Icc-跟单信用证统一惯例UCP600英文版之一

Icc跟单信用证统一惯例UCP600英文版之一

FOREWORDThisrevisionoftheUniformCustomsandPracticeforDocumentaryCredits(commonlycalled“UCP”)isthesixthrevisionoftherulessincetheywerefirstpromulgatedin1933.ItisthefruitofmorethanthreeyearsofworkbytheInternationalChamberofCommerce’s(ICC)CommissiononBankingTechniqueandPractice.

ICC,whichwasestablishedin1919,hadasitsprimaryobjectivefacilitatingtheflowofinternationaltradeatatimewhennationalismandprotectionismposedseriousthreatstotheworldtradingsystem.ItwasinthatspiritthattheUCPwerefirstintroduced–toalleviatetheconfusioncausedbyindividualcountries’promotingtheirownnationalrulesonletterofcreditpractice.Theobjective,sinceattained,wastocreateasetofcontractualrulesthatwouldestablishuniformityinthatpractice,sothatpractitionerswouldnothavetocopewithaplethoraofoftenconflictingnationalregulations.TheuniversalacceptanceoftheUCPbypractitionersincountrieswithwidelydivergenteconomicandjudicialsystemsisatestamenttotherules’success.

ItisimportanttorecallthattheUCPrepresenttheworkofaprivateinternationalorganization,notagovernmentalbody.Sinceitsinception,ICChasinsistedonthecentralroleofself-regulationinbusinesspractice.Theserules,formulatedentirelybyexpertsintheprivatesector,havevalidatedthatapproach.TheUCPremainthemostsuccessfulsetofprivaterulesfortradeeverdeveloped.

Arangeofindividualsandgroupscontributedtothecurrentrevision,whichisentitledUCP600.TheseincludetheUCPDraftingGroup,whichsiftedthroughmorethan5000individualcommentsbeforearrivingatthisconsensustext;theUCPConsultingGroup,consistingofmembersfrommorethan25countries,whichservedastheadvisorybodyreactingtoandproposingchangestothevariousdrafts;themorethan400membersoftheICCCommissiononBankingTechniqueandPracticewhomadepertinentsuggestionsforchangesinthetext;andICCnationalcommitteesworldwidewhichtookanactiveroleinconsolidatingcommentsfromtheirmembers.ICCalsoexpressesitsgratitudetopractitionersinthetransportandinsuranceindustries,whoseperceptivesuggestionshonedthefinaldraft.

GuySebban

SecretaryGeneral

InternationalChamberofCommerce

INTRODUCTION

InMay2003,theInternationalChamberofCommerceauthorizedtheICCCommissiononBankingTechniqueandPractice(BankingCommission)tobeginarevisionoftheUniformCustomsandPracticeforDocumentaryCredits,ICCPublication500.

Aswithotherrevisions,thegeneralobjectivewastoaddressdevelopmentsinthebanking,transportandinsuranceindustries.Additionally,therewasaneedtolookatthelanguageandstyleusedintheUCPtoremovewordingthatcouldleadtoinconsistentapplicationandinterpretation.

Whenworkontherevisionstarted,anumberofglobalsurveysindicatedthat,becauseofdiscrepancies,approximately70%ofdocumentspresentedunderlettersofcreditwerebeingrejectedonfirstpresentation.Thisobviouslyhad,andcontinuestohave,anegativeeffectontheletterofcreditbeingseenasameansofpaymentand,ifunchecked,couldhaveseriousimplicationsformaintainingorincreasingitsmarketshareasarecognizedmeansofsettlementininternationaltrade.Theintroductionbybanksofadiscrepancyfeehashighlightedtheimportanceofthisissue,especiallywhentheunderlyingdiscrepancieshavebeenfoundtobedubiousorunsound.WhilstthenumberofcasesinvolvinglitigationhasnotgrownduringthelifetimeofUCP500,theintroductionoftheICC’sDocumentaryCreditDisputeResolutionExpertiseRules(DOCDEX)inOctober1997(subsequentlyrevisedinMarch2002)hasresultedinmorethan60casesbeingdecided.

Toaddresstheseandotherconcerns,theBankingCommissionestablishedaDraftingGrouptoreviseUCP500.Itwasalsodecidedtocreateasecondgroup,knownastheConsultingGroup,toreviewandadviseonearlydraftssubmittedbytheDraftingGroup.TheConsultingGroup,madeupofover40individualsfrom26countries,consistedofbankingandtransportindustryexperts.Ablyco-chairedbyJohnTurnbull,DeputyGeneralManager,SumitomoMitsuiBankingCorporationEuropeLtd,LondonandCarloDiNinni,Adviser,ItalianBankersAssociation,Rome,theConsultingGroupprovidedvaluableinputtotheDraftingGrouppriortoreleaseofdrafttextstoICCnationalcommittees.

