present at ion, as t he case m ay be, will be ex t ended t o t he fir st follow ing banking day .

b. I f present at ion is m ade on t he first following bank ing day , a nom inat ed bank m ust prov ide t he issuing
bank or confirm ing bank w it h a st at em ent on it s covering schedule t hat t he pr esent at ion was m ade wit hin
t he t im e lim it s ex t ended in accordance wit h sub- art icle 29 ( a) .

c. The lat est dat e for shipm ent w ill not be ex t ended as a result of sub- art icle 29 ( a) .

UCP 6 0 0 - Art icle 3 0

Toler ance in Credit Am ount , Quant it y and Unit Prices

a . The words "about " or "appr ox im at ely " used in connect ion wit h t he am ou nt of t he credit or t he quant it y or
t he unit price st at ed in t he credit are t o be const rued as allowing a t olerance not t o ex ceed 10% m ore or
10% less t han t he am ount , t he quant it y or t he unit price t o which t hey r efer.
b. A t olerance not t o ex ceed 5% m or e or 5% less t han t he quant it y of t he goods is allowed, provided t he
credit does not st at e t he qu ant it y in t erm s of a st ipulat ed num ber of packing unit s or individual it em s and
t he t ot al am ou nt of t he drawings does not ex ceed t he am ou nt of t he credit .

c. Ev en when part ial shipm ent s are not allowed, a t olerance not t o ex ceed 5% less t han t he am ount of t he
credit is allow ed, prov ided t hat t he quant it y of t he goods, if st at ed in t he credit , is shipped in full and a unit
price, if st at ed in t he credit , is not reduced or t hat sub - art icle 30 ( b) is not applicable. This t oler an ce does
not apply when t he credit st ipulat es a specific t olerance or uses t he ex pr essions referred t o in sub- art icle 30
( a) .

UCP 6 0 0 - Art icle 3 1

Part ial Drawings or Shipm ent s

a . Part ial draw ings or shipm ent s are allowed.

b. A present at ion consist ing of m ore t han one set of t ransport docum ent s ev iden cing shipm ent com m en cing
on t he sam e m eans of conv ey an ce and for t he sam e j our ney, prov ided t hey indicat e t he sam e dest inat ion,
w ill not be r egarded as covering a part ial shipm ent , ev en if t hey indicat e different dat es of shipm ent or
dif ferent port s of loading, places of t ak ing in charge or dispat ch. I f t he present at ion consist s of m ore t h an
one set of t ransp ort docum ent s, t he lat est dat e of shipm ent as ev idenced on any of t he set s of t ransport
docum ent s will be regarded as t he dat e of shipm ent .

A present at ion consist ing of one or m ore set s of t ranspor t docum ent s ev idencing shipm ent on m or e t han
one m eans of conv ey ance wit hin t he sam e m ode of t ranspor t will be regarded as covering a par t ial
shipm ent , even if t he m eans of conv ey ance leav e on t he sam e day for t he sam e dest in at ion.

c. A present at ion consist ing of m ore t han one courier r eceipt , post receipt or cert ificat e of post ing will not be
regarded as a part ial shipm ent if t he courier receipt s, post receipt s or cert ificat es of post ing appear t o have
been st am ped or signed by t he sam e courier or post al serv ice at t he sam e place and dat e and for t he sam e
dest inat ion.

UCP 6 0 0 - Art icle 3 2

I n st alm ent Drawings or Ship m ent s

I f a draw ing or shipm ent by inst alm ent s wit hin given periods is st ipulat ed in t he credit and any inst alm ent is
not drawn or shipped wit hin t he period allow ed for t hat inst alm ent , t he credit ceases t o be av ailable f or t hat
and any subsequent inst alm ent .

UCP 6 0 0 - Art icle 3 3

Hours of Present at ion

A bank has no obligat ion t o accept a present at ion out sid e of it s bank ing hours.

