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V

NACIONES UNIDAS

ASAMBLEA"3ENERAL

Distr.GENERAJ...

A/CN.9/l0l28 febrero 1975ESPAÑOLORIGINAL: FRANCEs/mGLES

COMISION DE LAS NACIONES UNIDAS PARA ELDERECHO MERCANTIL INTERNACIONAL

Octavo período de sesionesGinebra, l~ de abril de 1975

PAGOS INTERI~C¡ONALES

CREDITOS MERCA..TlITlLES BANCARIOS; GARANTIAS BANCARIAS

Nota del Secretario General

l. CREDITOS MERCANTILES BANCARIOS

1. Este tema se refiere a la revisión realizada por la Cám8.ra de ComercioInternacional (CCI) de los "Usos y Prácticas Uniformes en Materia de CréditosDocumentarios", elaboradas por la CCI en 1933 y subsiguientemente revisadas pordicha Céoora en 1951 y 1962. 1n anter ior ea períodos de sesiones 1/, la Comisiónsubray6 la importancia de las cartas de crédito comerciales para asegurar el pagode las transacciones comerciales internacionales y expresó la opinión de que sería

1/ Documentos Oficiales de la Asamblea Gene:r.·al vigésimo tercer período desesiones, Suplemento No. 16 (AI7216), párrs. 23 y 28 (Anuario de la Comisión de lasNaciones Unidas ara el Derecho Mercanti.l InternacionaL Vo1un:.en 1: 1968-1970,Publicación de las Naciones Unidas, No. de venta: s.7i.v.l, Segunda Parte cap. 1);ibid., vigésimo cuarto período de sesiones, Suplemento No. 18 (A/7618), párrs. 90a 95 (Anuario de la Comisión de las Naciones Unidas para el Derecho MercantilInternacional, Volumen I: 1968-1970, Segunda Parte~-cap:'-IIT; ibid., Vigts:i~

quinto periodo de sesiones, Suplemento No. 17 (A/8017), párrs. 119 a 126 Anuariode la Comisión de las Naciones Unidas para el Derecho Mercantil Inter~cional,Volumen 1: 1968-1970, Segunda Parte ~-cap:--fIIT;---ibid-:-~ vig~simo sexto período desesiones, Suplemento No. 17 (A/8417), párrs. 36 a~(Anuario de la Comisi6n de lasNaciones Unidas para el Derecho Mercantil Internacional, Volumen Ir: 1971(Publicación de las r~aciones Unidas, No. de venta: S. 72.V.4), Primera Parte,cap. 11, A); e ibid., vigésimo séntimo período de sesiones Su lemento No. 17(A/8717), párrs:-65 y 66 Anue,rio de la Comisión de~ Ans Na.ciones Unidas para t~lDerecho Mercantil Internacional, Volumen !II: 1972 [Publicación de las NacionesUnidas, No. de venta: S.73.V.6), Primera Parte, cap. II.

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conveniente para el comercio internacional que, durante su tarea de revisión, lacer tuviera en cuenta los puntos de vista de los países no representados en ella.En consecuencia, la Comisión, en su tercer período de sesiones, solicitó alSecretario General que invitase a los gobiernos y a las instituciones bancarias ymercantiles interesadas a que le comunicaran, a fin de transmitirlas a la Ce!, susobservaciones sobre el funcionamiento de los "Usos y Practicas Uniformes en Materiade Cr~ditos Documentados"; a fin de que la cer pudiera tener en cuenta estas obser­vaciones o Se recibieron 42 respuestas procedentes de gobiernos y 9 de institu­ciones bancarias y mercantiles, respuestas que fueron transmitidas a la CC! parasu examen.

2" En su s~ptimo período de sesiones, la Comisi6n invitó a. la CCl "a que le trans·,mita el texto revisado de loa "Usos y Prácticas Uniformes en Materia de CreditosDocumenta.rios" una vez 10 haya aprobado" '2/. En carta de fecha 21 de febrero de1975, el Secretario General de la CC! trañsmitio el texto revisado de los "UsosUniformes", que fue aprobado por la Comisión sobre Tecnicas y Practicas Bancariasde la CCl el 14 de octubre de 1974, y por el Comite Ejecutivo de la CCI en su102a. reunión, celebrada el 3 de diciembre de 19740

3. Las observaciones de la CC! acerca de sus trabajos referentes a los "UsosUniformes" figuran en el Anexo 1 a la presente nota. El texto de los "Usos yPracticas Uniformes en !viateria de Créditos Documentaríos (1974)" figura. ene1anexo 11 1/.

4. En la decisión adoptada en su séptimo período de sesiones, la Comisi6n babíapedido también al Secretario General que "prepare un análisis de las observacionesrecibidas con respecto a los "Usos y Prácticas Uniformes en Materia. de CréditosDocumentarios" y lo presente a la Comisi6n en su octavo período de sesiones". Elanálisis de estas observaciones figura en el documento A/CN.9/l01/Add.1.

