Insights into UCP 600 : collected articles from DCI 2003 to 2008

322 Pages·2008·2.46 MB·English

by  Katz

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s Collected Articles from DCI 2003 to 2008
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credits. This rare collection of articles from the magazine will enhance
the understanding of UCP 600 for all users and students of docum0entary
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The International Chamber of Commerce, the World Business Organization,
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based in Paris, is the global leader in the development of standards, rules and
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Related ICC Publications
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Documentary Credit Insight Newsletter (DCI)
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ICC Publication No. 682
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ISBN: 978-92-842-0282-9
Store.iccwbo.org
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Insights
into UCP 600
Collected Articles from DCI 2003 to 2008
The articles in this book represent the personal views
of the authors and not necessarily those of ICC.
Copyright © 2008
International Chamber of Commerce
All rights reserved. No part of this work may be reproduced or copied in any form or
by any means – graphic, electronic, or mechanical, including photocopying,
scanning, recording, taping, or information retrieval systems – without written
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ICC Publication No. 682
ISBN: 978-92-842-0282-9
Table of Contents
Foreword. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Articles written prior to the adoption of UCP 600. . . . . . . . . . . . . 13
The Insight interview: Nicole Keller
The shape of the new UCP. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
(DCInsight Vol. 9 No. 3 July - September 2003)
“Inconsistencies and ambiguities about [UCP’s] meaning ought to be banished to the past” . . . 21
by Roger Graham
(DCInsight Vol. 9 No. 4 October - December 2003)
“The UCP 500 transport articles need to be revised”. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
by T.O. Lee
(DCInsight Vol. 9 No. 4 October - December 2003)
The Insight interview: John Turnbull
“The UCP needs to stand on its own” . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
(DCInsight Vol. 9 No. 4 October - December 2003)
The Insight interview: Charles Debattista
A transport expert’s recommendations for the new UCP. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
(DCInsight Vol. 10 No. 2 April - June 2004)
“Negotiation”: no benefit to beneficiaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
by Reinhard Längerich
(DCInsight Vol. 10 No. 2 April - June 2004)
A call for clearer drafting in the next UCP. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
by Roger Graham
(DCInsight Vol. 10 No.3 July - Sept 2004)
A trader’s wish list for UCP 600 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49
by Frank Reynolds
(DCInsight Vol. 10 No. 3 July - September 2004)
The Insight interview: Ole Malmqvist
Candid views from a member of the UCP Drafting Group. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53
(DCInsight Vol. 10 No. 4 October - December 2004)
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Insights into UCP 600
Negotiation credits, value and nominated banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59
by John Dolan
(DCInsight Vol. 10 No. 4 October - December 2004)
What traders expect from the new UCP. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61
by Mark Ford
(DCInsight Vol. 11 No. 1 January - March 2005)
The Insight interview: Laurence A.J. Bacon
Some key issues in the UCP revision. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65
(DCInsight Vol. 11 No. 1 January - March 2005)
Notes from the UCP Drafting Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71
by UCP Drafting Group members
(DCInsight Vol. 11 No. 2 April - June 2005)
Another view of notice “without delay”disposal and preclusion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75
by John Dolan
(DCInsight Vol. 11 No. 2 April - June 2005)
The transport sector views UCP 600 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81
by Mark Ford
(DCInsight Vol. 11 No. 3 July - September 2005)
An argument for smaller-scale UCP revisions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85
by Roger Graham
(DCInsight Vol. 11 No. 3 July - September 2005)
Delete“reasonable time” and “without delay” from the UCP. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89
by N.D. George (CDCS Distinction)
(DCInsight Vol. 11 No. 3 July - September 2005)
The Insight interview: René Müller
Confronting the tough issues in the UCP revision. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93
(DCInsight Vol. 11 No. 4 October - December 2005)
In support of electronic UCP revisions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99
by Åke Nilson
(DCInsight Vol. 11 No.4 October - December 2005)
On “reasonable time”and holding documents at the disposal of the presenter. . . . . . . . . . . . . . 103
by Pavel Andrle
(DCInsight Vol. 11 No. 4 October - December 2005)
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Discounting deferred payment obligations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107
by John F. Dolan
(DCInsight Vol. 11 No. 4 October - December 2005)
Documentary credits: what law should apply? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111
by Jeremy Smith
(DCInsight Vol. 11 No. 4 October - December 2005)
Another take on negotiation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115
by Bojan Zidar
(DCInsight Vol. 11 No. 4 October - December 2005)
“Reasonable time”– a US perspective . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119
by Donald R. Smith
(DCInsight Vol. 11 No. 4 October - December 2005)
The Insight interview: John Turnbull
The Chair of the UCP Consulting Group on the latest UCP draft. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121
(DCInsight Vol. 12 No. 1 January - March 2006)
Addresses, agents and transport documents. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125
by Heinz Hertl
(DCInsight Vol. 12 No. 1 January - March 2006)
Pluses and minuses in recent UCP drafts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129
by Hennie T.J. van Diemen
(DCInsight Vol. 12 No. 1 January - March 2006)
Availability of credit and negotiation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131
by King-Tak Fung
(DCInsight Vol. 12 No. 1 January - March 2006)
When is a B/L not a B/L?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135
by Laurence A.J. Bacon
(DCInsight Vol. 12 No. 1 January - March 2006)
Expert commentary: Ole Malmqvist
