The UCP provides no guidance where the words“from’and“after”are used to determine maturity
The UCP provides no guidance where the words“from”and “after” are used to determine
maturity dates of drafts. Reference to “from” and “after” in the UCP refers solely to dateterminology for periods of shipment. Where the word “from” is used to establish the maturity date,intemational standard banking practice would be exclude the date mentioned, unless the credit specifically provides that“from” is considered to include the date mentioned. Therefore, for the purpose of determining the maturity date of a time draft,the words “from” and “after” have the same effect.Calculation of the maturity commences the day following the date of the document, shipment, or other event, i.e.10 days after or from March 1 to March 11.
UCP 600 does not apply unless it is expressly mentioned in the text of L/C.( )
Please compare the responsibilities for the advising bank in UCP 500 with those in UCP 600?
The responsibility for the advising bank in UCP 500 is that it will take reasonable care to check the ______ of the credit.
There are two responsibilities for the advising bank in UCP 600 as follows:
(1)It has satisfied itself as to the ______ of the credit or amendment.
(2)Its ______ the terms and conditions of the credit or amendment.
According to UCP 600, the commercial invoice must be made out in the same currency as the L/C.( )
(1)( ) The nominated bank is protected under UCP 600.
(2)( ) The nominated bank is not protected under UCP 600.
Comparing with UCP 500, the major changes introduced by the UCP 600 include( ).
A. the banks now have a maximum of five banking days for the examination of documents
B. the banks now have a maximum of seven banking days for the examination of documents
C. Bs/L may now allow transshipment
D. Bs/L may not allow transshipment