UCP600 & UCP500 Compared Part I. The Modifications and Changes in General

a. Given 14 definitions at first and 12 interpretations to clarify the
meaning of ambiguous terms, refer to Art 2 & 3.
b. Agreed that the issuing bank must reimburse the nominated
bank even though the documents are lost in the transmitting
however, the presentation must be complying.
c. ……
Part II. Detailed Comparison for Each Article

Article 1 Application of UCP 2
Article 2 Definitions 2
Article 3 Interpretations 3
Article 4 Credits v. Contracts 4
Article 5 Documents v. Goods, Services or Performance 4
Article 6 Availability, Expiry Date and Place for Presentation 4
Article 7 Issuing Bank Undertaking 5
Article 8 Confirming Bank Undertaking 6
Article 9 Advising of Credits and Amendments 7
Article 10 Amendments 8
Article 11 Teletransmitted and Pre-Advised Credits and Amendments 8

Article 39 Assignment of Proceeds 32

Part I. The Modifications and Changes in General

a. Given 14 definitions at first and 12 interpretations to clarify the
meaning of ambiguous terms, refer to Art 2 & 3. And we need
pay attention to the change about ‘negotiation’.
b. Agreed that the issuing bank must reimburse the nominated
bank even though the documents are lost in the transmitting
however, the presentation must be complying.
c. Denied the practice that banks stipulate the clause about which
the amendment should be accepted by beneficiary who did not
send any rejected advice in certain time, refer to sub-article 10
f.
d. Five banking days replaced reasonable time and seven banking
days, refer to sub-article 14 b.
e. Two kinds of form about refusing have been added in UCP600,
refer to sub-article 16 c iii.
f. Banks can now accept an insurance document that contains
reference to any exclusion clause, refer to sub-article 28 i.
g. The insurance document could be issued by proxies, refer
sub-article 28 a.
h. The clause for transport documents issued by Freight
Forwarders has been deleted.
i. The clause about carrying vessel propelled by sail only has
been deleted since that kind of sailboat has dropped out of
ocean transport.
j. The expression is straightaway, precise and compact, for
example, the wording for ‘unless the credit expressly
stipulates…’ is not used in UCP600.

at the request of the issuing bank.
Applicant means the party on whose request the credit
is issued.
Banking day
means a day on which a bank is regularly
open at the place at which an act subject to these rules is
to be performed.
Beneficiary means the party in whose favour a credit is
issued.
Complying presentation means a presentation that is
in accordance with the terms and conditions of the credit,
the applicable provisions of these rules and international
standard banking practice.
Confirmation means a definite undertaking of the
confirming bank, in addition to that of the issuing bank, to
honour or negotiate a complying presentation.
Confirming bank means the bank that adds its
confirmation to a credit upon the issuing bank’s
authorization or request.
Credit means any arrangement, however named or
described, that is irrevocable and thereby constitutes a
definite undertaking of the issuing bank to honour a
complying presentation.
Honour means:

a. to pay at sight if the credit is available by sight
payment.
b. to incur a deferred payment undertaking and pay
at maturity if the credit is available by deferred
payment.

‘Complying presentation’
is a new term,
under 500, we usually used ‘
the documents
to be presented in compliance’, and the
new
one is more concision.

In 500, the Art 2 gave the mean of credit and
four types L/C, and in Art 6 the
irrevocable
and revocable
L/C were listed at the same
time, however, in 600, the revocable
L/C has
been deleted. So, we should note that all L/C
are irrevocable under UCP600.

Another difference is that the original four
types are changed into three categorie
s,

makes a presentation.

Article 3 Interpretations

For the purpose of these rules:
Where applicable, words in the singular include the
plural and in the plural include the singular.

A credit is irrevocable even if there is no indication to that
effect.

A document may be signed by handwriting, facsimile
signature, perforated signature, stamp, symbol or any
other mechanical or electronic method of authentication.

A requirement for a document to be legalized, visaed,
certified or similar will be satisfied by any signature,
mark, stamp or label on the document which appears to
satisfy that requirement.

Branches of a bank in different countries are considered
to be separate bank.

Terms such as "first class", "well known", "qualified",
"independent", "official", "competent" or "local" used to
describe the issuer of a document allow any issuer
except the beneficiary to issue that document.

Unless required to be used in a document, words
such as "prompt", "immediately" or "as soon as possible"

has the same meaning, which might refer our
Chinese language, I think.