11. GARANTIAS BANCARIAS

5. En su séptimo período de sesiones, la Comisión tomó nota de los progr-esos rea­lizados por la CCI en la preparación de reglas uniformes sobre las garantías con­bractuales y de pagos 4/. Asimismo, la Comisi6n pidi6 a. su Grupo de Estudio sobrePag,?s Internacionales,-integrado por expertos facilitados por organizaciones inter­nacJ.onales e instituciones bancaria.s y mercantiles interesadas, que, junto con repre­sentantes de la CCI, examdnaz-a los trabajos de la Cámara. referentes a las garantías'oancer íaa y que invitase a los representa.ntes en la Comisi6n que se interes.,'U'an alas reuniones convocada.s a este efecto.

2/ Informe de la Comisi6n de las Naciones Unidas para el Derecho MercantilInternacional sobre la labor realizada en su séptimo período de sesiones (1974)Documento.s Oficiales de la Asamblea General, vigésimo noveno p~rí:odo de sesiones,Suplemento No. 17 {A/96l7}, párr. 35.

3/ El texto de los "Usos Uniformes" se reproduce solamente en las versionesoriginales, esto es ,francés e ingl(;s.

4/ !bid., párr. 37.

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A/cN.9/101EspaflolPágina 3

6. La Secret.aría celebro conSl'ütfl.s con representantes de la CCI acerca de proce­dimientos y métodos de trabajo adecuados que permitirían una colaboraci6n másestrecha. entre, por una parte, re¡renentantes de la. Comisión y de la Secretaría dela misma y, por la otra., la.s comisiones competentes de la. CCI. Se espera que enbreve se acuerden métodos de 1:.1"aoo.1o adecuados. En el curso de estas consul.taa ,que se celebraron en una. reunión del ~"'U·oo de Estudio sobre Pagos Internaciona.1esde la CNUDMI, en octubre de 1971+, otre.s ~rga.niza.ciones internacionales represen­tadas en esa reuni6n expresaron su inter~s en la. cuesti6n de las garantias bo.ncerias.Por lo tanto, se procurará coordinar en el Grupo de Estudio de la CNUDMI la. laborque, en la actualide.d, se efectúa en diversos niveles. Oportunamente, se presentaráa la Comisión un informe acerca de los progresos realizados a este respecto.

7. En el Anexo I a la presente Nota, figura,n las observaciones de la. CCI en rela­ci6n con sus traba.jos referentes a las garantías contractuales y de pagos •

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A/CN.9/l0lEspañolAnexo 1Página 1

AlIEXO I

PAGOS IN'1'ERNAC::;:ONALES

Nota presentada por la Cámara de Comercio Internacional a la Comisión de lasNaciones Unidas para el Desarrollo Mercantil Internacional (C~nJDI{[) en su octavoperíodo de sesiones.

Conforme al deseo formulado por la Comisión de las Naciones Unidas para elDerecho Mercantil Internacional en su séptimo período de sesiones la Cámara. deComercio Internacional se complace en comunicarle el texto revisado de los usosy reglas uní rormes relativos a los créditos documentarlos Y en presentar uninforme sobre la marcha de sus trabajos sobre las garantfas contractuales Y depagos.

l. REVISlON DE LOS USOS Y REGLAS UNn....ORI-mS RELATIVOS A LOSCREDlTOS DOCUl1EWfARIOS

1. La Cámara de Comercio Internacional está actualmente en condiciones de comu­nicar a la Comisión de las Naciones Unid~q para el Derecho Mercantil Internacional(CNUDMI) ~ el texto revisado de los usos y reglas urri formes relativos a los créditosdocumentarios ~ que el Comité Ejecutivo de la CCl aprobó el 3 de diciembre de 1974.Como ya se indicaba en la nota presentada por la. CCl a la CNUDMI en su séptimoperíodo de sesiones~ este texto revisado se ha elaborado a partir de las observa­ciones provenientes no sólo de los comités nacionales de la Cel, sino también,p~r conducto de las Naciones Unidas ~ de países no representados en la CCl y de lascamaras de comercio de los países socialistas, por conducto del Grupo de Trabajoad hoc sobre técnica. bancaria del Comité de Enlace de la CCl con las cámaras decomercio de los países socialistas •

2. El texto revisado que se adjunta a la presente nota se aplicará a los créditosdocunentarios librados a partir del l<? de octubre de 1975, inclusive esa fecha.Las modalidades prácticas de aplicación en el tiempo aparecen definidas en eldocumento No. 4'70/251 que aparece también como anexo Y que tiene igualmente porobjeto señalar a la atención de las partes mercantiles en los créditos documenta­rios los cambios que introduce el texto autorizado con relaci6n al texto de 1962.

3. Estos cambios pertenecen esencialmente a dos categorías distintas. Unostienen por objeto disipar los malentendidos ocasionados por la interpretaci6n deltexto de 1962 y están destinados a precisar las soluciones ya existentes o a clari­ficar el alcance de las mismas. Los ot:n.l? refTejan la evolución que ha experimen­tado la práctica bancaria, mer-centri.L y de los transportes, a consecuencia de laaparici6n de los contenedores y de otras formas modernas de desplazamiento de lasmercancías ~ así como el· recurso cada vez más frecuente a las computadoras en latransmisi6n de datos.

