URDG

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dinesh2476
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URDG

Post by dinesh2476 » Thu Jun 30, 2022 1:21 am

Dear Experts,

Request your opinion for the below.

UCP- has a mention about documents like invoice, packing list, coo, and bill of lading, who has to present, and what needs to be determined from these document

ISP98 - Same way. with the essence of guarantee/legal, ISP98 has also as mentioned Demand, certificate of default/drawing event, judiciary documents, negotiable instruments, and other documents.

URDG- However, do not find the documentary requirements in URDG though it is more or similar to ISP98. Like ISP98 it is best suited for guarantees and the time required for the examination of documents is similar to UCP.

Experts- any specific reason for not having such documentary requirements in URDG.

Thanks & Regards
Dinesh Kumar

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picant
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Re: URDG

Post by picant » Fri Jul 01, 2022 8:07 pm

Hi Pal,

We say that Documentary credit is physiological, where ISP98 and URDG are pathological. a demand is suffcient for ISP98 and URDG, demand presented via its own bank must be correct and true, otherwise the creditworthness goes away. Naturally copies of commercial documents show that the transaction occurred.
ISP98 is not very popular in Italy, and remember is not an ICC document, but only endorsed.
Other comments appreciated
Ciao

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