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ABOUT UCP 600 and LCs 10 replies,6979 views

#1
UCP 600 is due to be operational with effect from 1 July 2007. I do see some confusion about this topic. I would like to offer help with what little I know on the subject. if you have any query, please post on this forum, and I'll try to respond.

If there are other queries about letter of credit in general, feel free to ask.

Greetings and Thanks.
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#2
Re: ABOUT UCP 600 and LCs
Quoting from [Catalyst]:


UCP 600 is due to be operational with effect from 1 July 2007. I do see some confusion about this topic. I would like to offer help with what little I know on the subject. if you have any query, please post on this forum, and I'll try to respond.


If there are other queries about letter of credit in general, feel free to ask.


Greetings and Thanks.


sir i want to know the statistical data of import and export before ucp500 and after effect of ucp600
#3
ABOUT UCP 600 and LCs
Quoting from [spanmark06]:

Quoting from [Catalyst]:




sir i want to know the statistical data of import and export before ucp500 and after effect of ucp600

(1) The question is vague.

(2) Questions relevant only to this forum should be asked here for suitable response.


#4
Re: ABOUT UCP 600 and LCs
Quoting from [Catalyst]:

Quoting from [spanmark06]:

Quoting from [Catalyst]:





sir i want to know the statistical data of import and export before ucp500 and after effect of ucp600

(1) The question is vague.

(2) Questions relevant only to this forum should be asked here for suitable response.




      Catalyst,  please advise where to  find and read   the UCP contents, thanks a lot
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#5
ABOUT UCP 600 and LCs
Quoting from [Oneuni]:

Quoting from [Catalyst]:

Quoting from [spanmark06]:

Quoting from [Catalyst]:






sir i want to know the statistical data of import and export before ucp500 and after effect of ucp600

(1) The question is vague.

(2) Questions relevant only to this forum should be asked here for suitable response.




      Catalyst,  please advise where to  find and read   the UCP contents, thanks a lot

Your Chamber of Commerce in your country should be able to provide a copy. The International Chamber of Commerce should also have an office in your country. A search of the web should reveal its address and contact details, or of its HQ office in Paris.

The ICC produces and sells UCP.

#6
Re: ABOUT UCP 600 and LCs
Quoting from [Catalyst]:

Quoting from [Oneuni]:

Quoting from [Catalyst]:

Quoting from [spanmark06]:

Quoting from [Catalyst]:







sir i want to know the statistical data of import and export before ucp500 and after effect of ucp600

(1) The question is vague.

(2) Questions relevant only to this forum should be asked here for suitable response.





      Catalyst,  please advise where to  find and read   the UCP contents, thanks a lot

Your Chamber of Commerce in your country should be able to provide a copy. The International Chamber of Commerce should also have an office in your country. A search of the web should reveal its address and contact details, or of its HQ office in Paris.

The ICC produces and sells UCP.



I have a copy of UCP 600 the english version for anyone that wants it.  However you must contact me either thru trade manager or my signature promotion line.

Do not post your email address in this thread as the post will be deleted.

Ranger

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#7
Re: ABOUT UCP 600 and LCs
Quoting from [Catalyst]:


UCP 600 is due to be operational with effect from 1 July 2007. I do see some confusion about this topic. I would like to offer help with what little I know on the subject. if you have any query, please post on this forum, and I'll try to respond.


If there are other queries about letter of credit in general, feel free to ask.


Greetings and Thanks.

Its nice some one expert like you is speaking on UCP 600 applicable from July 2007. 

I was looking for same.

My concern is whether can second benificiary transfer transferable letter of credit to third person/benificiary.

I would like to quote the article 38 d. of UCP 600 where it is clearly mentioned that second benificiary cannot transfer the L/C in favour of third one the quotes are as follows:

"A credit may be transferred in part to more than one second beneficiary provided partial drawing or shipment are allowed.

A transferred Credit cannot be transferred at the reqest of a second beneficiary.  The first befeficiary is not condisered to be a subsequent benificiary."

However to this contarary a different view is published by Standard Chartered Bank in its news letter issued on July 2007.

The quotes of which are produced below

" A credit can be transferred to more than one second benificiary,  provided partial shipment are allowed.  A credit cannot be transfered t "third" beneficiary unless specifically allowed within original credit. i.e. "the transfreed credit may also be transferre."

My querry is whether transferable L/C is transferable to third beneficiary. If yes what is the method for it and what should be included in L/C and at which clause.

#8
ABOUT UCP 600 and LCs
Quoting from [RSD]:

Quoting from [Catalyst]:


UCP 600 is due to be operational with effect from 1 July 2007. I do see some confusion about this topic. I would like to offer help with what little I know on the subject. if you have any query, please post on this forum, and I'll try to respond. If there are other queries about letter of credit in general, feel free to ask.


Greetings and Thanks.