It is similar
to the Art 6 C of 500, in fact,
under UCP600, only irrevocable credit was
stipulated.
It is similar to the Art 20 B of 500
It is similar
to the Art 20 D of 500, however
the words ‘to be authenticated, validated’
are
deleted from this clause.
It is similar
to the last sentence of 500 Art 2
and ‘separate’ replaces ‘another’

It is similar
to the Art 20 A of 500 and more
concision.


shall be construed respectively as the 1st to the 10th, the
11th to the 20th and the 21st to the last day of the month,
all dates inclusive.

Article 4 Credits v. Contracts

a. A credit by its nature is a separate transaction from the
sale or other contract on which it may be based. Banks
are in no way concerned with or bound by such contract,
even if any reference whatsoever to it is included in the
credit. Consequently, the undertaking of a bank to
honour, to negotiate or to fulfil any other obligation
under the credit is not subject to claims or defences by
the applicant resulting from its relationships with the
issuing bank or the beneficiary.

A beneficiary can in no case avail itself of the contractual
relationships existing between banks or between the
applicant and the issuing bank.

b
. An issuing bank should discourage any attempt by the
applicant to include, as an integral part of the credit,
copies of the underlying contract, proforma invoice
and the like.

Article 5 Documents v. Goods, Services or
Performance

Banks deal with documents and not with goods, services
It is similar
to the Art 5 A ii of UCP500 but
the italic documents were new added in
UCP600.
It is similar to the Art 4 of 500
It is similar to the Art 10 B of 500. However
this clause gives a new item ‘Availability
’
and admits freely available, but in Art 10 of
500 only negotiable L/C could be admitted
as
freely available. 5

b. A credit must state whether it is available by sight
payment, deferred payment, acceptance or negotiation.



iii. deferred payment with a nominated bank and that
nominated bank does not incur its deferred payment
undertaking or, having incurred its deferred payment
undertaking, does not pay at maturity;

iv. acceptance with a nominated bank and that
nominated bank does not accept a draft drawn on it or,
having accepted a draft drawn on it, does not pay at
maturity;

v. negotiation with a nominated bank and that
nominated bank does not negotiate.

b. An issuing bank is irrevocably bound to honour as
of the time it issues the credit.

It is the same with the Art 10 A of UCP500 It differs from ISBP P56 since ‘must not’
i/o
‘should not’, it is compelling denial.

It is a clause about expiry date and place for
presentation and similar to the Art 42 of
UCP500. However I don’
t find the clause for
‘21 days’
like Art 43 A of UCP500 in


In UCP500, an irrevocable credit constituted
a ‘definite undertaking of the Issuing Bank’
,
however, in this clause ‘b’, Issuing Bank
is
‘irrevocably bound to honour’
, which is the
same meaning as above.
6
c. An issuing bank undertakes to reimburse a nominated
bank that has honoured or negotiated a complying
presentation and forwarded the documents to the issuing
bank. Reimbursement for the amount of a complying
presentation under a credit available by acceptance or
deferred payment is due at maturity, whether or not the
nominated bank prepaid or purchased before maturity.
An issuing bank's undertaking to reimburse a

e. negotiation with a nominated bank and that
nominated bank does not negotiate.

ii. negotiate, without recourse, if the credit is
available by negotiation with the confirming bank.

b. A confirming bank is irrevocably bound to honour or
negotiate as of the time it adds its confirmation to the
credit.

c. A confirming bank undertakes to reimburse another
nominated bank that has honoured or negotiated a
complying presentation and forwarded the documents to
the confirming bank. Reimbursement for the amount of a
This clause provides two undertakings
of
Issuing Bank, one is
to reimburse a
nominated bank, and the
other is to pay to the
beneficiary. In UCP500, although there were
no details like UCP600, but the fact exit
ed in
the practice. Of course, the clear documents
or complying presentation is necessary
both
in the past and future.