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4. Cuando la CCl emprendió la revisión de 1962 de sus usos y reglas uniformesrelativos a los créditos documentarios, los bancos de 175 países y territoriosaplicaban ese texto. La cooperación de la CNUDMI ha permitido que la CCl efectuaseesta revisi6n a escala mundial y, a este respecto, la CCI quiere expresar a LaCNUDMI su más sincero agradecimiento.

11. GARANTIAS CONTRACTUALES Y GARANTlAS DE PAGOS

1. Como se mencionaba en la nota presentada por la Cámara de Comercio Intf:cnacion?Ja la CNUDMI en su séptimo período de sesiones (Doc. No. 460/l65-470/2hl), elproyecto de reglas uniformes relativas a las garantías contractuales que prepara.la CCI tiende principalmente a establecer un equilibrio justo entre los intereses ade las tres partes en las garantías, o sea el librador, el beneficiario Y el ..,garante, de conformidad con la misión confiada a la CCl por la CNUDMI. Además ,en el séptimo período de sesiones de la CNUDMI se subrayó la necesidad de asegurarla existencia de este equilibrio just.o (A/CN.9/VII/CRP.l/Add.l, párr. 7 ano

2. La Comisión de Prácticas Comerciales Internacionales y la Comisión de Técnicay Práctica Bancaria de la CCI, que constituyeron un grupo de trabajo mixto, hicieronhincapié, en una reunión conjunta celebrada el 29 de marzo de 1974, en que eraesencial la formulación de modalidades de realización de las garantías que fuerana la vez justas y utilizables en la práctica, 10 que permitiría el equilibriodeseado. Las directrices que estas comisiones dieron a su grupo de trabajo mixto,fueron comunicadas a la CNUDMI en el documento No. 460/l65j¡'rO /241. Sobre estabase, el grupo de trabajo mixto formuló dos nuevas propuestas que las dos Comisionesexaminaron en otoño de 1974. Sin embargo, ninguna de ambas comisiones pudo hacersuyas totalmente estas propuestas y, por lo tanto, deberán continuarse los trabajos.

3. A este respecto, la ccr quiere poner de relieve que en esta esfera, al igualque en la de los créditos documentarios, se benefició no s6lo de las observacionesformuladas por sus comités nacionales, sino también de una encuesta realizada por •las Naciones Unidas, que le permitió conocer la práctica de los países no repre­sentados en el seno de la CCl, así como los comentarios de las cámaras de comerciode los países socialistas, por conducto del Grupo de Trabajo ad hoc sobre técnicabancaria del Comité de Enlace de la ccr con esas cámaras. La CCl atribuye máximadmpor-t.snc í a a la continuación de su colaboración con la CNUDMl por lo que se refierea las ¿;arantias contractuales, especialmente, a fin de recoger las opiniones delos beneficiarios de las garantías que no están representados en la cer.

4. En la nota presentada por la CCI a la CNUDMI en su séptimo período de sesiones(Doc. 460/165-470/241) se trazaron los límites dentro de los cuales podría reali­zarse una unificación de las garantías de pagos. En ef'ecto, en esta nota se desta­caba el hecho de que, aparte de las garantías dadas respecto de la realización deun crédito documentario, la diversidad de la naturaleza de las garantías dadasrespecto de otras obligaciones de pagos dificultaba considerablemente la labor deunificación. Sin embargo, la cuestión merece un estudio cuidadoso y la colaboraciónde la CNUDMI a este respecto, resulta sumamente valiosa para la CCl.

a/ Documentosses íones, Suplemento

General vi ésimo noveno eríodo de

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A/CN.9/l0lEspañolAnexo 1Página 3

CONCLUSIONES

Las relaciones de estrecha cooperación que unen a la Cámara de ComercioInternacion~l con la Comisión de las Naciones Unidas pa~a el Derecho MercantilInternacional., por lo que se refiere a la. normalización de las prácticas comer­ciales y bancarias, han sido sumamente fructíferas, como lo atestigua la revisiónde 1974 de los usos y reglas uniformes relativos a los créditos documentarios.La. Cel re&.firma el valor que atribu,ye a esta cooperación y expresa sus deseos deque se intensifique para beneficio de l&s personas que participan en el comerciointernacional •

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A/CN.9/101Annex IIPage 1

ANNEX II

UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS (1974)

GENERAL PROVISIONS AND DEFINITIONS

(a) These provisions and definitions and the following articles apply to alldocumentaxy credits and are binding upon all parties thereto unless otherwiseexpressly agreed.

