The next revision of UCP

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Posted in DC-Pro on May 7, 2002 at 5:47:14 PM
We would suggest starting revision of UCP 500 now on ... whilst leaving the eUCP alone to be ...
In this way, as ... suggests, revision of the "paper" and "electronic" parts can go ...
This is to adopt the time management skills of ..., instead of waiting for the right moment to ...

Posted in DC-Pro on May 3, 2002 at 5:52:40 PM
L...,
ARE WE eUCP READY?
For full swing eUCP operations in the market place, not only that the banks should be eUCP ready, but more importantly, the ... should be eUCP ready too. Still that may not be enough. The ... etc. should be all eUCP ready. A pipeline can be blocked by a pebble.
Do you think two years are enough? Look at the URDG as an example. We still remember that in ..., it took ... years before ...
OUR DEFAULT SETTING IS ...
We have to understand that it is our human nature to ...
That is why we deem the projection "the eUCP will be in full swing within 10 years" a bit too ...
[edited May 3, 2002 5:55:18 PM]

Posted in DC-Pro on May 2, 2002 at 4:19:39 PM
L....
For revision of the UCP 500, do you agree that we should start the planning now or better leave it until after completion of ISBP, etc.?
For us ..., as we think planning should be ...
[edited May 2, 2002 4:33:13 PM]

Posted in DC-Pro on May 1, 2002 at 3:11:11 PM
L...,
PLEASE SAVE THE UNFORTUNATE ...
We want a prompt revision of the UCP 500 not just for ourselves (more opportunities for workshops) but also mainly for ...
DELAYS IN REVISION IS GOOD FOR ...
If revision of the UCP 500 is to be delayed, more and more ... beneficiaries are going to ... From a ... point of view, we should not wish to revise the UCP 500 that gives us ...
WHAT WE DO WHEN OUR NEIGHBOUR'S HOUSE IS ON FIRE
When our neighbour's house is on fire, we would not call a meeting to plan how to put out the fire and lay down the rights and responsibilities for each person. We would not just call the fire services and stand there doing nothing, waiting for the professionals, the firemen to handle the situation.
Look at the firemen who went up the Twin Towers in Manhattan. Did they call a meeting to set the objectives, make a plan or access the risks before they decided whether to go up or not?
[edited May 1, 2002 3:19:23 PM]

Posted in DC-Pro on Apr 30, 2002 at 9:14:30 PM
We would like to respond point by point to those postings made on 29 April 2002 as follows:
TO J...,
From time to time some ladies and gentlemen approached me during the coffee breaks, presenting their name cards and gave me some encouragement that they appreciated my postings in the DC Pro. Next time I would look around to see if I have left anyone unattended. Please accept my sincere ...
However, I am also aware that some people ...
TO L...,
What you said in the ICC voting is quite true.
However, I try to read the underlying intention rather than just depending on the words themselves. Hence I interpret the message "I don't object to the revision but now is not the good time. Let us finish the ISBP, the Transferable Credit Document and the Discrepancies, Waiver & Refusal Notice etc. first before we start the revision of UCP 500" as a diplomatic way of saying No to revision. Here are my observations:
(1) The hidden agenda is to wait for ...
(2) Personally I do not think why these projects cannot be done concurrently. We are already used to ...
(3) If we did nothing now, and started only in ..., the finishing date would be around ...
Therefore our conclusion on UCP 500 revision is like the name of a French restaurant in Toronto - ...
TO J...,
The ISBP is nevertheless restricted by the UCP 500, and has to follow some controversial Articles such as ...
[edited Apr 30, 2002 9:22:59 PM]

Posted in DC-Pro on Apr 29, 2002 at 10:35:27 PM
YOURS FOR THE ASKING
In the ICC BC meetings held in April 2002, a Task Force is formed to give advice to ICC BC whether an update on UCP 500 is really necessary.
Some bankers present said that it is not necessary as we already have ...
Some banks present (including us non-bankers), opined that it is now time to start revision of the UCP 500 as the revision job would take at least ...
So if you want the revision to start now, you have to write to ICC BC for it. Otherwise it may never come.
[edited Apr 29, 2002 10:47:19 PM]

Posted in DC-Pro on Apr 19, 2002 at 6:26:09 PM
The need to update the UCP 500 is that ...
[edited Apr 19, 2002 6:28:49 PM]

Posted in DC-Pro on Apr 19, 2002 at 5:30:50 PM
H...,
Now we are perfectly clear about your thoughts on the UCP 500 revision.
One of the troubles as we see it is that the DC is subject only to UCP 500 on its face, but not also to ...
ISBP, eUCP are starter and salad. The kitchen has to present the main course to fit the changing appetite in the gastronomic world. For example, ...!
Why not combine them all together and we only have to read one rule - the UCP X00?

