Article 20. Ambiguity as to the Issuers of Documents

a. Terms such as "first class," "well known," "qualified," "independent," "official," "competent," "local" and the like, shall not be used to describe the issuers of any document(s) to be presented under a Credit. If such terms are incorporated in the Credit, banks will accept the relative document(s) as presented, provided that it appears on its face to be in compliance with the other terms and conditions of the Credit and not to have been issued by the Beneficiary.

B. Unless otherwise stipulated in the Credit, banks will also accept as an original document(s), a document(s) produced or appearing to have been produced:

I) by reprographic, automated or computerized systems;

ii) as carbon copies;

provided that it is marked as original and, where necessary, appears to be signed. A document may be signed by handwriting, by facsi mile signature, by perforated signature, by stamp, by symbol, or by any other mechanical or electronic method of authentication.

C. I) Unless otherwise stipulated in the Credit, banks will accept as a copy ties), a document(s) either labelled copy or not marked as an original-a copy(ies) need not be signed.

Ii) Credits that require multiple document(s) such as "duplicate," "two fold," "two copies" and the like, will be satisfied by the presentation of one original and the remaining number in copies except where the document itself indicates otherwise.

D. Unless otherwise stipulated in the Credit, a condition under a Credit calling for a document to be authenticated, validated, legalized, visaed, certified or indicating a similar requirement, will be satisfied by any signature, mark, stamp or label on such document that on its face appears to satisfy the above condition.

Article 21. Unspecified Issuers or Contents of Documents

When documents other than transport documents, insurance documents and commercial invoices are called for, the Credit should stipulate by whom such documents are to be issued and their wording or data content. If the Credit does not so stipulate, banks will accept such documents as presented, provided that their data content is not inconsistent with any other stipulated document presented.

Article 22. Issuance Date of Documents v. Credit Date

Unless otherwise stipulated in the Credit, banks will accept a document bearing a date of issuance prior to that of the Credit, subject to such document being presented within the time limits set out in the Credit and in these Articles.

Article 23. Marine/Ocean Bill of Lading

a. If a Credit calls for a bill of lading covering a port-to-port shipment, banks will, unless otherwise stipulated in the Credit, accept a document, however named, which:

I) appears on its face to indicate the name of the carrier and to have been signed or otherwise authenticated by:

- the carrier or a named agent for or on behalf of the carrier, or

- the master or a named agent for or on behalf of the master.

Any signature or authentication of the carrier or master must be identified as carrier or master, as the case may be. An agent signing or authenticating for the carrier or master must also indicate the name and the capacity of the paryt, I.e. carrier or master, on whose behalf that agent is acting, and

ii) indicates that the goods have been loaded on board, or shipped on a named vessel. Loading on board or shipment on a named vessel may be indicated by pre-printed wording on the bill of lading that the goods have been loaded on board a named vessel or shipped on a named vessel, in which case the date of issuance of the bill of lading will be deemed to be the date of loading on board and the date of shipment. In all other cases loading on board a named vessel must be evidenced by a notation on the bill of lading which gives the date on which the goods have been loaded on board, in which case the date of the on board notation will be deemed to be the date of shipment. If the bill of lading contains the indication "intended vessel," or similar qualification in relation to the vessel, loading on board a named vessel must be evidenced by an on board notation on the bill of lading which, in addition to the date on which the goods have been loaded on board, also includes the name of the vessel on which the goods have been loaded, even if they have been loaded on the vessel named as the "intended vessel". If the bill of lading indicates a place of receipt or taking in charge different from the port of loading, the on board notation must also include the port of loading stipulated in the Credit and the name of the vessel on which the goods have been loaded, even if they have been loaded on the vessel named in the bill of lading. This provision also applies whenever loading on board the vessel is indicated by pre-printed wording on the bill of lading, and

iii) indicates the port of loading and the port of discharge stipulated in the credit, notwithstanding that it:

(a) indicates a place of taking in charge different from the port of loading, and/or a place of final destination different from the port of discharge, and/or

(b) contains the indication "intended" or similar qualification in relation to the port of loading and/or port of discharge, as long as the document also states the ports of loading and/or discharge stipulated in the Credit, and

iv) consists of a sole original bill of lading, or if issued in more than one original, the full set as so issued, and

v) appears to contain all of the terms and conditions of carriage, or some of such terms and conditions by reference to a source or document other than the bill of lading(short form/blank back bill of lading), banks will not examine the contents of such terms and conditions, and

vi) contains no indication that it is subject to a charter party and/or no indication that the carrying vessel is propelled by sail only, and

vii) in all other respects meets the stipulations of the Credit.

B. For the purpose of this Article, transhipment means unloading and reloading from one vessel to another vessel during the course of ocean carriage from the port of loading to the port of discharge stipulated in the Credit.

C. Unless transhipment is prohibited by the terms of the Credit, banks will accept a bill of lading which indicates that the goods will be transhipped, provided that the entire ocean carriage is covered by one and the same bill of lading.

D. Even if the Credit prohibits transhipment, banks will accept a bill of lading which:

I) indicates that transhipment will take place as long as the relevant cargo is shipped in Container (s) , Trailer(s) and/or "LASH" barge (s) as evidenced by the bill of lading, provided that the entire ocean carriage is covered by one and the same bill of lading, and/or

ii) incorporates clauses stating that the carrier reserves the right to tranship.

Article 24. Non-Negotiable Sea Waybill

a. If a Credit calls for a non-negotiable sea waybill covering a port-to-port shipment, banks will, unless otherwise stipulated in the Credit, accept a document, however named, which:

I) appears on its face to indicate the name of the carrier and to have been signed or otherwise authenticated by:

- the carrier or a named agent for or on behalf of the carrier, or

- the master or a named agent for or on behalf of the master.

Any signature or authentication of the carrier or master must be identified as carrier or master, as the case may be. An agent signing or authenticating for the carrier or master must also indicate the name and the capacity of the party, I.e. carrier or master, on whose behalf that agent is acting, and

ii) indicates that the goods have been loaded on board, or shipped on a named vessel. Loading on board or shipment on a named vessel may be indicated by pre-printed wording on the non-negotiable sea waybill that the goods have been loaded on board a named vessel or shipped on a named vessel, in which case the date of issuance of the non-negotiable sea waybill will be deemed to be the date of loading on board and the date of shipment. In all other cases loading on board a named vessel must be evidenced by a notation on the non-negotiable sea way bill which gives the date on which the goods have been loaded on board, in which case the date of the on board notation will be deemed to be the date of shipment.

If the non-negotiable sea waybill contains the indication "intended vessel," or similar qualification in relation to the vessel, loading on board a named vessel must be evidenced by an on board notation on the non-negotiable sea waybill which, in addition to the date on which the goods have been loaded on board, includes the name of the vessel on which the goods have been loaded, even if they have been loaded on the vessel named as the "intended vessel." If the non-negotiable sea waybill indicates a place of receipt or taking in charge different from the port of loading, the on board notation must also include the port of loading stipulated in the Credit and the name of the vessel on which the goods have been loaded, even if they have been loaded on a vessel named in the non-negotiable sea waybill. This provision also applies whenever load, ing on board the vessel is indicated by pre-printed wording on the non-negotiable sea waybill, and

iii) indicates the port of loading and the port of discharge stipulated in the Credit, notwithstanding that it:

(a) indicates a place of taking in charge different from the port of loading, and/or a place of final destination different from the port discharge, and/or

(b) contains the indication "intended" or similar qualification in relation to the port of loading and/or port of discharge, as long as the document also states the pot;ts of loading and/or discharge stipulated in the Credit, and

iv) consists of a sole original non-negotiable sea waybill, or if issued in more than one original, the full set as so issued, and

v) appears to contain all of the terms and conditions of carriage, or some of such terms and conditions by reference to a source or document other than the non-negotiablesea waybill(short forml blank back non-negotiable sea waybill); banks will not examine the contents of such terms and conditions, and

vi) contains no indication that it is subject to a charter party and/or no indication that the carrying vessel is propelled by sail only, and

vii) in all other respects meets the stipulations of the Credit.