In fact, this article reconfirms the first
responsibility


Any way, a Confirming Bank acts the role of
second Issuing Bank, therefore it should
undertake the same responsibility
as the
Issuing Bank.
It is similar to the relative section of Art 7.
7
complying presentation under a credit available by
acceptance or deferred payment is due at maturity,
whether or not another nominated bank prepaid or
purchased before maturity. A confirming bank's
undertaking to reimburse another nominated bank is
independent of the confirming bank’s undertaking to
the beneficiary.

d. A bank utilizing the services of an advising bank or
second advising bank to advise a credit must use the
same bank to advise any amendment thereto.

e. If a bank is requested to advise a credit or amendment
but elects not to do so, it must so inform, without delay,
the bank from which the credit, amendment or advice
has been received.

f. If a bank is requested to advise a credit or amendment
but cannot satisfy itself as to the apparent authenticity of
the credit, the amendment or the advice, it must so
inform, without delay, the bank from which the
instructions appear to have been received. If the
advising bank or second advising bank elects

It is similar to Art 9 C of UCP500.

In fact the liability of Issuing and Confirming
Bank is not changed essentially.
This article adds some new element
comparing with Art 7 of UCP500.

It clarifies the independence of Advis
ing
Bank which does not undertake to honour or
negotiate except that it is Confirming Bank at
It is similar to Art 7 B of UCP500.
8
nonetheless to advise the credit or amendment, it must
inform the beneficiary or second advising bank that it has
not been able to satisfy itself as to the apparent
authenticity of the credit, the amendment or the advice Article 10 Amendments

a. Except as otherwise provided by article 38, a credit
can neither be amended nor cancelled without the
agreement of the issuing bank, the confirming bank,
if any, and the beneficiary.

b. An issuing bank is irrevocably bound by an
amendment as of the time it issues the amendment. A
confirming bank may extend its confirmation to an
amendment and will be irrevocably bound as of the time
it advises the amendment. A confirming bank may,
however, choose to advise an amendment without
extending its confirmation and, if so, it must inform the
issuing bank without delay and inform the beneficiary in
its advice.

c. The terms and conditions of the original credit (or a
credit incorporating previously accepted amendments)
will remain in force for the beneficiary until the

could
presume that a mass of problems and issues
about amendments happened in banking
practice. Plea
se note it does not state
applicant at all.
Section a is similar to Art 9 D i of UCP500.

It is almost same as Art 9 D ii of UCP500.
The Confirming Bank has the
independence
whether it extends its
confirmation to an amendment. There is no
change comparing with UCP500.

It is the same with Art 9 D iii of UCP500.
However, there is a case in dilemma
. L/C
required that the goods be
shipped under
four periods, each 100mt in Jan, Feb, Mar
and Apr. Now Issuing Bank gave
an
amendment, which the shipment periods
were changed to May, Jun, Jul,
and Aug.
Beneficiary did not send any

the expression is stronger than it.

9
amendment will be deemed to be the operative credit or
amendment, and any subsequent mail confirmation shall
be disregarded.

If a teletransmission states "full details to follow" (or
words of similar effect), or states that the mail
confirmation is to be the operative credit or amendment,
then the teletransmission will not be deemed to be the
operative credit or amendment. The issuing bank must
then issue the operative credit or amendment without
delay in terms not inconsistent with the teletransmission.

b. A preliminary advice of the issuance of a credit or
amendment (“pre-advice”) shall only be sent if the
issuing bank is prepared to issue the operative credit or
amendment. An issuing bank that sends a pre-advice is
irrevocably committed to issue the operative credit or
amendment, without delay, in terms not inconsistent with
the pre-advice. Article 12 Nomination

a. Unless a nominated bank is the confirming bank, an

Section b is almost same as Art 11 C ii of
UCP500, however, it deleted the original
words ‘unless otherwise stated…’
which
admitted
Issuing Bank to state when, how or
on what conditions, if those were not to occur
without undue delay, but this state
did not
include a term such as ‘operative’
. Refer
R318 pls.

This article renews
the Art 11 of UCP500,
and then the consecution
of 600 is more
express and has stronger tone.
This article has replaced Art 18 of UCP500.It is a little similar to Art 18 B
of UCP500,
however, the instance
s are exiting largely in
banking practices. Therefore, UCP600 gives
the more detail clause to confirm the

the credit must
state if the reimbursement is subject to the ICC rules
for bank-to-bank reimbursements in effect on the
date of issuance of the credit.

b. If a credit does not state that reimbursement is
subject to the ICC rules for bank- to-bank
reimbursements, the following apply:

i. An issuing bank must provide a reimbursing
bank with a reimbursement authorization that
conforms with the availability stated in the credit. The
reimbursement authorization should not be subject
to an expiry date.

ii
. A claiming bank shall not be required to supply a
reimbursing bank with a certificate of compliance with
the terms and conditions of the credit.

iii. An issuing bank will be responsible for any loss of
interest, together with any expenses incurred, if
reimbursement is not provided on first demand by a
reimbursing bank in accordance with the terms and
conditions of the credit.

iv. A reimbursing bank's charges are for the account
of the issuing bank. However, if the charges are for
the account of the beneficiary, it is the responsibility
of an issuing bank to so indicate in the credit and in


Opposite
to item a, item b states the
condition when L/C does not state the
reimbursement is subject to ICC rules.

