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What is the aim of a commercial
document when included within a documentary credit? It is varied but perhaps
can be summarised as a document that evidences compliance with the various
terms and conditions of a credit such as identification of goods, packing and
weight requirements, inspection stipulations, etc...
Is UCP working?
Global statistics differ but it
is estimated that the percentage of documents refused on first presentation under
a letter of credit ranges between 65-80%...
An insurance document is one of
the most important documents to be presented under a documentary credit...
Whenever a documentary credit
is issued covering a shipment or dispatch of goods, a form of transport
document will be required to evidence the occurrence of that event...
What is 'international standard banking practice'?
UCP 500, article 13, saw the
first reference to a sub-heading in UCP described as 'Standard for Examination
Trade documents have existed
ever since the written word was first introduced, and ‘documents' in the form
of clay tablets have been recovered that date back many thousands of years...
Poorly prepared documents can
have a severe detrimental impact on a transaction, leading (at best) to delays
Reasonable care: does it still exist?
UCP 82, article 10, contained a
very simple rule regarding the examination of documents - 'Banks must examine
all documents and papers with care so as to ascertain that on their face
they appear to be in order...
There are occasions when
neither an ICC opinion nor DOCDEX will solve a problem...