(b) For t.he purposes o f such p rovas i.ons , defini tions and articles the expressions"documerrtary credí tif s }" and "credí tf a }" used therein mean any arrangement, howevernamed or described, whereby a bank (the issuing bank ) , acting at the request andin accordance with the instructions of a customer (the applicant for the credi t ) ,

(i) is to make payment to or to the order of a third party (the bene rí.cí ary ) ,or is to pay, accept or negotiate b i Ll.s of exchange (drafts) drawn bythe beneficiaxy, or

(ii) authorizes such payments to be made or such drafts to be paid, acceptedor negotiated by another bank ,

against stipulated documents, provided that the terms and condi tions of the creditare complied wi th •

(c) Credits, by their nature, are separate transactions from the sales orother contracts on which they may be based and banks are in no way concerned withor bound by such contracts.

( a) Credi t instructions and the credi ts themselves must be complete andprecise.

• In order to guard against confusion and misunderstanding, issuing banks shoulddiscourage any attempt by the applicant for the credi t to include excessive detail.

(e) The bank first entitled to exercise the option available underarticle 32 (b) shall be the bank authorized to pay, accept or negotiate under acredit. The decision of such bank shall bind all parties concerned.

A bank is authorized to pay or accept under a credi t by being specificallynominated in the credit.

A bank is authorized to negotiate under a credit either

(i) by being specifically nominated in the credit, or

(ii) by the credit being freely negotiable by any bank.

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(f) A beneficiary can in no case avail himself of the contractual relationshipsexisting between banks or between the applicant for the credit and the issuingbank.

A. FORM AND NOTIFICATION OF CREDITS

Article l

(a) Credits may be either

(i) revocable, or

(ii) irrevocable.

(b) AlI credits, therefore, should clearly indicate whether they arerevocable or irrevocable.

(c) In the absence of such indication the credit shall be deemed to berevocable.

Article 2

A revocable credi t may be amended or cancelled at any moment without priornotice to the beneficiary. However, the issuing bank is bound to reimburse abranch or other bank to which such a credit has been transmitted and made availablefor payment, acceptance or negotiation, for any payment, acceptance or negotiationcomplying wi th the terms and condi tions of the credi t and any amendments receivedup to the time of payment, acceptance or negotiation made by such branch or otherbank prior to receipt by i t of notice of amendment or of cancellation.

Article 3

(a) An irrevocable credit constitutes a definite undertaking of the issuingbank, provided that the terms and conditions of the credit are complied with:

(i) to pay, or that payment will be made , i f the credi t provides for payment,whether against a draft or not;

(ii) to accept drafts if the credit provides for acceptance by the issuingbank or to be responsible for their acceptance and payment at maturityif the credi t provides for the acceptance of drafts drawn on theapplicant for the credit or any other drawee specified in the credit;

(iii) to purchase/negotiate, without recourse to drawers and/or bona fideholders, drafts drawn by the beneficiary, at sigbt or at a tenor, on theapplicant for the credi t or on any other drawee specified in the credi tor to provide for purchase/negotiation by another bank, if the credi tprovides for purchase/negotiation.

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A/CN.9/l0lAnnex IIPage 3

(b) An irrevocable credit may be advised to a beneficia:ry through anotherbank (the advising bank ) without engagement on the part of that bank, but when anissuing bank authorizes or requests another bank to confirm its irrevocable creditand the latter does so, such confirmation constitutes a definite undertaking of theconfirming bank in addi tion to the undertaking of the issuing bank, provided thatthe terms and condi tions of the creditare complied wi th :

(i) to pay, if the credit is payable at its own counters, whether againsta draft or not, or that payment will be made if the credi t provides forpayment elsewhere;

(ii)

(iii)

(c)agreementeffective

Article 4

to accept drafts if the credit provides for acceptance by the confirmingbank, at its own counters, or to be responsible for their acceptanceand payment at maturi ty if the credi t provides for the acceptance ofdrafts drawn on the applicant for the credit or any other draweespeci fied in the credit;

to purchase/negotiate, without recourse to drawers and/or bona fideholders, drafts drawn by the beneficia:ry, at sight or at a tenor, on theissuing bank, or on the applicant for the credit or on any other draweespecified in the credit, if the credit provides for purchase/negotiation.

Such undertakings can neither be amended nor cancelled without theof all parties thereto. Partial acceptance of amendments is notwithout the agreement of all parties thereto.

•(a) When an issuing bank instructs a bank by cable, telegram or telex to

advise a credit, and intends themail confirmation to be the operative creditinstrument, the cable, telegram or telex must state that the credit will only beeffective on receipt of such mail confirmation. In this event, the issuing bankmust send the operative credi t instrument (maí.L confirmation) and any subsequentamendments to the credit to the beneficia:ry through the advising bank.

(b) The issuing bank will be responsible for any consequences arising fromi ts failure to follow the procedure set out in the preceding paragraph.

(c ) Unless a cable, telegram or telex states "details to follow" (or wordsof similar effect), or states that themail confirmation is to be the operativecredi t instrument, the cable, telegram or telex will be deemed to be the operativecredit instrument and the issuing bank need not send themail confirmation to theadvising bank.