‘Must provide…authorization’
is the same as
UCP500. It is almost same as Art 19 B of UCP500.
It rene
ws D of UCP500, and adds the words
who will be responsible for any interest,
expense etc.

It is similar to Art 19 E of UCP500.

presentation of any expiry date or last day for
presentation.

c. A presentation including one or more original
transport documents subject to articles 19, 20, 21, 22, 23,
24 or 25 must be made by or on behalf of the beneficiary
not later than 21 calendar days after the date of
shipment as described in these rules, but in any
event not later than the expiry date of the credit.

d. Data in a document, when read in context with the
credit, the document itself and international standard
banking practice, need not be identical to, but must
not conflict with, data in that document, any other
stipulated document or the credit.e. In documents other than the commercial invoice, the
description of the goods, services or performance, if
stated, may be in general terms not conflicting with their
description in the credit.
f. If a credit requires presentation of a document other
than a transport document, insurance document or
commercial invoice, without stipulating by whom the
document is to be issued or its data content, banks will
accept the document as presented if its content appears
to fulfil the function of the required document and

the period for
presentation. Of course, the presentation
must be fi
nished not later than the expiry date
of L/C.
It restates that what are ‘compliance’
and
‘consistency’. Please refer to R251.
It is similar to Art 37 C of UCP500. And
please note that it is a misunderstanding that
documents other than invoice should
state the
description of the goods. Refer to R364. But
any way, the documents without
description
goods must be founded sufficient
relationship
with other documents, which L/C required. It is similar
to Art 21 of UCP500. Please note
the italic wording about ‘fulfill the function’
,

mentioned in the credit. Contact details (telefax,
telephone, email and the like) stated as part of the
beneficiary’s and the applicant’s address will be
disregarded. However, when the address and contact
details of the applicant appear as part of the consignee
or notify party details on a transport document
subject to articles 19, 20, 21, 22, 23, 24 or 25, they must
be as stated in the credit.

k. The shipper or consignor of the goods indicated on
any document need not be the beneficiary of the credit.

l.
A transport document may be
issued by any party
other than a carrier, owner, master or charterer
provided that the transport document meets the
requirements of articles 19, 20, 21, 22, 23 or 24 of these
rules

Article 15 Complying Presentation

a. When an issuing bank determines that a
presentation is complying, it must honour.

b. When a confirming bank determines that a
presentation is complying, it must honour or
negotiate and forward the documents to the issuing
bank.


are parts
of consignee or notify party, they must
comply with L/C. It is similar to Art 31 C of UCP500 but the
scope has been extended
to any document
except bill of lading.

It is a new clause but these actions exist
in
practice largely.
It is a new article since the concept
of
‘Complying Presentation’
is presented at first
under the frame of UCP600.

It is liability of Issuing Ban
k, which is the
same as UCP500.

It is liability of Confirming Bank, which is
the same as UCP500.
It is the same as the practice under the frame
of UCP500, merely it has become official

refuses to honour or negotiate; and
iii.a) that the bank is holding the documents pending
further instructions from the presenter; or
b) that the issuing bank is holding the
documents until it receives a waiver from the
applicant and agrees to accept it, or receives
further instructions from the presenter prior to
agreeing to accept a waiver; or
c) that the bank is returning the documents; or
d) that the bank is acting in accordance with
instructions previously received from the
presenter. d. The notice required in sub-article 16 (c) must be given
by telecommunication or, if that is not possible, by other
expeditious means no later than the close of the fifth
banking day following the day of presentation.

e. A nominated bank acting on its nomination, a
confirming bank, if any, or the issuing bank may, after
providing notice required by sub-article 16 (c) (iii) (a) or
(b), return the documents to the presenter at any
time.

f. If an issuing bank or a confirming bank fails to act in
accordance with the provisions of this article, it shall be
precluded from claiming that the documents do not
constitute a complying presentation.