B. For the purpose of this Article, transhipment means unloading and reloading from one vessel to another vessel during the course of ocean carriage from the port of loading to the port of discharge stipulated in the Credit.

C. Unless transhipment is prohibited by the terms of the Credit, banks will accept a non-negotiable sea waybill which indicates that the goods will be transhipped, provided that the entire ocean carriage is covered by one and the same non-negotiable sea waybill.

D. Even if the Credit prohibits transhipment, banks will accept a non-negotiable sea waybill which:

I) indicates that transhipment will take place as long as the relevant cargo is shipped in Container (s) , Trailer (s) and/or "LASH" barge (s) as evidenced by the non-negotiable sea waybill, provided that the entire ocean carriage is covered by one and the same non-negotiable sea waybill, and/or

ii) incorporates clauses stating that the carrier reserves the right to tranship.

Article 25. Charter Party Bill of Lading

a. If a Credit calls for or permits a charter party bill of lading, banks will, unless otherwise stipulated in the Credit, accept a document, however named, which:

I) contains any indication that it is subject to a charter party, and

ii) appears on its face to have been signed or otherwise authenticated by:

- the master or a named agent for or on behalf of the master, or

- the owner or a named agent for or on behalf of the owner.

Any signature or authentication of the master or owner must be identified as master or owner as the case may be. An agent signing or authenticating for the master or owner must also indicate the name and the capacity of the party, I.e. master or owner, on whose behalf that agent is acting, and

iii) does or does not indicate the name of the carrier, and

iv) indicates that the goods have been loaded on board or shipped on a named vessel. Loading on board or shipment on a named vessel may be indicated by pre-printed wording on the bill of lading that the goods have been loaded on board a named vessel or shipped on a named vessel, in which case the date of issuance of the bill of lading will be deemed to be the date of loading on board and the date of shipment.

In all other cases loading on board a named vessel must be evidenced by a notation on the bill of lading which gives the date on which the goods have been loaded on board, in which case the date of the on board notation will be deemed to be the date of shipment, and

v) indicates the port of loading and the port of discharge stipulated in the Credit, and

vi) consists of a sole original bill of lading or, if issued in more than one original, the full set as so issued, and

vii) contains no indication that the carrying vessel is propelled by sail only, and

viii) in all other respects meets the stipulations of the Credit.

B. Even if the Credit requires the presentation of a charter party contract in connection with a charter party bill of lading, banks will not examine such charter party contract, but will pass it on without responsibility on their part.

Article 26. Multimodal Transport Document

a. If a Credit calls for a transport document covering at least two different modes of transport(multimodal transport), banks will, unless otherwise stipulated in the Credit, accept a document, however named, which:

I) appears on its face to indicate the name of the carrier or multimodal transport operator and to have been signed or otherwise authenticated by:

- the carrier or multimodal transport operator or a named agent for or on behalf of the carrier or multimodal transport operator,

- the master or a named agent for or on behalf of the master.