Its nice some one expert like you is speaking on UCP 600 applicable from July 2007.  I was looking for same. My concern is whether can second benificiary transfer transferable letter of credit to third person/benificiary. I would like to quote the article 38 d. of UCP 600 where it is clearly mentioned that second benificiary cannot transfer the L/C in favour of third one the quotes are as follows:

"A credit may be transferred in part to more than one second beneficiary provided partial drawing or shipment are allowed. A transferred Credit cannot be transferred at the reqest of a second beneficiary.  The first befeficiary is not condisered to be a subsequent benificiary."

However to this contarary a different view is published by Standard Chartered Bank in its news letter issued on July 2007. The quotes of which are produced below

" A credit can be transferred to more than one second benificiary,  provided partial shipment are allowed.  A credit cannot be transfered t "third" beneficiary unless specifically allowed within original credit. i.e. "the transfreed credit may also be transferre."

My querry is whether transferable L/C is transferable to third beneficiary. If yes what is the method for it and what should be included in L/C and at which clause.

My response to your question about the third beneficiary is a clear 'No'.  That is what I believed all along.

However, of late I am noticing comments from authoritative sources (like Gary Collyer, Chairman of the ICC Banking Commission that drafted the UCP 600) indicating that (perhaps) by taking recourse to the last sentence of Article 1 (" They are binding on all parties thereto unless expressly modified or excluded by the credit.") of the UCP , any term can be changed. The trend is disturbing, indeed.

So, I do not know where (if at all ) a line should (or can) be drawn about changing the basic 'rules' or structure of the UCP.

#9
Re: Re: ABOUT UCP 600 and LCs
Quoting from [Ranger]:

Quoting from [Catalyst]:

Quoting from [Oneuni]:

Quoting from [Catalyst]:

Quoting from [spanmark06]:

Quoting from [Catalyst]:








sir i want to know the statistical data of import and export before ucp500 and after effect of ucp600

(1) The question is vague.

(2) Questions relevant only to this forum should be asked here for suitable response.






Catalyst, please advise where to find and read the UCP contents, thanks a lot

Your Chamber of Commerce in your country should be able to provide a copy. The International Chamber of Commerce should also have an office in your country. A search of the web should reveal its address and contact details, or of its HQ office in Paris.

The ICC produces and sells UCP.




I have a copy of UCP 600 the english version for anyone that wants it. However you must contact me either thru trade manager or my signature promotion line.

Do not post your email address in this thread as the post will be deleted.

Ranger

     Would  contact you for it  at  soonest available time/chance.   thanks
SIGNATURE:
About Our Company

JAVATICA
Teak Furniture-Maker from Indonesian wooden furniture of: Indoor and Outdoor Working in Custom design order, reproduction antique, ethnics, colonial, art-deco, modern simple, patio set, garden, beach and pool si... More

#10
Re: ABOUT UCP 600 and LCs

Hi,

We have received the L/C from our buyer in which clause 78: says ;-

78: Instr to payg/Accptg/Negotg Bank

+ A discrepancy fee of USD40.00 or equivalent will be deducted from the proceeds of any drawing of DOCS presented with discrepancies.

Now my questions are:

1) Bank charges USD40.00 each time if they found any discrepancies in the document sumbited or one time charge of USD40.00 for set of document presented.

2) If there is amendment in the L/C or any changes required from seller or from buyer side say change in Last date of shipment or Change in expiry of L/C date, Change in loading port, getting the Transhipment allowed, Partial shipment allowed etc. then for each changes whether bank is charging USD40.00 even if these changes are requested at one glance or only USD40.00 for each time changes as asked.

 

#11
Re: Re: ABOUT UCP 600 and LCs


Quoting from [RSD]:

Hi,

We have received the L/C from our buyer in which clause 78: says ;-

78: Instr to payg/Accptg/Negotg Bank

+ A discrepancy fee of USD40.00 or equivalent will be deducted from the proceeds of any drawing of DOCS presented with discrepancies.

Now my questions are:

1) Bank charges USD40.00 each time if they found any discrepancies in the document sumbited or one time charge of USD40.00 for set of document presented.

2) If there is amendment in the L/C or any changes required from seller or from buyer side say change in Last date of shipment or Change in expiry of L/C date, Change in loading port, getting the Transhipment allowed, Partial shipment allowed etc. then for each changes whether bank is charging USD40.00 even if these changes are requested at one glance or only USD40.00 for each time changes as asked.


Hello,


1) Discrepancy charges USD 40.00 i.e. one time charge for the whole set of documents you present and in which if any one or two or three discrepancy happen then you have to pay only USD 40.00 so thats for whole set of docs.


2) Amendment charges are different.  this charges  you have to pay here in india  if you open the L/C i.e. if u r importer. this charges you have to check with the bank.


Discrepancy and amendment charges , both are different.


regds


chirag


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