Interpretations Used in UCPDC – 600
¨A credit is irrevocable : ¨Even if there is no indication to that effect.
¨On or about : ¨ An event is to occur during a period of 5 calendar days before until 5 calendar days after the specified date, both start and end dates included.
¨To, until, from and between : ¨To determine a period of shipment include the date mentioned and the words “before and after” exclude the date mentioned.
¨From and after : ¨To determine maturity date exclude the date mentioned.
¨First half and second half : ¨Related to Ist to 15th and 16th to the last day of the month, all dates inclusive.
Interpretations Used in UCPDC – 600(contd.)
¨Beginning, middle and end : ¨ Relates to 1st to 10th, 11th to 20th and 21st to last day of month, both date inclusive.
¨Date of issuance of transport document : ¨If the transport document indicates, date of dispatch taking in charge, shipped on board, this date will be deemed to the date of shipment.
¨Trans shipment : ¨Unloading from one means of conveyance and reloading to another means of conveyance during the carriage.
¨Clean transport document : ¨Bearing no clause of notation expressly declaring a defective condition of goods or packaging.
¨Insurance : ¨If there is no indication, amount of insurance coverage must be atleast 110% of CIF/CIP value of goods ¨
¨Commercial invoice : ¨Description of goods must correspond with the credit. In other documents, the goods may be described in general terms.
¨ ¨Time for scrutiny of documents : ¨The issuing bank, the confirming bank, if any, or a nominated bank shall each have 5 banking days following the day of receipt of the documents, to examine the documents and determine whether to take up or refuse the documents and to inform the party from which it received the documents accordingly.
Articles under UCPDC-600¨
¨Article 1 : UCPDC – 600
¨Article 2 : Definitions.
¨Article 3 : Various Interpretations :
¨Article 4 : Credit vs contracts
¨Article 5 : Documents vs goods
¨Article 6 : Availability, expiry date and place of presentation
Article 7 : Issuing Bank undertaking
¨Article 8 : Confirming Bank undertaking
¨Article 9 : Advising of credits and amendments
¨Article 10 : Amendments ¨ ¨
¨Article 21 : Non-negotiable sea waybill
¨Article 22 : Charter party bill of lading
¨Article 23 : Air transport documents
¨Article 24 : Road, rail or inland waterway transport document
¨Article 25 : Courier receipt, post receipt or certificate of posting
¨Article 26 : “on deck” Shipper’s load and count
¨Article 27 : Clean transport document
¨Article 28 : Insurance document and coverage
¨Article 29 : Extension of expiry date or last date for presentation ¨ ¨
¨Article 30 : Tolerance in credit amount, quantity and unit prices
¨Article 31 : Partial drawings or shipments
¨Article 32 : Instalment drawings or shipments
¨Article 33 : Presentation time
¨Article 34 : Disclaimer on effectiveness of documents
¨Article 35 : Disclaimer on transmission and translation
¨Article 36 : Force majeure
¨Article 37 : Disclaimer for acts of an instructed party
¨Article 38 : Transferable credits
¨Article 39 : Assignment of proceeds ¨ ¨ ¨