(1993 Revision)

A. General Provisions and Definitions

1. Application of UCP

2. Meaning of Credit

3. Credits v Contracts

4. Documents v Goods/Services/Performances

5. Instructions to Issue/Amend Credits

B. Form and Notification of Credits

6. Revocable v. Irrevocable Credits

7. Advising Bank's Liability

8. Revocation of a Credit

9. Liability of Issuing and Confirming Banks

10 Types of Credit

11. Teletransmitted and Pre-Advised Credits

12. Incomplete or Unclear Instructions

C. Liabilities and Responsibilities

13. Standard for Examination of Documents

14. Discrepant Documents and Notice

15. Disclaimer on Effectiveness of Documents

16. Disclaimer on the Transmission of Messages

17. Force Majeure

18. Disclaimer for Acts of an Instructed Party

19. Bank-to-Bank Reimbursement Arrangements

D. Documents

20. Ambiguity as to the Issuers of Documents

21. Unspecified Issuers or Contents of Documents

22. Issuance Date of Documents v. Credit Date

23. Marine/Ocean Bill of Lading

24. Non-Negotiable Sea Waybill

25. Charter Party Bill of Lading

26. Multimodal Transport Document

27. Air Transport

28. Document Road, Rail or Inland Waterway Transport Documents

29. Courier and Post Receipts

30. Transport Documents Issued by Freight Forwarders

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

32. Clean Transport Documents

33. Freight Payable/Prepaid Transport Documents

34. Insurance Documents

35. Type of Insurance Cover

36. All Risks Insurance Cover

37. Commercial Invoices

38. Other Documents

E. Miscellaneous Provisions

39. Allowances in Credit Amount, Quantity and Unit Price

40. Partial Shipments/Drawings

41. Instalment Shipments/Drawings

42. Expiry Date and Place for Presentation of Documents

43. Limitation of the Expiry Date

44. Extension of Expiry Date

45. Hours of Presentation

46. General Expressions as to Dates for Shipment

47. Date Terminology for Periods of Shipment

F. Transferable Credit

48. Transferable Credit

G. Assignment of Proceeds

49. Assignment of Proceeds

A. GENERAL PROVISIONS AND DEFINITIONS

Article 1. Application of UCP

The Uniform Customs and Practice for Documentary Credits, 1993 Revision, ICC Publication No. 500, shall apply to all documentary Credits (including to the extent to which they may be applicable, Standby Letter(s) of Credit) where they are incorporated into the text of the Credit. They are binding on all parties thereto, unless otherwise expressly stipulated in the Credit.

Article 2. Meaning of Credit

For the purposes of these Articles, the expressions "Documentary Credit (s)" and "Standby Letter(s) of Credit" (hereinafter referred to as "Credit (s) "), rmean any arrangement, however named or described, whereby a bank(the "Issuing Bank") acting at the request and on the instructions of a customer (the "Applicant") or on its own behalf,

I) is to make a payment to or to the order of a third party(the "Beneficiary"), or is to accept and pay bills of exchange(Draft(s)) drawn by the Beneficiary, or

ii) authorises another bank to effect such payment, or to accept and pay such bills of exchange(Draft(s)), or

iii) authorises another bank to negotiate, against stipulated document(s), provided that the terms and conditions of the Credit are complied with. For the purposes of these Articles, branches of a bank in different countreis are considered another bank.

Article 3. Credits v. Contracts

a. Credits, by their nature, are separate transactions from the sales or other contract(s) on which they may be based and banks are in no way concerned with or bound by such contract(s), even if any reference whatsoever to such contract(s) is included in the Credit. Consequently, the undertaking of a bank to pay, accept and pay Draft(s) or negotiate and/or to fulfil any other obligation under the Credit, is not subject to claims or defences by the Applicant resulting from his relationships with the Issuing Bank or the Beneficiary.

B. A Beneficiary can in no case avail himself of the contractual relationships existing between the banks or between the Applicant and the Issuing Bank.

Article 4. Documents v. Goods/Services/Performances

In Credit operations all parties concerned deal with documents, and not with goods, services and/or other performances to which the documents may relate.

Article 5. Instructions to Issue/Amend Credits

a. Instructions for the issuance of a Credit, the Credit itself, instructions for an amendment thereto, and the amendment itself, must be complete and precise. In order to guard against confusion and misunderstanding, banks should discourage any attempt

I) to include excessive detail in the Credit or in any amendment thereto;

ii) to give instructions to issue, advise or confirm a Credit by reference to a Credit previously issued (similar Credit) where such previous Credit has been subject to accepted amendment(s), and/or unaccepted amendment(s),