Query(s) 1 to 10 of 115

URR 525 Article 9; UCP 500 sub-Articles 13(a), 10(d), 23(a)(iii)(a) and (b)
UCP 500
Resolving disputes between banks on reimbursement undertakings; where a checker comes across information which is either not correct or not possible; whether it is of consequence whether sea or freshwater ports are indicated
Unpublished queries of the ICC Banking Commission


Miscellaneous
UCP 500
Where a bill of lading is endorsed by a company stamp
Unpublished queries of the ICC Banking Commission


Sub-Article 48(i)
UCP 500
Is it a discrepancy if substituted documents by a first beneficiary under a transferable credit are not entirely consistent with earlier documents?
Unpublished queries of the ICC Banking Commission

Sub-Articles 48(d) and 9(d)(iii)
UCP 500
Several questions concerning the rights of the first and second beneficiaries vis-à-vis amendments and the transferring bank
Unpublished queries of the ICC Banking Commission


Sub-Articles 48(c), 13(a) and 13(b)
UCP 500
The duty of the transferring bank towards the first and second beneficiaries after having received discrepant drafts and invoices, and having forwarded them to the issuing bank
Unpublished queries of the ICC Banking Commission


Article 41
UCP 500
Is it necessary that a credit specifically state the words "instalment shipment" or "shipment schedule" for it to be subject to the provisions of Article 41?
Unpublished queries of the ICC Banking Commission

FOR VIEWING PURPOSES ONLY
Official ICC Banking Commission Opinions
Available language versions : ENGLISH :

from the Unpublished queries of the ICC Banking Commission

Meaning of the term "exporting country"


From Rule and Articles UCP 500 Sub-Article 5(a)
Query
The term 'exporting country' is a term frequently used in credits from certain countries, for instance in connection with a requirement for presentation of a 'certificate of origin legalized by the chamber of commerce in exporting country'.

As there is no official interpretation of this term, we ask the Banking Commission members to kindly advise us of their opinion.

We know that many people involved in international trade consider the term 'exporting country' to mean the country where the exporter is domiciled. And so do we in our bank without it causing any problems. We may add that when in special cases we have asked banks that issue L/Cs requiring legalization in the exporting country if they can accept our definition, we have always received a positive answer.

Some of our colleagues have doubts as to the meaning of this term and this is the reason why we ask for the opinion of the Commission.

Conclusion/Analysis
Analysis and Conclusion

The requirement, as in this credit, for a certificate of origin to be legalized by the chamber of commerce in the "exporting country" has no clear meaning where the beneficiary may be located in one country and the goods shipped/dispatched from another.

Sub-Article 5(a) imposes a duty of care on the applicant and the issuing bank to ensure that the credit and amendment(s) thereto are complete and precise.

In a letter of credit with a clause as stated above, the certificate of origin would be acceptable if legalized by a chamber of commerce in the country of domicile of the beneficiary, country of origin, country of place of receipt or country from which shipment or dispatch is made.

Opinion R. 377 of ICC Publication No. 613 also refers to this issue.

Where a certificate of origin is legalized in any of the ways shown above, it will not be considered as an inconsistency if the bill of lading indicates a place of receipt or port of loading which is in a different country from that in which legalization has occurred.

Back to Top