Understanding Proposed New Articles in UCP 600

(T. O. International Trade Seminar)

Introduction:
In November 2005, the complete draft of the revised UCP 500 or UCP 600 is ready for further comments and approval by the ICC National Committees. Hence the effective date of UCP 600 should not be very far from now. Bankers, importers, exporters and freight forwarders who do the documentation for shippers should get themselves familiarized with the new directions for the revised provisions. We are glad to invite Mr T O Lee, a member of the UCP 500 Revision Consulting Group from Canada to introduce the proposed major changes as reflected in the UCP 600 Articles and to explain the background and rationale for these revolutionary changes. He will also explain the implications of the new provisions and their impacts to banks playing different roles as well as the caution areas for the applicant and the beneficiary.
Contents Outline:

New definitions for various parties in an L/C, confirmation, banking days, presentation, negotiation and other terminology used in L/C operations.
Introducing a revolutionary new concept of "honour".
Allowing discount of deferred payment L/C as prohibited by the Banco Santander case of UK.
Replacing "reasonable time" with "US safe harbor" concept of 3 banking days and maximum time in sending notice of refusal shortened to 5 banking days.
More clear and unequivocal provisions in sending notice of refusal.
How to deal with ISBP that may not be consistent with some of the new provisions in UCP 600?
Whether to accept insurance documents signed by broker or proxy?
How to deal with terms like "on the face", "non bank issuing L/C", "revocable L/C", "setting time limit for sending notice of acceptance or refusal of amendments", "freight forwarder's bill of lading not allowed", "3 separate articles for road, rail or inland waterway transport documents", "weight stamp or declaration of weights", "instalment shipments", "assignment of proceeds".
Effective date of a cargo insurance document should rely on a specified event (commencement of transport) other than its issuing date.

What Others Have To Say:

"A brief discussion with Mr. Lee will convince you of his expertise on International Trade particularly for his knowledge and experience in maritime chartering, multimodal transport, marine cargo insurance, trade frauds, the China Trade, mediation and arbitration".
Charles del Busto - Chairman of ICC Banking Commission (1990-1996)
"Mr. Lee's presentation is thought provoking and original in its content. It brings to light not only problems with documentary credits but also solutions that you could obtain only from practical experience working in the field. I highly recommend it to both bankers and traders who are serious about letters of credit".
Jacob Katsman - Managing Editor, LC Monitor, Canada

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

(905) 237-6465

(905) 237-6867