TheDraftingGroupbeganthereviewprocessbyanalyzingthecontentoftheofficialOpinionsissuedbytheBankingCommissionunderUCP500.Some500Opinionswerereviewedtoassesswhethertheissuesinvolvedwarrantedachangein,anadditiontooradeletionofanyUCParticle.Inaddition,considerationwasgiventothecontentofthefourPositionPapersissuedbytheCommissioninSeptember1994,thetwoDecisionsissuedbytheCommission(concerningtheintroductionoftheeuroandthedeterminationofwhatconstitutedanoriginaldocumentunderUCP500sub-article20(b)andthedecisionsissuedinDOCDEXcases.

Duringtherevisionprocess,noticewastakenoftheconsiderableworkthathadbeencompletedincreatingtheInternationalStandardBankingPracticefortheExaminationofDocumentsunderDocumentaryCredits(ISBP),ICCPublication645.ThispublicationhasevolvedintoanecessarycompaniontotheUCPfordeterminingcomplianceofdocumentswiththetermsoflettersofcredit.ItistheexpectationoftheDraftingGroupandtheBankingCommissionthattheapplicationoftheprinciplescontainedintheISBP,includingsubsequentrevisionsthereof,willcontinueduringthetimeUCP600isinforce.AtthetimeUCP600isimplemented,therewillbeanupdatedversionoftheISBPtobringitscontentsinlinewiththesubstanceandstyleofthenewrules.

ThefourPositionPapersissuedinSeptember1994wereissuedsubjecttotheirapplicationunderUCP500;therefore,theywillnotbeapplicableunderUCP600.TheessenceoftheDecisioncoveringthedeterminationofanoriginaldocumenthasbeenincorporatedintothetextofUCP600.TheoutcomeoftheDOCDEXcaseswereinvariablybasedonexistingICCBankingCommissionOpinionsandthereforecontainednospecificissuesthatrequiredaddressingintheserules.

OneofthestructuralchangestotheUCPistheintroductionofarticlescoveringdefinitions(article2)andinterpretations(article3).Inprovidingdefinitionsofrolesplayedbybanksandthemeaningofspecifictermsandevents,UCP600avoidsthenecessityofrepetitivetexttoexplaintheirinterpretationandapplication.Similarly,thearticlecoveringinterpretationsaimstotaketheambiguityoutofvagueorunclearlanguagethatappearsinlettersofcreditandtoprovideadefinitiveelucidationofothercharacteristicsoftheUCPorthecredit.

Duringthecourseofthelastthreeyears,ICCnationalcommitteeswerecanvassedonarangeofissuestodeterminetheirpreferencesonalternativetextssubmittedbytheDraftingGroup.TheresultsofthisexerciseandtheconsiderableinputfromnationalcommitteesonindividualitemsinthetextisreflectedinthecontentofUCP600.TheDraftingGroupconsidered,notonlythecurrentpracticerelativetothedocumentarycredit,butalsotriedtoenvisagethefutureevolutionofthatpractice.

ThisrevisionoftheUCPrepresentstheculminationofoverthreeyearsofextensiveanalysis,review,debateandcompromiseamongstthevariousmembersoftheDraftingGroup,themembersoftheBankingCommissionandtherespectiveICCnationalcommittees.ValuablecommenthasalsobeenreceivedfromtheICCCommissiononTransportandLogistics,theCommissiononCommercialLawandPracticeandtheCommitteeonInsurance.

Itisnotappropriateforthispublicationtoprovideanexplanationastowhyanarticlehasbeenwordedinsuchawayorwhatisintendedbyitsincorporationintotherules.ForthoseinterestedinunderstandingtherationaleandinterpretationofthearticlesofUCP600,thisinformationwillbefoundintheCommentarytotherules,ICCPublication601,whichrepresentstheDraftingGroup’sviews.

OnbehalfoftheDraftingGroupIwouldliketoextendourdeepappreciationtothemembersoftheConsultingGroup,ICCnationalcommitteesandmembersoftheBankingCommissionfortheirprofessionalcommentsandtheirconstructiveparticipationinthisprocess.

SpecialthanksareduetothemembersoftheDraftingGroupandtheirinstitutions,whoarelistedbelowinalphabeticalorder.

NicoleKeller–VicePresident,ServiceInternationalProducts,DresdnerBankAG,Frankfurt,

LaurenceKooy–LegalAdviser,BNPParibas,Paris,

KatjaLehr–BusinessManager,TradeServicesStandards,SWIFT,LaHulpe,Belgium,thenVicePresident,MembershipRepresentation,InternationalFinancialServicesAssociation,NewJersey,USA;RepresentativetotheICCCommissiononBankingTechniqueandPractice;

OleMalmqvist–VicePresident,DanskeBank,Copenhagen,

PaulMiserez–HeadofTradeFinanceStandards,SWIFT,LaHulpe,

RenéMueller–Director,CreditS