UCP 600 ARTICLE 38(G)

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mohammadpour
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UCP 600 ARTICLE 38(G)

Post by mohammadpour » Mon Oct 23, 2017 9:07 pm

Dear everybody,
what do you mean by "accurately" in UCP 600 Art. (g)?
dose it mean that all terms and conditions of main credit(with the exception of:
> the amount of the credit,

> any unit price stated therein,

> the expiry date,

> the period for presentation, or

> the latest shipment date or given period for shipment,

any or all of which may be reduced or curtailed.
should exactly be mentioned in The transferred credits?
for example if main credit to be a confirmed credit and advance payment to be allowed for 15% and first benef wants to transfer it to 3 second benef, whther both of these two conditions should be mentioned in all three transferred credit to second beneficiaries? or one of contions may be omited from one or two of transferred credits?t

mohammadpour
Posts: 2
Joined: Mon Oct 23, 2017 8:48 pm
First Name: hassan
Last Name: mohammadpour
Organization: bank pasargad
Filter: Two Plus Two =: 4
Location: tehran

Re: UCP 600 ARTICLE 38(G)

Post by mohammadpour » Tue Oct 24, 2017 10:09 am

the case is very important for me and i would be appreciated to hear comments of L/C experts regarding Article 38(g).
whether or not the terms and conditions of main l/c should be reflected exactly in all transferred credits(if l/c to be transferred to more than on second beneficiaries.

cristiand969
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Re: UCP 600 ARTICLE 38(G)

Post by cristiand969 » Tue Oct 31, 2017 4:46 pm

The wording "must accurately reflects" means, according to several reliable english dictionaries (including law dictionaries), "to reflect something with precision" or "free from error" especially as a result of care when transposing terms from original credit in the transferred credit. This is not to be construed as a mirror image. For example, when the original credit requires a B/L made out to the order of "applicant" and taking in consideration that the transferred credit does not have a dedicated field for applicant (only first and second beneficiary), the transferring bank may replace the word 'applicant' with full name and address of the applicant stated in the original credit.
Good luck!

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