| T.O.Lee (See
Bio)
comments:
 In providing consultancy to
an annual retainer client, I have found a credit received after 1 July 20907
has sub-article 12 (b) excluded to pass the buck back to the nominated bank
in discounting DPU without authorization from the issuing bank.
Many special clauses in UCP 500 that are now
included in the provisions of UCP 600 still find their way to a credit
subject to UCP 600. They are no more necessary but they are still there.
I recommend my client to remove them to make the credit not so wordy.
Examples are:
(1) After sending notice of refusal, the issuing
bank has the right to release the documents to the applicant against a
waiver (if also accepted by the issuing bank) before receipt of instructions
to the otherwise from the presenter.
(2) Forwarder's bills of lading acceptable. This is
probably due to the fact that the beneficiary is worried that the provisions
of article 30 of UCP 500 now disappear in UCP 600. The beneficiary is not
properly trained. Otherwise he should have known that the scope of tolerance
in UCP 600 sub-article 14 (l) is even wider.
I also find a credit subject to UCP 600 allowing
e-presentation subject to eUCP version 1.1 as an option. This is a good sign
to move on e-credit.
|
