In respect of documentary credits, UCP 600 makes it clear that presentations must be in accodance with the terms and conditions of the dcumentary credit.
But what is a term? What is a condition? Are they separate or co-dependent?
Our take on this below:
- A condition is a term but a term is not necessarily a condition.
- Stating the ‘terms’ of a credit would be sufficient to cover everything.
- The doubling-up of words, ie terms and conditions, is a habit from long ago derived from contractual law.