Any signature or authentication of the carrier, multimodal transport operator or master must be identified as carrier, multimodal transport operator or master, as the case may be. An agent signing or authenticating for the carrier, multimodal transport operator or master must also indicate the name and the capacity of the party, I.e. carrier, multimodal transport operator or master, on whose behalf that agent is acting, and

ii) indicates that the goods have been dispatched, taken in charge or loaded on board. Dispatch, taking in charge or loading on board may be indicated by wording to that effect on the multimodal transport document and the date of issuance will be deemed to be the date of dispatch, taking in charge or loading on board and the date of shipment. However, if the document indicates, by stamp or otherwise, a date of dispatch, taking in charge or loading on board, such date will be deemed to be the date of shipment, and

iii) (a) indicates the place of taking in charge stipulated in the Credit which may be different from the port, airport or place of loading, and the place of final destination stipulated in the Credit which may be different from the port, airport or place of discharge, and/or

(b) contains the indication "intended" or similar qualification in relation to the vessel and/or port of loading and/or port of discharge, and

iv) consists of a sole original multimodal transport document or, if issued in more than one original, the full set as so issued, and

v) appears to contain all of the terms and conditions of carriage, or some of such terms and conditions by reference to a source or document other than the multimodal transport document(short form/blank back multimodal transport document); banks will not examine the contents of such terms and conditions, and

vi) contains no indication that it is subject to a charter party and/or no indication that the carrying vessel is propelled by sail only, and

vii) in all other respects meets the stipulations of the Credit.

B.Even if the Credit prohibits transhipment, banks will accept a multimodal transport document which indicates that transhipment will or may take place, provided that the entire carriage is covered by one and the same multimodal transport document.

Article 27. Air Transport Document

a. If a Credit calls for an air transport document, banks will, unless otherwise stipulated in the Credit, accept a document, however named, which:

I) appears on its face to indicate the name of the carrier and to have been signed or otherwise authenticated by:

- the carrier, or

- a named agent for or on behalf of the carrier;

Any signature or authentication of the carrier must be identified as carrier. An agent signing or authenticating for the carrier must also indicate the name and the capacity of the party, I.e. carrier, on whose behalf that agent is acting, and

ii) indicates that the goods have been accepted for carriage, and

iii) where the Credit calls for an actual date of dispatch, indicates a specific notation of such date, the date of dispatch so indicated on the air transport document will be deemed to be the date of shipment.

For the purpose of this Article, the information appearing in the box on the air transport document(marked "For Carrier Use Only" or similar expression) relative to the flight number and date will not be considered as a specific notation of such date of dispatch. In all other cases, the date of issuance of the air transport document will be deemed to be the date of shipment, and

iv) indicates the airport of departure and the airport of destination stipulated in the Credit, and

v) appears to be the original for consignor/shipper even if the Credit stipulates a full set of originals, or similar expressions, and

vi) appears to contain all of the terms and conditions of carriage, or some of such terms and conditons, by reference to a source or document other than the air transport document; banks will not examine the contents of such terms and conditions, and

vii) in all other respects meets the stipulations of the Credit.

B. For the purpose of this Article, transhipment means unloading and reloading from one aircraft to another aircraft during the course of carriage from the airport of departure to the airport of destination stipulated in the Credit.

C. Even if the Credit prohibits transhipment, banks will accept an air transport document which indicates that transhipment will or may take place, provided that the entire carriage is covered by one and the same air transport document.

Article 28. Road, Rail or Inland Waterway Transport Documents

a. If a Credit calls for a road, rail, or inland waterway transport document, banks will, unless otherwise stipulated in the Credit, accept a document of the type called for, however named, which:

I) appears on its face to indicate the name of the carrier and to have been signed or otherwise authenticated by the carrier or a named agent for or on behalf of the carrier and/or to bear a reception stamp or other indication of receipt by the carrier or a named agent for or on behalf of the carrier.

Any signature, authentication, reception stamp or other indication of receipt of the carrier, must be identified on its face as that of the carrier. An agent signing or authenticating for the carrier, must also indicate the name and the capacity of the party, I.e. carrier, on whose behalf that agent is acting, and

ii) indicates that the goods have been received for shipment, dispatch or carriage or wording to this effect. The date of issuance will be deemed to be the date of shipment unless the transport document contains a reception stamp, in which case the date of the reception stamp will be deemed to be the date of shipment, and

iii) indicates the place of shipment and the place of destination stipulated in the Credit, and

iv) in all other respects meets the stipulations of the Credit.

