Article Documents VS
5
goods, services
or
performance
Banks
deals
with
documents and not with
goods,
services
or
performance to which
the documents may
relate
Remarks, if any
Undertaking of a bank
to honor, to negotiate
or fulfill any other
obligation under the
credit is not subject to
terms of the sale
contract
Banks are not bound by
any dispute in respect
of the quantity or
quantity of goods/
services
Article Amendments
10
its advice.
Article Standard for A nominated bank acting
14
Examination of on its nomination, a
Documents
confirming bank, if any,
and the issuing bank
shall
eachhave
a
maximum
of
five
banking days following
the day of presentation
to determine if a
presentation
iscomplying
Article Complying
When an issuing bank/
15
Presentation
advising
bank/
negotiating
bank/
nominated
bank
determines
that
a
presentation
is
complying,
it
must
Failure to do so will
render the documents
to be in order and the
banks involved need to
honour the documents
as if they are complying
documents
Advising
bank/
negotiating
bank/
nominated
bank/
confirming Bank shall
pay,
accept
and
forward the documents
to the issuing bank with
honour.
Article Discrepant
When an issuing bank
16
Documents,
determines
that
a
Waiver
and presentation does not
Notice
comply, it may, in its
sole
judgement,approach the
applicant for a waiver of
the discrepancies.
a certification.
When a nominated
bank acting on its
nomination,
a
confirming bank, if any,
or the issuing bank
decidesto refuse to
honour or negotiate, it
must give a single
notice to that effect to
This does not, however, the presenter;
extend
the
periodmentioned
in If an issuing bank or a
Article 14
confirming bank fails to
act in accordance with
the provisions of this
article,
it
shallbe
precluded
from
claiming
that
the
documents do not
constitute a complying
presentation.
Article Insurance
When the insurance
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document and document indicates that
coverage
it has been issued in
more than one original
all originals must be
presented
An insurance policy, an
insurance certificate or a
declaration under an
open cover is acceptable
Date
of
insurance
document should not be
later than the date of
shipment
unless
it
appears
from
the
insurance document that
the insurance cover is
effective not later than
the date of shipment
If the expiry date of a
credit or the last day for
presentation falls on a
day, when the bank to
which presentation is to
be made is closed for
reasons other than those
referred to in article 36,
(Public
Holidays
or
Sundays) the expiry date
orthe last day for
presentation, as the case
may be, will be extended
If presentation is made
on the first following
banking
day,
a
nominated bank must
provide the issuing
bank or confirming
bank with a statement
on its covering schedule
that the presentation
was made within
the time limits;
The latest
date
for