Article 5

When a bank is instructed by cable, telegram or telex to issue, confirm oradvise a credit similar in terms to one previously established and which has beenthe subject of amendments, it shall be understood that the details of the credit

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A/cN.9/1ülAnnex IrPage 4

being issued, confirmed or advised will be transmitted to the beneficiary excludingthe amendments, unless the instructions specifY clearly any amendments which areto apply.

Article 6

If incomplete or unclear instructions are received to issue, confirm oradvise a credi t , the bank requested to act on such instructions may give preliminarynotification of the credit to the beneficiary for information only and withoutresponsibility; in this event the credit will be issued, confirmed or advised onlywhen the necessary information has been received.

B. LIABILITIES AND RESPONSIBILITIES

Article 7

Banks must examine all documents wi th reasonable care to ascertain that theyappear on their face to be in accordance wi th the terms and condi tions of thecredit. Documents which appear on their face to be inconsistent with one anotherwill be considered as not appearing on their face to be in accordance with theterms and condi tion of the credit.

Article 8

(a) In documentary credi t operations 811 parties concerned de al, in documentsand not in goo ds ,

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(b) Payment, acceptance or negotiation against documents which appear on theirface to be in accordance wi th the terms and condi tions of a credit by a bankauthorized to do so, binds the party gi ving the authorization to take up thedocuments and reimburse the bank which has effected the payment, acceptance •or negotiation.

(c) If, upon receipt of the documents, the issuing bank considers that theyappear on their face not to be in accordance with the terms and conditions of thecredit, that bank must determine, on the basis of the documents alone, whether toclaim that payment, acceptance or negotiation was not effected in accordance wi ththe terms and conditions of the credi t .

(d) The issuing bank shall have a reasonable time to examine the documentsand to determine as aboye whether to make such a claim.

(e) If such claim is to be made, notice to that effect, stating the reasonstherefor, must, wi thout delay, be gi ven by cable or other expedi tious means to thebank from which the documents have been received (the remitting bank ) and suchnotice must state that the documents are being held at the disposal of such bankor are being returned thereto.

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(r) If the issuing bank faíls to hold the documents at the disposal of theremitting b ank , or fails to return the documents to such bank , the issuing bankshall be precluded from claíming that the relative paymerrt , acceptance ornegotiation was not effected in accordance with the terms and conditions of thecredit.

(g) If the remitting bank draws the attention of the issuing bank to anyirregularities in the documents or advises such bank that it has paid~ accepted ornegotiated under reserve or against a guarantee in respect of such irregularities ~

the issuing bank shall not thereby be relieved from any of i ts obligations underthis article. Such guarantee or reserve concerns only the relations between theremitting bank and the beneficiary.

Article 9

Banks assume no liability or responsibility for the fo rm , s urf'í cfency , accuracy ,genuineness ~ falsification or legal effect of any documents ~ or for the generaland/or particular conditions stipulated in the documents or superimposed thereon;nor do they assume any liability or responsibility for the description, quantity,weight, quali ty, condition, packing, delivery, value or existence of the goodsrepresented thereby, or for the good faí th or acts and/or omissions, solvency,performance or standing of the consignor, the carriers or the insurers of thegoods or any other person whomsoever.

Article 10

Banks assume no liability or responsibility for the consequences arisingout of delay and/or loss in transit of any messages, letters or documents, or fordelay, mutilation or other errors arising in the transmission of cables, telegramsor telex. Banks assume no liability or responsibility for errors in translationor interpretation of technical terms, and reserve the right to transmi t credi tterms wi thout translating them .

Article 11

Banks assume no liabili ty or responsibili ty for consequences arising out o f theinterruption of their business by Acts of God~ riots, civil commotions,insurrections, wars or any other causes beyond their control or by any strikes orlock-outs. Unless specifically authorized, banks will not effect payment,acceptance or negotiation after expiration under credits expiring during suchinterruption of business.

Article 12

(a) Banks utilizing the services of another bank for the purpose oí' givingeffect to the instructions of the applicant for the credi t do so for the accountand at the risk of the latter.

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A/CN.9/101Annex IIPage 6

(b) Banks assume no liability or responsibility should the instructions theytransmit not be carried out, even if they have themselves taken the initiativein the choice of such other bank ,

(c ) The applicant for the credit shall be bound by and liable to indemnif.ythe banks against all obligations and responsibili ties imposed by foreign lawsand usages.

Artide 13

A paying or negotiating bank which has been authorized to claim reimbursem.entfrom a third bank nominated by the issuing bank and which has effected such paymentor negotiation shall not be required to confirm to the third bank that i t has doneso in accordance wi th the terms and condi tions of the credi t •

C. DOCUMENTS

Article 14

(a) All instructions to issue, confirm or advise a credit must stateprecisely the documents against which payment, acceptance or negotiation is tobe made.

(b) Terms such as "first class", "well known ¡¡, "qual.Lñí ed" and the likeshall not be used to describe the issuers of any documents called for undercredits and if they are incorporated in the credit terms banks will acceptdocuments as tendered.

