UCP 600 Overview
Article 14 - Standard for Examination of Documents
Under UCP 600, banks must examine documents to determine if they comply on their face with the terms and conditions of the credit. The examination must be completed within five banking days following the day of presentation.
Key Fields:
- Field 46A: Documents Required
- Field 47A: Additional Conditions
- Field 50: Applicant
Article 16 - Discrepant Documents, Waiver and Notice
When a nominated bank decides to honour or negotiate, it must provide a single notice to the presenter stating the discrepancy(ies) for which the bank refuses to honour or negotiate.
Failure Mode: Failure to provide timely notice within 5 banking days.
Article 20 - Transport Documents
Transport documents must indicate the name of the carrier and be signed by the carrier or a named agent.
Resolution: Ensure transport documents are issued in the exact name of the carrier, not an agent, unless specifically allowed in the credit terms.
Article 28 - Insurance Documents
Insurance documents must indicate the amount of coverage and be in the currency of the credit.
Resolution: Verify insurance coverage is at least 110% of CIF or CIP value as specified in UCP 600 article 28(f).
| Regulation | Article / Section | Requirement | Consequence |
|---|---|---|---|
| UCP 600 | Article 14 | Standard for Examination of Documents | Binary determination (compliant/discrepant) |
| UCP 600 | Article 16 | Discrepant Documents, Waiver and Notice | Binary determination (compliant/discrepant) |
| UCP 600 | Article 20 | Bill of Lading | Binary determination (compliant/discrepant) |
| UCP 600 | Article 28 | Insurance Document and Coverage | Binary determination (compliant/discrepant) |
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Quick Reference Summary
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