Article 9 UCP 600 is a combination of Article 7 and Article 11b UCP 500.
Article 9 however emphasizes stronger than before that a bank advises "without any undertaking to honour or negotiate".
The obligation of the advising bank remain:
1) examine that the credit or an amendment are apparently authentic
(see Article 9 b), and
2) check that the advice "accurately reflects the terms and conditions of the credit or amendment received."
The revision stipulates that the advising bank should satisfy itself
in regards to the apparent authenticity. This language is stronger than Article 7 b UCP 500 which only required that it "shall take reasonable care to check the apparent authenticity of the Credit which it advises".
If the advising bank cannot satisfy itself as to the apparent authenticity of the credit it must inform, without delay, the bank from which the instructions appear to have been received (see Article 9 f UCP 600). The duty to inform without delay applies equally in case a bank asked to advise a credit elects not to do so (Article 9 e UCP 600).
An innovation is the concept of a second advising bank (Article 9 c UCP 600): "An advising bank may utilize the services of another bank".
Comments
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Banco BPN (100% Caixa Geral de Depositos), Lisboa
Dear All,
Look at the subject case by clicking on http://www.forfaiting.ch/sfc/ and then "case BPN". This is a 100% governmental owned bank in Western Europe. For your information documentation was accepted and acceptance protocol duly signed from the Portuguese importer. This case proves that the commitment to pay from issuing banks under the "Latest ICC - UCP Rules" is by far too weak. This LC is still unpaid since 2007!
it just makes the
it just makes the bureaucracy work even slower than before. Thanks for keeping us informed though..Thanks a lot for a bunch of good tip about using credits. Source Naturals Vitamins
The charges for issuance of
The charges for issuance of Letter of Credit, negotiation of documents, reimbursements and other charges like courier are to the account of applicant or as per the terms and conditions of the Letter of credit. If the letter of credit is silent on charges, then they are to the account of the Applicant. The description of charges and who would be bearing them would be indicated in the field 71B in the Letter of Credit..
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One should be careful when taking a credit card from a bank where you also happen to have an account. The credit card usage and payments will have a negative effect on your bank account.
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Bad credit credit cards are for people with IVA’s, bankruptcies, CCJ’s, bad debts, or defaults on their credit report.
Thanks for sharing
Thanks for sharing such a nice and informative post. Those tips are really helpful. The advising bank concept is great. Waiting for more. Accept Credit Card
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Thanks a lot for a bunch of
Thanks a lot for a bunch of good tip about using credits. I look forward to reading more on the topic in the future. Keep up the good work! This blog is going to be great resource for sure.
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The concept of the second
The concept of the second advising bank is relatively new and I don't think it helps much, it just makes the bureaucracy work even slower than before. Thanks for keeping us informed though, I know that I'll need this kind of information, even sooner than I planned since I am now considering credit card consolidation.
First advising bank didn't advise to second advising bank
Dear L/C Specialist,
I have a question regarding to the first advising bank holding L/C without advise L/C to the beneficiary through the second advising bank.
At the beginning of June our issuing bank has sent one L/C to its intermediate bank in Singapore but at the end of June the beneficiary complain they have not been advise. After we check we found out that the first advising bank hold this L/C and try to contract the beneficiary directly event in filed 57D stated clearly about who is the second advising bank. Now, the goods has not produce and the shipment will be delay. Our client will penalty about $5,000.00 coz of this delay. So it’s possible to claim this damage from the first advising bank or claim direct from our issuing bank. Please advise me who will responsible for this damages, and which article state about this responsible in UCP or ISBP.
Thanks for your kindly feedback. I’m looking to hearing from all of you soon.
Best regards,
Issarariddhi,
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