new operating methods.
One is item b, which exists
in banking
practice at present;
however, it was neither
stipulated by UCP500 nor advocate
d by ICC
in fact. And now, it is permitted by ICC
though the UCP600. The other is item d,
which seems that the prese
nter has sent to the
bank an instruction about how to process the
documents with discrepancy in advance,
therefore, the bank could process the
documents as this previous instruction.
It is similar to Art 14 D i
of UCP500, merely
the ‘fifth banking day’
has replaced the
‘seventh banking day’.
It is a new item to compare with UCP500
and
banks are endued with more
uninfluenced

c. Unless a document indicates otherwise, a bank will
also accept a document as original if it:

i. appears to be written, typed, perforated or stamped
by the document issuer’s hand; or
ii.appears to be on the document issuer’s original
stationery; or
iii.states that it is original, unless the statement
appears not to apply to the document presented.

d. If a credit requires presentation of copies of
documents, presentation of either originals or copies is
permitted.

e. If a credit requires presentation of multiple documents
by using terms such as "in duplicate", "in two fold" or "in
two copies", this will be satisfied by the presentation of at
least one original and the remaining number in
copies, except when the document itself indicates
otherwise.


it as original B/L?

It fully comes from the item 1
General
approach Art 3 of
The determination of an
"Original" document in the context of UCP
500 sub-Article 20(b). And item iii. respond
s
the clause b above. And this determination
is
recommended for further guidance under
UCP600, please refer to ISBP(600)
paragraph 33. It comes from ISBP 33.

It is the same as Art 20 C ii of UCP500 and
ISBP33. But, what about L/C requires Signed
Invoice in 3 copies? What is not an "Original"?
A document
indicates that it is not an original if it
a)

iv. need not be signed.

b. A nominated bank acting on its nomination, a
confirming bank, if any, or the issuing bank may accept a
commercial invoice issued for an amount in excess of
the amount permitted by the credit, and its decision will
be binding upon all parties, provided the bank in
question has not honoured or negotiated for an amount
in excess of that permitted by the credit.

c. The description of the goods, services or performance
in a commercial invoice must correspond with that
appearing in the credit. Article 19 Transport Document Covering at Least
Two Different Modes of Transport

a. A transport document covering at least two different
modes of transport (multimodal or combined transport
document), however named, must appear to:

i. indicate the name of the carrier and be signed
by:

• the carrier or a named agent for or on behalf of
the carrier, or
• the master or a named agent for or on behalf of
the master. It is similar to Art 37 C of UCP500, merely
the clause about other documents’
description
of goods was deleted. Please refer to Art 14 e
of this rule.

It is similar to Art 26 of UCP500, merely the
title has changed very long.

Generally, this article is simpler
than original
one. The importance change is that the
words
‘multimodal transport operator’ were
deleted.
From that, we could presume
that ICC
considered the role of
multimodal transport
operator as the carrier. Therefore, it is
no
necessary to use the words ‘…operator’
. And
the words ‘or otherwise authenticated by
’
were deleted.
16
charge or shipped on board, this date will be deemed
to
be the date of shipment. iii. indicate the place of dispatch, taking in charge or
shipment and the place of final destination stated in
the credit, even if:

a. the transport document states, in addition, a
different place of dispatch, taking in charge or
shipment or place of final destination,

or

b. the transport document contains the indication
"intended" or similar qualification in relation to the
vessel, port of loading or port of discharge.

iv. be the sole original transport document or, if
issued in more than one original, be the full set as
indicated on the transport document.

v. contain terms and conditions of carriage or make
reference to another source containing the terms and


It is similar to Art 26 A iii of UCP500.

It is similar to Art 26 A iii a of UCP500. It is similar to Art 26 A iii b of UCP500.
It is similar to Art 26 A iv of UCP500.

It is similar to Art 26 A v of UCP500. It is similar to Art 26 A vi of UCP500 but the
words ‘
the carrying vessel is propelled by

Any signature by the carrier, master or agent must be
identified as that of the carrier, master or agent.

Any signature by an agent must indicate whether the
agent has signed for or on behalf of the carrier or for
or on behalf of the master.

ii. indicate that the goods have been shipped on
board a named vessel at the port of loading
stated in the credit by:

• pre-printed wording, or
• an on board notation indicating the date on which
the goods have been shipped on board.