C.1 DOCUMENTS EVIDENCING SHIPMENT OR DISPATCH OR TAKING IN CHARGE (SHIPPINGDOCUMENTS)

Article 15

Except as stated in artic1e 20, the date of the bill of Ladíng , or the dateof any other document evidencing shipment or dispatch or taking in charge, or thedate indicated in the reception stamp or by notation on any such document, wi11be taken in each case to be the date of shipment or dispatch or taking in chargeof the goods.

Artic1e 16

(a) If words c1early indicating payment or prepaymerrt of freight, howevernamed or described, appear by stamp or otherwise on documents evidencing shipmentor dispatch or taking in charge they wi11 be accepted as consti tuting evidenceof payment of freight.

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A/CN.9/101Annex IrPage 7

(b) If the words lifreight pre-pa¡yable" or "freight to be prepaí d" or wordsof similar effect appear by stamp or otherwise on such documents they will not beaccepted as constituting evidence of the payment of freight.

(c) Unless otherwise specified in the credi t or inconsistent wi th any of thedocuments presented under the credí t , banks will accept documents stating thatfreight or transportation charges are payable on delivery.

(d) Banks will accept shipping documents bearing reference by stamp orotherwise to costs additional to the freight charges, such as costs of, ordisbursements incurred in connexion wi tih , Loadí.ng , unloading or similar opez-atdons ,unlessthe condi tions of the credi t specifically prohibit such reference.

Article 17

Shipping documents which bear a clause on the face thereof such as "shipper 'sload and count" or "said by shipper to contain" or words of similar e f'f'e c't , willbe accepted unless otherwise specified in the credit.

Article 18

(a) A clean shipping document is one which bears no superimposed clauseor notation which expressly declares a defective condition of the goods and/orthepackag~ng.

(b) Banks will refuse shipping documents bearing such clauses or notationsunless the credit expressly states the clauses or notations which may be accepted.

C.l.l MARINE BILLS OF LADING

Article 19

(a) Unless specifically authorized in the credí t , b í.Ll,s of lading of thefollowing nature will be rejected:

(i) Bí.Ll.s of lading issued by forwarding agents.

(H) BilIs of lading which are issued under and are subject to the condi tionsof a Charter-Party.

(Hi) B'í Ll,s of lading covering shipment by sailing vessels.

(b) Howeve r , subject to the aboye and unless otherwise specified in thecredit, bilIs of lading of the following nature will be accepted:

(L) "Through " bills of lading Lss ued by shipping companies or their agentseven though they cover several modes of transport.

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(ii) Short form bilIs of lading (Le. bilIs of lading issued by shippingcompanies or their agents which indicate some or all of the condi tions ofcar¡~iage by reference to a source or document other than the billof ¡ading).

(iii) BilIs of lading issued by shipping companies or their agents coveringunitized cargoes, such as those on pallets or in containers.

Article 20

(a) Unless otherwise speci fied in the credit, bilIs of lading must showthat the goods are loaded on board a named vessel or shipped on a named vessel.

(b) Loading on board a named vessel or shipment on a named vessel may beevidenced either by a bill of lading bearing wording indicating loading on board •a named vessel or shipment on a named vessel, or by means of a notation to thateffect on the bill of lading signed or initialled and dated by the carrier or hisagent, and the date of this notation shall be regarded as the date of loading onboard the named vessel or shipment on the named vessel.

Article 21

(a) Unless transhipment is prohibited by the terms of the credit, bilIsof lading will be accepted which indicate that the goods will be transhippedenroute, provided the entire voyage is covered by one and the same bill of lading.

(b) BilIs of lading incorporating printed clauses stating that the carriershave the right to tranship will be accepted notwi thstanding the fact that thecredit prohibits ·cranshipment.

Article 22

(a) Banks will refuse a bill of lading stating that the goods are loaded on •deck, unless specifically authorized in the credit.

(b) Banks will not refuse a bill of lading which contains a provision thatthe goods may be carried on deck, provided it does not specifically state thatthey are loaded on de ck ,

C.l.2. COMBINED TRANSPORT DOCUMENTS

Article 23

(a) If the credit calls for a combined transport document, i.e. one whichprovides for a combined transport by at least two di fferent modes of transport, froma place at which the goods are taken in charge to a place designated for delivery,or i f the credi t provi des for a combined transport, but in either case does notspecify the form of document required and/or the issuer of such document, bankswill accept such documents as tendered.

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(b) If the combined transport includes transport by sea t.he document willbe accepted although i t does not indicate that the goods are on board a namedvessel, and although i t contains a provision that the goods, if packed in acontainer, may be carried on deck, p roví de d i t does not specifically state that theyare loaded on de ck ,

C.l.3. OTHER SHIPPING DOCUMENTS, ETC.

Article 24

Banks will consider a Railway or Inland Waterway Bill of Lading orConsignment Note, Counterfoil WaybilJ" Postal Receipt, Certificate oí' Mailing,Air Mail Receipt, Air Waybill, Air Consignment Note or Air Receipt, TruckingCompany Bill of Lading or any other similar document as regular when such documentbears the reception stamp of the carrier or his agent, or when it bears asignature purporting to be that of the carrier or his agent.