UCP 6 0 0 - Art icle 3 4

Disclaim er on Effect iv eness of Docum ent s

A bank assum es n o liabilit y or r esponsibilit y for t he form , sufficiency , accuracy , genuineness, falsif icat ion or
legal eff ect of any docum ent , or f or t he general or part icular condit ions st ipulat ed in a docum ent or
superim posed t her eon; nor does it assum e any liabilit y or responsibilit y for t he descript ion, quant it y , w eight ,
qualit y , condit ion, packing, deliv ery , value or ex ist ence of t he goods, serv ices or ot her perf or m an ce
represent ed by any docum ent , or for t he good fait h or act s or om issi on s, solv ency, perform an ce or st andin g
of t he consignor, t he carrier, t he forwarder, t he con signee or t he insurer of t he goods or any ot her person.

UCP 6 0 0 - Art icle 3 5

Disclaim er on Transm ission and Tr anslat ion

A bank assum es n o liabilit y or r esponsibilit y for t he consequences arising out of delay, loss in t ransit ,
m ut ilat ion or ot her errors arising in t he t ransm ission of any m essages or deliv er y of let t ers or docum ent s,
w hen such m essages, let t ers or docu m ent s are t ransm it t ed or sent according t o t he requirem ent s st at ed in
t he credit , or when t he bank m ay hav e t aken t he init iat iv e in t he choice of t he deliv ery serv ice in t he
absen ce of such inst r uct ions in t he credit .

I f a nom inat ed bank det erm ines t hat a present at ion is com ply ing and forwards t he docum ent s t o t he issuing
bank or confirm ing bank , whet her or not t he nom inat ed bank has h onoured or neg ot iat ed, an issuing bank
or confirm ing bank m ust h onour or negot iat e, or reim bur se t hat nom inat ed bank , ev en w hen t he docum ent s
have been lost in t ransit bet ween t he nom inat ed bank an d t he issuing bank or confirm ing bank, or bet ween
t he conf irm ing bank and t he issuing bank .

A bank assum es n o liabilit y or r esponsibilit y for errors in t ranslat ion or int erpret at ion of t echnical t erm s and
m ay t ransm it credit t erm s wit hout t ranslat ing t hem .

UCP 6 0 0 - Art icle 3 6

Force Maj eure

A bank assum es n o liabilit y or r esponsibilit y for t he consequences arising out of t he int errupt ion of it s
business by Act s of God, riot s, civ il com m ot ions, insurrect ions, w ars, act s of t errorism , or by any st rik es or
lock out s or any ot her cau ses bey ond it s cont r ol.

A bank will not , upon resum pt ion of it s business, honour or negot iat e under a credit t hat ex pired during such
int errupt ion of it s business.

UCP 6 0 0 - Art icle 3 7

Disclaim er f or Act s of an I nst ru ct ed Part y

a . A bank ut ilizing t he services of anot her bank for t he purpose of giv ing effect t o t he inst ruct ions of t he
applicant does so for t he account and at t he risk of t he applicant .

b. An issuing bank or adv isi ng bank assum es no liabilit y or responsibilit y should t he inst ru ct ions it t ransm it s
t o anot her bank not be carried out , even if it has t ak en t he init iat ive in t he choice of t hat ot her bank .

c. A bank inst ruct ing anot her bank t o perform serv ices is liable for any com m issions, fees, cost s or ex pen ses
( "charges" ) incurred by t hat bank in con nect ion wit h it s inst ru ct ion s.

I f a credit st at es t hat charges are for t he account of t he beneficiary and charges can not be collect ed or
deduct ed from proceeds, t he issuing bank rem ains liable for paym ent of charges.

A credit or am endm ent should not st ipulat e t hat t he adv ising t o a beneficiary is condit ional upon t he receipt
by t he adv ising bank or second advising bank of it s charges.

d. The applicant shall be bound by and liable t o indem nify a bank against all obligat ions and responsibilit ies
im posed by foreign laws and usages.

UCP 6 0 0 - Art icle 3 8

Transf erable Credit s

a . A bank is under no obligat ion t o t ran sfer a credit ex cept t o t he ex t ent and in t he m anner ex pressly
con sent ed t o by t hat bank.

b. For t he purpose of t his art icle:

Transf erable credit m ean s a credit t hat specif ically st at es it is "t ransf erable". A t ransferable credit m ay be
m ade av ailable in whole or in part t o anot her beneficiary ( "second beneficiary ") at t he request of t he
beneficiary ( "first beneficiar y") .
Transf err ing bank m eans a nom inat ed bank t h at t ransfer s t he credit or, in a credit av ailable wit h any bank ,
a bank t hat is specif ically aut horized by t he issuing bank t o t ransfer and t hat t ran sfers t he credit . An issuing
bank m ay be a t ransferring bank .