The date of issuance of the bill of lading will be
deemed to be the date of shipment unless the bill
of lading contains an on board notation
indicating the date of shipment, in which case the
date stated in the on board notation will be
deemed to be the date of shipment.
Comparing with Art 23 A ii of UCP500, there
are three difference
s. The first is that the item
about port of loading was presented
advanced. The second is that the change
about the date of shipment, which overdraw
the original standard. Please refer to the italic
sentence below. The third is that ‘shipped
…’
replaced the original in UCP500. so that
should it not accept that b/l marked ‘
shipped
on board’ notation only?
Under UCP500, we should distinguish
the
type of
b/l. In case it is ship on board b/l, the
on board notation need not be marked since
the issuance date should be considered as the
date of shipment. Then, if the notation is
appeared with
date, the date should be
considered as the date of shipment whatever
it is earlier or later than the issuance date.
In case the b/l is received b/l, the notation
without date should be accepted and the issue
date should be considered as date of
shipment.

it contains the indication “intended” or similar
qualification in relation to the port of loading, an on
board notation indicating the port of loading as
stated in the credit, the date of shipment and the
name of the vessel is required. This provision
applies even when loading on board or shipment on
a named vessel is indicated by pre-printed wording
on the bill of lading.

iv. be the sole original bill of lading or, if issued in
more than one original, be the full set as indicated on
the bill of lading.

v. contain terms and conditions of carriage or make
reference to another source containing the terms and
conditions of carriage (short form or blank back bill of
lading). Contents of terms and conditions of carriage
will not be examined.

vi. contain no indication that it is subject to a charter
party.

b. For the purpose of this article, transhipment means
unloading from one vessel and reloading to another
vessel during the carriage from the port of loading to the
port of discharge stated in the credit.

c. i. A bill of lading may indicate that the goods will or
may be transhipped provided that the entire carriage
is covered by one and the same bill of lading.

and date of shipment relating A ii.

The new clause deleted the words about the
place different from port of loading etc. It is similar to Art 23 A iv of UCP500.

It is similar to Art 23 A v of UCP500. I
t is similar to Art 23 A vi of UCP500 and
deleted the words about carrying vessel.
The Art 23 A vii of UCP500 was deleted.

It is similar to Art 23 B of UCP500.


• the carrier or a named agent for or on behalf of
the carrier, or
• the master or a named agent for or on behalf of the
master.

Any signature by the carrier, master or agent must be
identified as that of the carrier, master or agent.

Any signature by an agent must indicate whether the
agent has signed for or on behalf of the carrier or for
or on behalf of the master.

ii. indicate that the goods have been shipped on
board a named vessel at the port of loading stated
in the credit by:

• pre-printed wording, or
• an on board notation indicating the date on which
the goods have been shipped on board.

The date of issuance of the non-negotiable sea
waybill will be deemed to be the date of shipment
unless the non-negotiable sea waybill contains an on
board notation indicating the date of shipment, in
which case the date stated in the on board notation
will be deemed to be the date of shipment.

If the non-negotiable sea waybill contains the
indication "intended vessel" or similar qualification in
relation to the name of the vessel, an on board It is similar to Art 21 A ii of UCP500 and Art
20 of U
CP600. Please note the italic words.
Under UCP600, the b/l, n-
n swb are required
to indicate the goods have been shipped on
board a named vessel, which is strict
er than
before, and the same question as last article.
vi. contain no indication that it is subject to a charter
party.

b. For the purpose of this article, transhipment means
unloading from one vessel and reloading to another
vessel during the carriage from the port of loading to the
port of discharge stated in the credit.

c. i. A non-negotiable sea waybill may indicate that the
goods will or may be transhipped provided that the
entire carriage is covered by one and the same
non-negotiable sea waybill.

ii. A non-negotiable sea waybill indicating that
transhipment will or may take place is acceptable,
even if the credit prohibits transhipment, if the goods
have been shipped in a container, trailer or LASH
barge as evidenced by the non-negotiable sea
waybill.

d. Clauses in a non-negotiable sea waybill stating that
the carrier reserves the right to tranship will be
disregarded.

Article 22 Charter Party Bill of Lading

a. A bill of lading, however named, containing an
indication that it is subject to a charter party (charter
party bill of lading), must appear to:



It is similar to Art 24 C of UCP500. But, the
phrase ‘unless transshipment is prohibited
…’
were deleted and ‘may’
was added, therefore,
the range
which this clause engaged is
zoomed in.

It is similar to Art 24 D i
of UCP500, and the
word ‘may’
was added. However, it does not
require that the one and the same b/l should
cover the entire ocean carriage.
It is similar to Art 24 D ii of UCP500
It is similar to Art 25 of UCP500.

