Académique Documents
Professionnel Documents
Culture Documents
…....for Professionals
A PRESENTATION BY
Md. Mohiuddin,
Mohiuddin, CDCS, CITF
1
CDCS MENTOR,
MENTOR Md. Mohiuddin; Cell: 01716308384; e-mail: cdcs.mentor.bd@gmail.com
CDCS MENTOR
…....for Professionals
2
CDCS MENTOR,
MENTOR Md. Mohiuddin; Cell: 01716308384; e-mail: cdcs.mentor.bd@gmail.com
CDCS MENTOR
…....for Professionals
UCP 600 - Article 1
Application of UCP
3
CDCS MENTOR,
MENTOR Md. Mohiuddin; Cell: 01716308384; e-mail: cdcs.mentor.bd@gmail.com
CDCS MENTOR
…....for Professionals
UCP 600 - Article 1
Application of UCP
4
CDCS MENTOR,
MENTOR Md. Mohiuddin; Cell: 01716308384; e-mail: cdcs.mentor.bd@gmail.com
CDCS MENTOR
…....for Professionals
UCP 600 - Article 1
Application of UCP
5
CDCS MENTOR,
MENTOR Md. Mohiuddin; Cell: 01716308384; e-mail: cdcs.mentor.bd@gmail.com
CDCS MENTOR
…....for Professionals
UCP 600 - Article 1
Application of UCP
6
CDCS MENTOR,
MENTOR Md. Mohiuddin; Cell: 01716308384; e-mail: cdcs.mentor.bd@gmail.com
CDCS MENTOR
…....for Professionals
MT700
Application
of UCP by
express
indication
7
CDCS MENTOR,
MENTOR Md. Mohiuddin; Cell: 01716308384; e-mail: cdcs.mentor.bd@gmail.com
CDCS MENTOR
…....for Professionals
UCP 600 - Article 1
Application of UCP
UCP as applicable rules binds all parties engaged with the credit
viz. issuing bank, beneficiary, negotiating bank, advising bank to
the extent of their respective responsibilities.
8
CDCS MENTOR,
MENTOR Md. Mohiuddin; Cell: 01716308384; e-mail: cdcs.mentor.bd@gmail.com
CDCS MENTOR
…....for Professionals
UCP 600 - Article 1
Application of UCP
9
CDCS MENTOR,
MENTOR Md. Mohiuddin; Cell: 01716308384; e-mail: cdcs.mentor.bd@gmail.com
CDCS MENTOR
…....for Professionals
Application
of UCP by MT700
express
indication
10
CDCS MENTOR,
MENTOR Md. Mohiuddin; Cell: 01716308384; e-mail: cdcs.mentor.bd@gmail.com
CDCS MENTOR
F27: Sequence of Total: 1/1 …....for Professionals
F40A: Form of Documentary Credit: IRREVOCABLE
F20: Documentary Credit Number: 140814010201
F31C: Date of Issue: 140401 2014 Apr 01
F40E: Applicable Rules: UCP LATEST VERSION MT700
F31D: Date and Place of Expiry: 2014 Jun 28 U.A.E
F50: Applicant: M/S. EURO FRUITS AGENCY
F59: Beneficiary: AL BILAL FOODSTUFFS L.L.C.
F32B: Currency Code, Amount: USD31800,00
Modification F41D: Available with, By: Any Bank in UAE by negotiation
by express F42C: Drafts at: SIGHT
indication F42A: Drawee: DHBLBDDH104
F44E: Port of Loading: ANY PORT OF U.A.E.
F44F: Port of Discharge: CHITTAGONG
Exclusion
F45A: Description of Goods: 53 MT FRESH DATES by
F46A:Documents Required express
+ Beneficiary’s signed commercial Invoice
+FULL SET OF BILL OF LADING indication
+CERTIFICATE OF ORIGIN
F47A: Additional Conditions
+UCP600 ARTICLE 32 EXCLUDED.
11
CDCS MENTOR,
MENTOR Md. Mohiuddin; Cell: 01716308384; e-mail: cdcs.mentor.bd@gmail.com
CDCS MENTOR
ICC Banking Commission Opinion …....for Professionals
R716 [TA 704rev]
Query:
Query: An LC, subject to UCP600, contains the following condition:
12
CDCS MENTOR,
MENTOR Md. Mohiuddin; Cell: 01716308384; e-mail: cdcs.mentor.bd@gmail.com
CDCS MENTOR
ICC Banking Commission Opinion …....for Professionals
R716 [TA 704rev]
Opinion:
Opinion: Modification to the UCP 600 rules do not necessarily require a
bank to specifically state the article that has been modified or the manner
in which it has been modified.
For example, the insertion of ’15’ in the field 48
(presentation period) of an MT 700 would modify the rule
stated in sub-article 14(c) that presentation must be made
by or on behalf of the beneficiary not later than 21
calendar days after the date of shipment. There is no
explanation of the modification but the insertion of ’15
days’ clearly create a modified rule in respect of the
presentation period.
13
CDCS MENTOR,
MENTOR Md. Mohiuddin; Cell: 01716308384; e-mail: cdcs.mentor.bd@gmail.com
CDCS MENTOR
ICC Banking Commission Opinion …....for Professionals
R716 [TA 704rev]
Opinion:
Opinion: It should be noted that when a rule is to be excluded, for
whatever reason, there must be an express indication of this by
saying, for example: “sub-article 14(i) is excluded”. In most cases
when an exclusion occurs, the credit will need to contain a new rule
replacing the language or article excluded. In respect of exclusion of
sub-article 14(i), this would necessitate the credit stating the new
conditions relating to the dating of documents.
14
CDCS MENTOR,
MENTOR Md. Mohiuddin; Cell: 01716308384; e-mail: cdcs.mentor.bd@gmail.com
CDCS MENTOR
…....for Professionals
Are
Are domestic letters of credit covered under the UCP rules or not?
15
CDCS MENTOR,
MENTOR Md. Mohiuddin; Cell: 01716308384; e-mail: cdcs.mentor.bd@gmail.com
CDCS MENTOR
…....for Professionals
As
As an issuing bank, when we stipulate some clauses different from the
concepts in UCP, should we state at the same time that “XX article of UCP
600 is excluded”? Or, is the UCP 600 article excluded automatically?
16
CDCS MENTOR,
MENTOR Md. Mohiuddin; Cell: 01716308384; e-mail: cdcs.mentor.bd@gmail.com
CDCS MENTOR
…....for Professionals
Does
Does UCP 600 apply only to documentary credits or to other forms of
payment like cash against documents, those with different payment terms,
terms, etc.
17
CDCS MENTOR,
MENTOR Md. Mohiuddin; Cell: 01716308384; e-mail: cdcs.mentor.bd@gmail.com
CDCS MENTOR
…....for Professionals
18
CDCS MENTOR,
MENTOR Md. Mohiuddin; Cell: 01716308384; e-mail: cdcs.mentor.bd@gmail.com
CDCS MENTOR
…....for Professionals
19
CDCS MENTOR,
MENTOR Md. Mohiuddin; Cell: 01716308384; e-mail: cdcs.mentor.bd@gmail.com