Posted in DC-Pro on Apr 15, 2002 at 7:45:41 PM
Hello L...,
... is working like a robot and cannot point out the difference between ...
Hello H...,
We agree with you that the UCP 500 should have been ...
My thoughts are: ...
[edited Apr 15, 2002 7:55:26 PM]

Posted in DC-Pro on Apr 13, 2002 at 11:37:43 PM
L...,
We can bet 1 to 100 that there must not be "UCP ###" simply because ...
If we read the eUCP Version 1.0 Article e1 (a) carefully, we would understand that, for every new UCP version, there would be ...
eUCP version 1.0 only works with UCP 500 from Article e1 (a) stipulation. So for UCP 600, we need eUCP version ...
In this case, we cannot have version ... According to the "international standard IT practice", for a minor change in a software, such as fixing the bugs, the figure after the "dot" in the version number is changed. For constructional or more substantial changes, the figure before the "dot" in a version number would be changed.
Applying this rule, from UCP 500 to UCP 600 is a ... change, and therefore the eUCP to go with UCP 600 cannot be version ... It got to be version ... It all depends on how fast the eUCP has changed by the time the UCP 600 is ready to go effective.
[edited Apr 15, 2002 7:37:19 PM]

Posted in DC-Pro on Apr 12, 2002 at 4:00:46 PM
With the introduction of the ISBP (International Standard Banking Practice) ICC Document 470/951rev2, which at present is still ...
Having said that, some of the problems can only be resolved by ...
In our consultancy career, we met a lot of those problems, including frauds. We would present our recommendations on "UCP 600" when we have the time for this. This is too big a job for one morning.
[edited Apr 12, 2002 4:02:45 PM]

Posted in DC-Pro on Apr 11, 2002 at 8:41:10 PM
Dear P...,
ONLY ... KNOWS HOW THE UCP 600 WOULD END UP
The Task Force for UCP 600 has just been set up and not yet ...
Our personal speculations are that the UCP 600 should include ...
The eUCP may also be updated to harmonise with ...
Our speculation is that in the ICC Kitchen menu, you may take the salad eUCP alone if you are not hungry and you may also take the five-course dinner UCP 600 that includes the salad.
At present only ... knows how the UCP 600 would end up.
We would like to bet 1 to 1.5 for inclusion of ... in the UCP 600. Our speculation is based on the fact that ...
We would make the recommendation that the UCP 600 should consist of two parts: ... The second part is ...
[edited Apr 11, 2002 8:48:25 PM]

Posted in DC-Pro on Apr 10, 2002 at 5:58:41 PM
Dear P...,
WHY UCP 600 COMES SO LATE
In principle, we agree with your view that the UCP 500 should have been revised ...
Having said that, to be fair and balanced, one also has to think in the position of the ICC Banking Commission. It has to evaluate and access the entire affecting situations, such as the following:
(1) The e-commerce is still changing very fast and never settles down on ... by the time drafting of the URGETS Rules were completed, it was already ...
(2) If the UCP 500 were to be reviewed, it had to ...
(3) Hence, the Banking Commission has to take a safer ...
(4) But in the meantime, everybody, including your good self and I, is crying: "We are very hungry. Please give us the food! We want to eat a new steak named ...".
(5) "OK, Don't panic, guys, we serve the starter first, and here is your new salad from the executive chef (by the name of ...
(6) So it is a smart, safe and appropriate strategy for the ICC Banking Commission to use ...
(7) If the eUCP is well received, then the e-commerce part of the UCP 600 is ...
(8) Now seeing the UCP is well received in the market place, it is now time for the ICC Kitchen to start cooking the ... steak.
We have to declare that the above statements are purely our personal views and speculations, if you will, and nothing more. They are posted here just for the purpose of creating a platform for further discussions and views from other members. In fact, we have other "more personal" views but they are only appropriate for exchange in the case studies in our workshops and certainly not suitable for an open forum like DC Pro.
[edited Apr 10, 2002 6:00:37 PM]

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