Article 25

Where a credit calls for an attestation or certification of weight in thecase of transport other than by sea, banks will accept a weight stamp ordeclaration of weight superimposed by the carrier on the shipping document unlessthe credit calls for a separate or independent certicate of weight.

C.2. INSURfu."ifCE DOCUMENTS

Article 26

(a) Insurance documents must be as specified in the credit, and must beissued and/or signed by insurance companies or their agents or by underwri ters.

(b) Cover notes issued by brokers will not be accepted, unless specifieallyauthori zed in the eredit .

Article 27

Unless otherwise specified in the credi t, or unless the insurancedocumentspresented establish that the cover is effective at the latest from the date ofshipment or dispatch or , in the case of combined transport, the date oí' taking thegoods in charge, banks will ref'use insurance documents presented which bear adate later than the date of shipment or dispatch or, in the case of eombinedtransport, the date of taking the goods in charge, as evidenced by the shippingdocuments.

Article 28 (26)

(a) Unless otherwise specified in the credit, the insurance document must beexpressed in the s ame currency as the credit .

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(b) The ~.n1mum amount for which insurance must be effected is the CIF valueof the goods concerned. However, when the CIF value of the goods cannot bedetermined from the documents on their face, banks will accept as such minimumamount the amount of the drawing under the credit or the amount of the relativecommercial invoice, whichever is the greater.

Article 29

(a) Credits should expressly state the type of insurance required and, ifany, the additional risks which are to be covered. Imprecise terms such as"usual risks" or "customary risks" should not be used; however, if such impreciseterms are used, banks will accept insurance documents as tendered.

(b) Failing specific instructions, banks will accept insurance cover astendered.

Article 30

Where a credit stipulates "insurance against all risks li, banks will accept

an insurance document which contains any "all risks" notation or clause, and willassume no responsibility if any particular risk is not covered.

Article 31

Banks will accept an insurance document which indicates that the cover issubject to a franchise or an excess (deductible), unless it is specifically statedin the credit that the insurance must be issued irrespective of percentage.

C.3. COMMERCIAL INVOICES

Article 32

(a) Unless otherwise specified in the credit, commercial invoices must bemade out in the name of the applicant for the credit.

(b) Unless otherwise specified in the credit, banks may refuse commercialinvoices issued for amounts in excess of the amount permitted by the credit.

(c) The description of the goods in the commercial invoice must correspondwith the description in the credit. In all other documents the goods may bedescribed in general terms not inconsistent with the description of the goods inthe credit.

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C.4• OTHER DOCUMENTS

Article 33

When other documents are required, such as Warehouse Receipts, Delivery Orders,Consular Invoices, Certificates of Origin, of Weight, of Quality or of Analysis, etc.and when no further definition is given, banks will accept such documents astendered.

D. MISCELLANEOUS PROVISIONS

QUANTITY AND AMOUNT

• Article 34

(a) The words "about ll, "circa" or similar expressions used in connexionwith

the amount of the credit or the quantity or the unit price of the goods are tobe construed as allowing a difference not to exceed 10 per cent more or10 per cent less.

(b) Unless a credit stipulates that the quantity of the goods specified mustnot be exceeded or reduced a tolerance of 3 per cent more or 3 per cent less willbe permissible, always provided that the total amount of the drawings does notexceed the amount of the credit. This tolerance does not apply when the creditspecifies quantity in terms of a stated number of packing units or individual items.

PARTIAL SHIPMENTS

•Article 35

(a) Partial shipments are allowed, unless the credit specifically statesotherwise.

(b) Shipments made on the same ship and for the same voyage, even if theBilIs of Lading evidencing shipment "on board" bear different dates and/or indicatedifferent ports of shipment, will not be regarded as partial shipments.

Article 36

If shipment by instalments within given periods is stipulated and anyinstalment is not shipped within the period allowed for that instalment, thecredit ceases to be available for that or any subsequent instalments, unlessotherwise specified in the credit.

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EXPIRY DATE

Article 37

All credits, whether revocable or irrevocable, must stipulate an expiry datefor presentation of documents for payment, acceptance or negotiation,notwithstanding the stipulation of a latest date for shipment.

Article 38

The words "to", "until", ¡¡till" and words of similar import applying to thestipulated expiry date for presentation of documents for payment, acceptance ornegotiation, or to the stipulated latest date for shipment, will be understoodto include the date mentioned.

Article39

(a) When the stipulated expiry date falls on a day on which banks are closedfor reasons other than those mentioned in article 11, the expiry date will beextended until the first following business day.

(b) The latest date for shipment shall not be extended by reason of theextension of the expiry date in accordance with this article. Where the creditstipulates a latest date for shipment, shipping documents dated later than suchstipulated date will not be accepted. If no latest date for shipment is stipulatedin the credit, shipping documents dated later than the expiry date stipulated inthe credit or amendments thereto will not be accepted. Documents other than theshipping documents may, however, be dated up to and including the extended expirydate.

