Law 5110 Study Guide - Quiz Guide: Bankers Trust, Bank Melli Iran, International Standard
Document Summary
The two issues: what must the documents comply with, how strictly must the documents comply to those benchmark criteria? (essay question?) Article 2: complying presentation means a presentation that is in accordance with the terms and condition of the credit, the applicable provisions of these rules and international standard banking practise. Thus, the constitutive elements to determine compliance are: the terms and conditions of the credit, the applicable provisions of the ucp. International standard banking practise (isbp used to fill the gap between general principles of ucp and daily practise. Some leeway is recognised in the context of description of the goods etc but it may be that ucp 600 has introduced a more rigorous test of linkage between the documents. Assessment of compliance based on three factors: The payment clause provided for an irrevocable letter of credit payable against presentation of various documents including a commercial invoice, producer"s weight/ packing list and certificate of origin.
