Prepared by Saikrishnareddy CH Points to remember from ISBP:: 1. The terms of the credit should be independent of the underlying contract.

The appl and bene should be carefully consider what docs should be required and by whom they should be presented and also the time frame for presentation. 2. A credit should not require presentation of docs that are to be issued or countersigned by the applicant. 3. The use of generally accepted abbrs ltd instead of limited,Intl instead of international, Co. Instead of company, kgs or kos instead of kilos, ind instead of industry, mfr instead of manufacturer or mts or mt instead of metric tonns can be used. 4. Virgules (slash /) should not be used as a substitute for a word. 5. Corrections and alterations of info or data in docs, other than docs created by the bene must be authenicated by the party who issued the doc or by a party authorized by the issuer to do so. But the docs which have been legalized, visaed, certified appear to be authenicated by the party who legalized,visaed,certified. 6. Corrections issued by the bene except drafts,which have not been legalized, visaed,certified need not to be authenicated. 7. The use of multiple type styles, font sizes or handwriting in the same doc doesnt signify a correction or alteration. 8. When a doc contains more than one correction or alteration must be authenicated seperately or by linking. 9. All drafts,TRPT docs,Insurance docs and Certificate of origin must be dated. 10. Any doc including a certificate of analysis, inspection certificate and pre-shipment inspection certificate may be dated after the date of shipment. If the credit requires preshipment inspection certificate then it must be date on or before the date of shipment. 11. A doc indicating date of preparation and a later date of signing is deemed to be issued on the date of signing. 12. Phrases used to signify the time on eitherside of the date or event: with in two days after means period from date of event until 2 days after the event. not later than 2 days after doesnot indicate a period, it indicates only a latest date. at least 2 days before means thing must takes place not later than 2 days before the event.

Prepared by Saikrishnareddy CH within 2 days of indicates a period of 2 days before and after the event. When the term within is used, the date excludes from the calculation of the period. For ex: Let the date of shipment is Oct 1st with in two days after :: 1,2,3 not later than 2 days after:: 1,2,3 at least 2 days before:: 29,30,1 within 2 days of:: 29,30,1,2,3. 13. Dates may be expressed in different formats. 14. The following are the transport docs which donot comes under TRPT docs in UCP 600 (19-25) Delivery order Forwarders certificate of receipt Forwarders certificate of shipment Forwarders certificate of transport Forwarders cargo receipt Mate receipt 15. The UCP 600 TRPT rules apply only for the original TRPT docs and do not apply for the copies. 16. The following expressions should not be used as they are not defined in ucp600. If used the following meaning applies: shipping documents all docs( not only the TRPT docs ) except draft required by the credit. Stale documents acceptable docs presented later than 21 calender days after the date of shipment, but should not be presented after the expiry date of presentation as stated in the credit. third party documents acceptable all docs except Drafts but including invoice may be issued by a party other than bene. exporting country the country where bene is staying or the country of origin of the goods, or the counrty of the receipt by the carrier or the country from which shipment or dispatch is made. 17. If a credit states that a doc should be issued by a named person then it will be satisfied if the doc appears to be issued by a named person or entity by its letterhead or by signing on or behalf of the named person.

Prepared by Saikrishnareddy CH 18. It is expected that docs issued by the bene will be in the language of the credit. If credit states two or more languages are acceptable then the NB in its advice of the credit may limit the languages. 19. Simple mathematical calculations should be calculated by the banks. 20. A misspelling or typing error which donot changes the meaning of the word or sentence doesnt make a doc as discrepent. 21. The pages which are bound together, sequentially numbered or contain internal cross references will be treated as a single doc. If a sign or endorsement is required on a doc consisting more than one page it can be signed on first or last page of the doc. If there are morethan1 page without signbox, the sign can be made anywhere in the doc. If there is only 1 page with signbox, the sign can be made anywhere in the page. If there are morethan 1 page with signbox, the sign must be made in the box. 22. A doc issued in more than one original marked original, duplicate, triplicate, first original, second original, etc donot disqualify the meaning of original. 23. The no.of originals to be presented must be atleast the number stated in the credit or the number stated on the doc. 24. The words like invoice, one invoice, invoice in 1 copy will be satisfied by submitting a original invoice. 25. The words like invoice in 4 copies will be satisfied by submitting atleast one original and remaining number in copies. 26. The word one copy of invoice will be satisfied by presenting either copy or an original of an invoice. 27. If a credit requires a photocopy in place of an original then the presentaion of original will be treated as a discrepency. 28. If a credit specifies the details of a shipping mark the docs must show these details, additional marks are allowed only if they donot conflict with terms of credit. 29. If one doc shows additonal info and if others do not it is not a discrepency. 30. Even if not stated in the credit drafts,certificates and declarations must be signed. TRPT docs and insurance docs must be signed in accordance with the provisions of UCP 600. 31. If a doc has a signature box it doesnt means that it should be completed and if the content of the doc indicates that it requires a sign (eg: the doc is not valid until it is signed), it must be signed.

Prepared by Saikrishnareddy CH 32. A signature on a company letter head paper will be taken to be the signature of that company. The company name need not to be repeated next to the signature. 33. A doc may be titled as called for in the credit, bear a simialr title or untitled, the content of the doc must appear to fulfil the funtion of the required doc. 34. The docs listed in the credit should be presented as seperate docs. 35. While calculating the maturity date of the draft the tenor must be in accordance with the terms of the credit. 36. If a draft is drawn at a tenor other than sight, then it must be possible to calculate the maturity date from the data in the draft. 37. If a tenor refers XXX days after the BL date then the onboard date will be deemed to be the BL date even if it is prior to or later than issuance of BL. 38. If a BL is showing more than one onboard notation then latest of these will be taken for calculating the maturity date. 39. If there is morethan one set of BLs are presented under one draft then the date of the last BL will be used for calculation of maturity period. 40. Calculation of maturity dates for Drafts:: In case of Complying or non-complying and notice of refusal is not sent The marutity date do not changes and will be same days after the receipt of docs by drawee bank. Incase of non-complying and notice of refusal is sent within the tenor The date of acceptance of the draft must be no later than the date the ISB accepts the waiver of the appl. In all cases the drawee bank must advice the maturity date to the presenter. The above will also applies for credits avail by deffered payment. 41. In some countries a draft showing corrections/alterations will not be acceptable so ISBs in those countries must make a statement in the credit that corrections or alterations are not allowed. 42. If a credit requires invoice without any further info then invoices naming Commercial invoice, tax invoice, final invoice, consular invoice, customs invoice etc are acceptable. Where as invoices naming Provisional invoice and Proforma invoice are not allowed.

Prepared by Saikrishnareddy CH 43. If credit specifies that CO should be issed by bene/exporter/manufaturer, a CO issued by Chamber of Commerce is aceptable by clearly identifying the bene/exporter/shipper.