hi,
i have few questions.
1. while article two defines a documentary credit, however named as irrevocable, then why it is repeated at article 3 line 3?
2. about on or about; it says both start and end dates included. if i say on or about 10th august, then will it mean 5th to 15th or 6th to 14th? one more thing, as per UCP before and after excludes the date mentioned. does it have any effect on "on or about" theory since the paragraph has these words in it.
3. UCP says words like prompt or immediately in a document will be disregarded unless required to be used in a document. could u please give me examples? and if they are used in a document, how it will be decided whether they are required or not?
waiting....
Jim
UCP 600 Questions: On Or About Include Both Start & End Date
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jim
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iLC
- Posts: 504
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Re: UCP 600 questions
dear jim
1. article 2 define credit a irrevocable; true. but that is a definition only and can be modified. you can still issue a revocable Letter of credit. there for it is possible that you write "irrevocable" or "revocable" at the beginning of a credit. what if you don't write anything? article 3 of UCP600 deals with this. it says that the letter of credit will be taken as irrevocable if nothing is mentioned in the credit.
2. it will be 5 to 15. that is ignore the date mentioned and count five days before and after it.
3. anyone?
iLC
1. article 2 define credit a irrevocable; true. but that is a definition only and can be modified. you can still issue a revocable Letter of credit. there for it is possible that you write "irrevocable" or "revocable" at the beginning of a credit. what if you don't write anything? article 3 of UCP600 deals with this. it says that the letter of credit will be taken as irrevocable if nothing is mentioned in the credit.
2. it will be 5 to 15. that is ignore the date mentioned and count five days before and after it.
3. anyone?
iLC