Identification of Carriers in Bills of Lading Lloyd's of London Press "Maritime Asia/Intermodal Asia" Magazine September 1994 Issue (Updated in June, 1998)

Since the UCP 500 (Uniform Customs and Practice for Documentary Credits - International Chamber of Commerce Publication No. 500) came into effect in January 1, 1994, introducing the new rules governing letters of credit (or documentary credits) operations, there have been many disputes over the conformity of the bills of lading to the UCP 500 articles.  The main reason is that certain bills of lading that were compliant under the old UCP 400 rules are now no more acceptable by the banks.

As a result, 90% of bills of lading in the U.S.A. and 60% in the U.K. are rejected by the banks.  This does not in fact affect the carriers or the banks, even though the bills of lading cannot meet the bankers' requirements under the new rules.  The customers of the banks or the carriers, for example, the shippers, the consignees and the notified parties, are the ones that suffer, even though they have done nothing wrong.

Sub-article 23 (a) (i) of the UCP 500 requires ...

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