Transf err ed credit m eans a credit t hat has been m ad e av ailable by t he t ransfer ring bank t o a second
beneficiary .

c. Unless ot herwise agreed at t he t im e of t ransfer, all char ges ( su ch as com m issions, fees, cost s or
ex penses) incurr ed in r espect of a t ransfer m ust be paid by t he first beneficiary .

d. A credit m ay be t ransferred in part t o m ore t han one second beneficiary prov ided part ial dr aw ings or
shipm ent s are allowed.

A t ransferred credit can not be t ransferred at t he request of a second beneficiar y t o any subsequent
beneficiary . The f irst benef iciary is not consider ed t o be a subseq uent beneficiary.

e . Any request for t ransfer m u st indicat e if and under what condit ions am en dm ent s m ay be advised t o t he
second beneficiary. The t r ansferred credit m ust clearly indicat e t hose condit ions.

f. I f a credit is t ransferred t o m or e t han one second beneficiary, rej ect ion of an am endm ent by one or m ore
second beneficiary does n ot inv alidat e t he accept ance by any ot her second beneficiary , wit h respect t o
w hich t he t r an sferred credit will be am ended accordingly . For any second beneficiary t hat rej ect ed t he
am end m ent , t he t ransf err ed credit w ill rem ain unam end ed.

g. The t ransferred credit m ust accurat ely r eflect t he t erm s and condit ions of t he credit , including
confirm at i on, if any, wit h t he ex cept ion of:

- t he am ount of t he cr edit ,

- any unit price st at ed t herein,

- t he ex piry dat e,

- t he period for present at ion, or

- t he lat est shipm ent dat e or giv en period for shipm ent ,

any or all of which m ay be reduced or curt ailed.

The percent age for w hich insurance cov er m ust be eff ect ed m ay be increased t o prov ide t he am ount of
cov er st ipulat ed in t he credit or t hese art icles.

The nam e of t he first beneficiar y m ay be subst it ut ed f or t hat of t he applicant in t he credit .

I f t he nam e of t he applicant is specifically requir ed by t he credit t o appear in any docum ent ot her t han t he
inv oice, such requirem ent m ust be reflect ed in t he t ransferred credit .

h . The first benef iciary has t he right t o subst it ut e it s own inv oice and draft , if any , for t hose of a second
beneficiary for an am ount n ot in excess of t hat st ipulat ed in t he credit , and upon such subst it ut ion t he fir st
beneficiary can draw under t he credit for t he difference, if any , bet ween it s inv oice and t he inv oice of a
second beneficiary.

i. I f t he first benef iciary is t o pr esent it s ow n invoice and dr aft , if any , but f ails t o do so on first dem and, or
if t he inv oices pr esent ed by t he fir st beneficiary creat e discrepancies t hat did not ex ist in t he present at ion
m ade by t he second beneficiar y and t he first benef iciary fails t o correct t hem on first dem and, t he
t r ansferring bank has t he right t o pr esent t he docum ent s as receiv ed f rom t he second beneficiary t o t he
issuing bank , w it hout furt her responsibilit y t o t he first beneficiary .

j . The first beneficiary m ay, in it s request for t r ansfer, indicat e t hat honour or negot iat ion is t o be ef fect ed
t o a second beneficiary at t he place t o which t he cr edit has been t r ansferred, up t o and including t he ex piry
dat e of t he credit . This is wit hout prej udice t o t he r ight of t he first beneficiary in accordance wit h sub- art icle
38 ( h) .
k . Present at ion of docum ent s by or on behalf of a second beneficiary m ust be m ade t o t he t ransferring
bank .

UCP 6 0 0 - Art icle 3 9

Assignm ent of Proceeds

The fact t hat a credit is not st at ed t o be t ransf erable shall not aff ect t he r ight of t he beneficiary t o assign
any proceeds t o w hich it m ay be or m ay becom e ent it led under t he credit , in accordance wit h t he provisions
of applicable law. This art icle relat es only t o t he assignm ent of proceeds and not t o t he assignm ent of t he
right t o perform under t he credit .