B. In the absence of any indication on the transport document as to the numbers issued, banks will accept the transport document(s) presented as constituting a full set. Banks will accept as original(s) the transport document(s) whether marked as original(s) or not.

C. For the purpose of this Article, transhipment means unloading and reloading from one means of conveyance to another means of convey. Ance, in different modes of transport, during the course of carriage from the place of shipment to the place of destination stipulated in the Credit.

D. Even if the Credit prohibits transhipment, banks will accept a road, rail, or inland waterway transport document which indicates that transhipment will or may take place, provided that the entire carriage is covered by one and the same transport document and within the same mode of transport.

Article 29. Courier and Post Receipts

a. If a Credit calls for a post receipt or certificate of posting, banks will, unless otherwise stipulated in the Credit, accept a post receipt or certificate of posting which:

I) appears on its face to have been stamped or otherwise authenticated and dated in the place from which the Credit stipulates the goods are to be shipped or dispatched and such date will be deemed to be the date of shipment or dispatch, and

ii) in all other respects meets the stipulations of the Credit.

B. If a Credit calls for a document issued by a courier or expedited delivery service evidencing receipt of the goods for delivery, banks will, unless otherwise stipulated in the Credit, accept a document, however named, which:

I) appears on its face to indicate the name of the courier/service, and to have been stamped, signed or otherwise authenticated by such named courier/service (unless the Credit specifically calls for a document issued by a named Courier/Service, banks will accept a document issued by any Courier/Service), and

ii) indicates a date of pick-up or of receipt or wording to this effect, such date being deemed to be the date of shipment or dispatch, and

iii) in all other respects meets the stipulations of the Credit.

Article 30. Transport Documents issued by Freight Forwarders

Unless otherwise authorised in the Credit, banks will only accept a transport document issued by a freight forwarder if it appears on its face to indicate:

I) the name of the freight forwarder as a carrier or multimodal transport operator and to have been signed or otherwise authenticated by the freight forwarder as carrier or multimodal transport operator, or

ii) the name of the carrier or multimodal transport operator and to have been signed or otherwise authenticated by the freight forwarder as a named agent for or on behalf of the carrier or multimodal transport operator.

Articie 31. "On Deck,'""Shipper's Load and Count," Name of Consignor

Unless otherwise stipulated in the Credit, banks will accept a transport document which:

I) does not indicate, in the case of carriage by sea or by more than one means of conveyance including carriage by sea, that the goods are or will be loaded on deck. Nevertheless, banks will accept a transport document which contains a provision that the goods may be carried on deck, provided that it does not specifically state that they are or will be loaded on deck, and/or

ii) bears a clause on the face thereof such as "shipper's load and count" or "said by shipper to contain" or words of similar effect, and/or

iii) indicates as the consignor of the goods a party other than the beneficiary of the Credit.

Article 32. Clean Transport Documents

a. A clean transport document is one which bears no clause or notation which expressly declares a defective condition of the goods and/or the packaging.

B. Banks will not accept transport documents bearing such clauses or notations unless the Credit expressly stipulates the clauses or notations which may be accepted.

C. Banks will regard a requirement in a Credit for a transport document to bear the clause "clean on board" as complied with if such transport document meets the requirements of this Article and of Articles 23, 24, 25, 26, 27, 28 or 30.

Article 33. Freight Payable/Prepaid Transport Documents

a. Unless otherwise stipulated in the Credit, or inconsistent with any of the documents presented under the Credit, banks will accept transport documents stating that freight or transportaion charges(hereafter referred to as "freight") have still to be paid.

B. If a Credit stipulates that the transport document has to indicate that freight has been paid or prepaid, banks will accept a transport document on which words clearly indicating payment or prepayment of freight appear by stamp or otherwise, or on which payment or prepayment of freight is indicated by other means. If the Credit requires courier charges to be paid or prepaid banks will also accept a transport document issued by a courier or expedited delivery service evidencing that courier charges are for the account of a party other than the consignee.