(c) Banks paying, accepting or negotiating on such extended expiry date mustadd to the documents their certification in the following wording:

¡¡Presented for payment (or acceptance or negotiation as the case may be)within the expiry date extended in accordance with article 39 of the UniformCust.ome ",

SHIPMENT, LOADING OR DISPTACH

Article 40

(a) Unless the terms of the credit indicate otherwise, the words "departureH,

lidispatch", "loading!J or lisailing" used in stipulating the latest date for shipmentof the goods will be understood to be synonymous with "ahfpment",

(b) Expressions such as "prompt", "immediately", "as soon as possible", andthe like should not be used. If they are used, banks will interpret them as arequest for shipment within 30 days from the date on the advice of the credit to thebeneficiary by the issuing bank or by an advising bank, as the case may be.

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(c) The expression "on or about" and similar expressions mIl be interpretedas a request for shipment during the period from five days before to five days afterthe specified date, both end days included.

PRESENTATION

Article 41•

Notwithstanding the requirement of article 37 that every credit must stipulatean expiry date for presentation of documents, credits must also stipulate a

• specified period of time after the date of issuance of the bilIs of lading or othershipping documents during which presentation of documents for payment, acceptanceor negotiation must be made. If no such period of time is stipulated in the credit,

•banks will refuse documents presented to them later than 21 days after the date ofissuance of the BilIs of Lading or other shipping documents.

Article 42

Banks are under no obligation to accept presentation of documents outsidetheir banking hours.

DATE TERMS

Article 43

The terms "first half", "second half" of a month shall be construed respectivelyas from the 1st to the 15th, and the 16th to the last day of each month, inclusive.

•Article 44

The terms "beginning", "middle il, or "end" of a month

respectively as from the 1st to the 10th, the 11th to thethe last day of each month, inclusive.

Article 45

shall be construed20th, and the 21st to

When a bank issuing a credit instructs that the credit be confirmed or advisedas available IIfor one month", "for six months" or the like, but does not specifythe date from which the time is to run, the confirming or advising bank willconfirmor advise the credit as expiring at the end of such indicated period from the dateof its confirmation or advice.

E. TRANSFER

Article 46

(a) A transferable credit is a credit under which the beneficiary has the

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right to give instructions to the bank called upon to effect payment or acceptanceor to any bank entitled to effect negotiation to make the credit available inwhole or in part to one or more third parties (second beneficiaries) •

(b) The bank requested to effect the transfer, whether it has confirmedthe credit or not, shall be under no obligation to effect such transfer exceptto the extent and in the manner expressly consented to by such bank, and untilsuch bank's charges in respect of transfer are paid.

(c) Bank charges in respect of transfers are payable by the firstbeneficiary unless otherwise specified.

(d) A credit can be transferred only if it is expressly designated as"transferable" by the issuing bank. Terms such as fldivisible", "fractionable","assignable", and "transmissible" add nothing to the meaning of the term"transferable" and shall not be used.

(e) A transferable credit can be transferred once only. Fractions of atransferable credit (not exceeding in the aggregate the amount of the credit)can be transferred separately, provided partial shipments are not prohibited,and the aggregate of such transfers will be considered as constituting only onetransfer of the credit. The credit can be transferred only on the terms andconditions specified in the original credit, with the exception of the amount ofthe credit, of any unit prices stated therein, and of the period of validityor period for shipment, any or all of which may be reduced or curtailed.Additionally, the name of the first beneficiary can be substituted for that of theapplicant for the credit, but if the name of the applicant for the credit isspecifically required by the original credit to appear in any document other thanthe invoice, such requirement must be fulfilled.

(f) The first beneficiary has the right to substitute his own invoices forthose of the second beneficiary, for amounts not in excess of the original amountstipulated in the credit and for the original prices if stipulated in the credit, •and upon such substitution of invoices the first beneficiary can draw under thecredit for the difference, if any, between his invoices and the secondbeneficiary's invoices. When a credit has been transferred and the firstbeneficiary is to supply his own invoices in exchange for the second beneficiary'sinvoices but fails to do so on first demand, the paying, accepting or negotiatingbank has the right to deliver to the issuing bank the documents received underthe credit, including the second beneficiary's invoices, without furtherresponsibility to the first beneficiary.

(g) The first beneficiary of a transferable credit can transfer the creditto a second beneficiary in the same country or in another country unless thecredit specifically states otherwise. The first beneficiary shall have the rightto request that payment or negotiation be effected to the second beneficiary atthe place to which the credit has been transferred, up to and including theexpiry date of the original credit, and without prejudice to the firstbeneficiary's right subsequently to substitute his own invoices for those of thesecond beneficiary and to claim any difference due to him.

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Artic1e 47

The fact that a credit is not stated to be transferab1e sha11 not affect thebeneficiary's rights to assign the proceeds of such credit in accordance with theprovisions of the app1icab1e 1aw•