Disputes and Grey Areas Amongst the UCP 600 Articles

(T. O. International Trade Seminars)

This announcement is for your prior information only. All details are subject to change without notice. Please verify them with the organizer before you act on it.

Introduction
ICC experts, including the speaker, during their global presentations of UCP 600, have collected lots of queries from the floor, mostly from bankers who read between the lines amongst the sub-articles. A lot of arguments and different interpretations arise. These issues are not expressly and specifically addressed in the sub-articles, ISBP 681 or ICC Commentary on UCP 600.
The basic training of UCP 600 is now over after its implementation on 1 July 2007. It is now the right time to dig deeper into the wordings used in these sub-articles to achieve a thorough understanding of the true intent and implications of some of these trouble-laden articles.
The speaker Mr T O Lee is a Member of the UCP 600 Consulting Group and is actively involved in the whole drafting process of UCP 600. With his knowledge and experience in related subjects, such as sea, air, surface and multimodal transport, charter party, commodity trade, cargo insurance, Incoterms 2000, trade frauds, China trade, risk management and quality assurance, as well as related international trade conventions and related protocols, he is able to address to those non-banking issues that most speakers try to avoid. You cannot find the answers in ISBP 681 or Commentary on UCP 600 as these are outside the scope of knowledge for the bankers.
Contents Outline

Is an issuing bank obligated to transfer if the nominated transferring bank refuses to transfer?
Is "advance or agree to advance funds" in the definition of "negotiation" in UCP 600 article 2 the same as "giving of value" or "undertaking an obligation to make payment" in ICC Position Papers No. 2?
If a credit requires expressly a master air waybill, why a house air waybill is unacceptable, although ICC Document 470/TA.621 says it is acceptable?
What is the real meaning of "a single notice" in UCP 600 article 16, as reflected in Total Energy vs Standard Chartered Bank Hong Kong (2006)?
In UCP 500 article 23 (a) (ii), if a bill of lading shows a place of receipt different from the port of loading stated in the credit, an on board notation is required. But this provision is deleted in UCP 600 and ISBP 681. Does this imply that such notation is not necessary after 1 July 2007?
Article 14 (l) allows any party, beneficiary included, to issue a transport document. Is issue same as sign from ICC perspectives? What measures should an issuing bank take to avoid the potential risks?
What qualifies "indication" of a charter party bill of lading under article 22 (a)?
In a fully transferred credit without any need for document substitution, is article 38 (k) still applicable?

Details

Speaker Mr. T. O. Lee FAE, MCIArb, MITD

Duration One-day workshop

Mr T O Lee is a Member of the UCP 600 Consulting Group providing comments and recommendations in UCP 500 revision. He is appointed by ICC Paris as an ICC DOCDEX Expert to adjudicate on letter of credit disputes. Besides being elected as one of the 9 best letter of credit experts in the world in a global survey in 2006, he is also an Accredited Expert (Letter of Credit) of the Academy of Experts, Gray's Inn, London, Member of United Nations International Multimodal Transport Association, Geneva, columnist in Lloyd's of London "Maritime Asia/Intermodal Asia" and "Hong Kong Economic Journal". He is also an editor of ICC "Documentary Credit Insight" in France, Technical Adviser of "L/C Monitor" in Canada and "L/C Views" in USA. Details of his articles, highlights of cases resolved and CDCS case studies can be viewed from his website: www.tolee.com.

(416) 298-5881

(416) 292-5535

Speaker	Mr. T. O. Lee FAE, MCIArb, MITD
Duration	One-day workshop