UCP 600 “key issues”reconsidered. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139
(DCInsight Vol. 12 No. 2 April - June 2006)
Reimbursement rights of a “discounting”nominated bank. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143
by Jim Barnes
(DCInsight Vol. 12 No. 2 April - June 2006)
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Insights into UCP 600
The Insight interview: Carlo di Ninni
Some real problems with the definition of “bank” . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147
(DCInsight Vol. 12 No. 2 April - June 2006)
Transport articles in the draft UCP. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151
by Professor Charles Debattista
(DCInsight Vol. 12 No. 2 April - June 2006)
UCP revision: the last six miles. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155
by Kim Christensen
(DCInsight Vol. 12 No. 3 July - September 2006)
A call for consistency with transport conventions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159
by T.O. Lee
(DCInsight Vol. 12 No. 3 July - September 2006)
Who speaks for the exporter?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 163
by Laurence A.J. Bacon
(DCInsight Vol. 12 No. 3 July - September 2006)
Negotiation is not always what bankers think it is. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 169
by Donald Smith
(DCInsight Vol. 12 No. 3 July - September 2006)
The Insight interview: Kim Chalmer
A representative of the transport industry considers UCP 600 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173
(DCInsight Vol. 12 No. 3 July - September 2006)
Online training and resources for UCP 600. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 177
by Derek Ennis
(DCInsight Vol. 12 No. 3 July - September 2006)
Articles written after the adoption of UCP 600 . . . . . . . . . . . . . . 181
A look back at the UCP revision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 183
by Gary Collyer
(DCInsight Vol. 12 No. 4 October - December 2006)
UCP 600: “A document restoring the credibility of L/Cs” . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 187
by Pradeep Taneja
(DCInsight Vol. 12 No. 4 October - December 2006)
The final UCP 600: A trader’s view. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 191
by Frank Reynolds
(DCInsight Vol. 12 No. 4 October - December 2006)
­­­­­­­­6
The new UCP: “A major opportunity missed”. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195
by Jeremy Smith
(DCInsight Vol. 12 No. 4 October - December 2006)
“All products need to be reinvigorated”. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 199
by David Meynell
(DCInsight Vol. 12 No. 4 October - December 2006)
UCP 600: A shipping association’s view. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 203
by Peter Holst
(DCInsight Vol. 12 No. 4 October - December 2006)
The Insight interview: William Cameron
Balancing the pluses and minuses of the revision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205
(DCInsight Vol. 12 No. 4 October - December 2006)
“An improved UCP that has solved many problems”. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 209
by Reinhard Längerich
(DCInsight Vol. 13 No. 1 January - March 2007)
Negotiation credits under UCP 600. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 213
by John Dolan
(DCInsight Vol. 13 No. 1 January - March 2007)
UCP 600 and bank responsibility for fraud . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 217
by Jim Barnes
(DCInsight Vol. 13 No. 1 January - March 2007)
The irrevocable credit and UCP 600 article 32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 221
by N.D. George
(DCInsight Vol. 13 No. 1 January - March 2007)
UCP 600: a reaction from the Middle East. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225
by Mohammad Burjaq
(DCInsight Vol. 13 No. 1 January - March 2007)
Should future UCP revisions be carried out differently? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 229
by Boris Kozolchyk
(DCInsight Vol. 13 No. 1 January - March 2007)
A lawyer’s personal welcome to the new UCP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 237
by Brooke Wunnicke
(DCInsight Vol. 13 No. 2 April - June 2007)
­­­­­­­­7
Insights into UCP 600
Reports from the UCP seminars. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 241
by Frank Reynolds and Donald Smith
(DCInsight Vol. 13 No. 2 April - June 2007)
SWIFT UCP 600 Usage Guidelines. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 245
by James Wills
(DCInsight Vol. 13 No. 2 April - June 2007)
Transport articles: the shipping industry’s perspective. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 251
by Emily Comyn
(DCInsight Vol. 13 No. 2 April - June 2007)
A practical approach to the new UCP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 255
by Kim Christensen
(DCInsight Vol. 13 No. 2 April - June 2007)
Banks gear up for UCP 600 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 259
by Mark Ford
(DCInsight Vol. 13 No. 3 July - September 2007)
A summary of the updated ISBP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 263
by Haluk Erdemol
(DCInsight Vol. 13 No. 3 July - September 2007)
The Insight interview: Donald Smith. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 269
Relating the ISBP to the UCP
(DCInsight Vol. 13 No. 3 July - September 2007)
Should B/Ls have been excluded from UCP 600 article 17?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275
by Saku Heiskanen
(DCInsight Vol. 13 No. 3 July - September 2007)
Ambiguities in the new UCP. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 279
by Pavel Andrle
(DCInsight Vol. 13 No. 3 July - September 2007)
Issues and challenges under UCP 600. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 283
by Mark Ford
(DCInsight Vol. 13 No. 4 October – December 2007)
Loss of documents and UCP 600 article 35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 287
by N.D. George, CDCS (Distinction)
(DCInsight Vol. 13 No. 4 October - December 2007)
­­­­­­­­8
UCP 600: issues and question marks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 291
by Radek Dobás
(DCInsight Vol. 14 No. 1 January - March 2008)
Excluding UCP articles: a troublesome trend. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 295
by Pavel Andrle
(DCInsight Vol. 14 No. 1 January - March 2008)
Reports from the UCP seminars (part 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 299
by Frank Reynolds and Donald Smith
(DCInsight Vol. 14 No. 1 January - March 2008)
The anatomy of “shipment” in L/C transactions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 303
By Kim Christensen
(DCInsight Vol. 14 No. 1 January - March 2008)
Index of UCP Articles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 309
About the Editor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 315
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