C. The words "freight prepayable" or "freight to be prepaid" or words of similar effect, if appearing on transport documents, will not be accepted as constituting evidence of the payment of freight. D. Banks will accept transport documents bearing reference by stamp or otherwise to costs additional to the freight, such as costs of, or disbursements incurred in connection with, loading, unloading or similar operations, unless the conditions of the credit specifically prohibit such reference.

Article 34. Insurance Documents

a. Insurance documents must appear on their face to be issued and signed by insurance companies or underwriters or their agents.

B. If the insurance document indicates that it has been issued in more than one original, all the originals must be presented unless otherwise authorised in the Credit.

C. Cover notes issued by brokers will not be accepted, unless specifically authorised in the Credit. D. Unless otherwise stipulated in the Credit, banks will accept an insurance certificate or a declaration under an open cover pre-signed by insurance companies or underwriters or their agents. If a Credit specifically calls for an insurance certificate or a declaration under an open cover, banks will accept, in lieu thereof, an insurance policy.

E. Unless otherwise stipulated in the Credit, or unless it appears from the insurance document that the cover is effective at the latest from the date of loading on board or dispatch or taking in charge of the goods, banks will not accept an insurance document which bears a date of issuance later than the date of loading on board or dispatch or taking in charge as indicated in such transport document.

F. I) Unless otherwise stipulated in the Credit, the insurance document must be expressed in the same currency as the Credit.

Ii) Unless otherwise stipulated in the Credit, the minimum amount for which the insurance document must indicate the insurance cover to have been effected is the CIF(cost, insurance and freight("named port of destination")) or CIP(carriage and insurance paid to("named place of destination")) value of the goods, as the case may be, plus 10%, but only when the CIF or CIP value can be determined from the documents on their face. Otherwise, banks will accept as such minimum amount 110% of the amount for which payment, accep- tance or negotiation is requested under the Credit, or 110% of the gross amount of the invoice, whichever is the greater.

Article 35. Type of Insurance Cover

a. Credits should stipulate the type of insurance required and, if any, the additional risks which are to be covered. Imprecise terms such as "usual risks" or "customary risks" shall not be used, if they are used, banks will accept insurance documents as presented, without responsibility for any risks not being covered.

B. Failing specific stipulations in the Credit, banks will accept insurance documents as presented, without responsibility for any risks not being covered.

C. Unless otherwise stipulated in the Credit, banks will accept an insurance document which indicates that the cover is subject to a franchise or on excess (deductible).

Article 36. All Risks Insurance Cover

There a Credit stipulates "insurance against all risks", banks will accept an insurance document which contains any "all risks" notation or clause, whether or not bearing the heading "all risks", even if the insurance document indicates that certain risks are excluded, without responsibility for any risk(s) not being covered.

Article 37. Commercial Invoices

a. Unless otherwise stipulated in the Credit, commercial invoices;

I) must appear on their face to be issued by the Beneficiary named in the Credit(except as provided in Article 48 ), and

ii) must be made out in the name of the Applicant(except as provided in sub-Article 48 (h) ), and

iii) need not be signed.

B. Unless otherwise stipulated in the Credit, banks may refuse commercial invoices issued for amounts in excess of the amount permitted by the Credit. Nevertheless, if a bank authorised to pay, incur a deferred payment undertaking, accept Draft(s), or negotiate under a Credit accepts such invoices, its decision will be binding upon all parties, provided that such bank has not paid, incurred a deferred payment undertaking, accepted Draft(s) or negotiated for an amount in excess of that permitted by the Credit.

C. The description of the goods in the commercial invoice must correspond with the description in the Credit. In all other documents, the goods may be described in general terms not inconsistent with the description of the goods in the Credit.

Article 38. Other Documents