‘A bill of lading’, t
he first phrase confirms
that the charter party b/l is a b/l on
essentialness
merely it is subject to a charter
party, which is similar to Art 25 A i of
UCP500.
It is similar to Art 25 A ii of UCP500 with

the goods have been shipped on board.

The date of issuance of the charter party bill of lading
will be deemed to be the date of shipment unless the
charter party bill of lading contains an on board
notation indicating the date of shipment, in which
case the date stated in the on board notation will be
deemed to be the date of shipment.

iii. indicate shipment from the port of loading to the
port of discharge stated in the credit. The port of
discharge may also be shown as a range of ports or
a geographical area, as stated in the credit.

iv. be the sole original charter party bill of lading or, if
issued in more than one original, be the full set as
indicated on the charter party bill of lading.

b. A bank will not examine charter party contracts,
even if they are required to be presented by the
terms of the credit.

Article 23 Air Transport Document

a. An air transport document, however named, must
appear to:

i. indicate the name of the carrier and be signed by:

• the carrier, or

It is similar to Art 25 A v of UCP500.

It is similar to Art 25 A vi of UCP500.

To delete some item of Art25 A. It is similar to Art 25 B of UCP500.
It is similar to Art 27 of UCP500. It is similar to Art 27 A i of UCP500 with
deleting ‘or otherwise authenticated’ 22
• a named agent for or on behalf of the carrier.

Any signature by the carrier or agent must be
identified as that of the carrier or agent.


unloading from one aircraft and reloading to another
aircraft during the carriage from the airport of departure
to the airport of destination stated in the credit.

c. i. An air transport document may indicate that the
goods will or may be transhipped, provided that the
entire carriage is covered by one and the same air
transport document.

ii. An air transport document indicating that
transhipment will or may take place is acceptable,
even if the credit prohibits transhipment.

It is the same as Art 27 A ii of UCP500. It is similar to Art 27 A iii of UCP500, there is
no essential change.

changes are similar to the article
about bill of
lading. 23
Article 24 Road, Rail or Inland Waterway Transport
Documents

a. A road, rail or inland waterway transport document,
however named, must appear to:

i. indicate the name of the carrier and:

• be signed by the carrier or a named agent for or
on behalf of the carrier, or
• indicate receipt of the goods by signature, stamp
or notation by the carrier or a named agent for or on
behalf of the carrier.

Any signature, stamp or notation of receipt of the
goods by the carrier or agent must be identified as
that of the carrier or agent.

Any signature, stamp or notation of receipt of the
goods by the agent must indicate that the agent has
signed or acted for or on behalf of the carrier.

If a rail transport document does not identify the
carrier, any signature or stamp of the railway

It is similar to Art 28 A i of UCP500 with
deleting ‘or otherwise authenticated’.

It is new item and we can refer to ISBP
paragraph 172.
It is similar to Art 28 A
ii of UCP500, but the
words ‘or wording to this effect’
were deleted.

number presented will be deemed to constitute a full
set.

d. For the purpose of this article, transhipment means
unloading from one means of conveyance and reloading
to another means of conveyance, within the same mode
of transport, during the carriage from the place of
shipment, dispatch or carriage to the place of destination
stated in the credit.

e. i. A road, rail or inland waterway transport document
may indicate that the goods will or may be
transhipped provided that the entire carriage is
covered by one and the same transport document.

ii. A road, rail or inland waterway transport document
indicating that transhipment will or may take place is
acceptable, even if the credit prohibits transhipment.

Article 25 Courier Receipt, Post Receipt or
Certificate of Posting
a. A courier receipt, however named, evidencing receipt
of goods for transport, must appear to:

i. indicate the name of the courier service and be
stamped or signed authenticated by the named
courier service at the place from which the credit

Comparing with Art 28 D of UCP500, the
changes are similar to the article
about bill of
lading and air way bill.
It is similar to Art 29 of UCP500 but the
Certificate of Posting has been appeared in the
article
title, which appeared in the clause under
UCP500.

It is similar to Art 29 B i of UCP500 but it
deleted the words ‘unless …
issued by a named
Courier/Service…bank will accept…
issued by
any…’. These words have no necessary
to add
since bank could not ac
cept a document which
issuer differs from l/c at all.

It is the same as Art 29 B ii of UCP500.