will have no obligation to check such mail confirmation against the operative Credit instrument or the operative amendment received by teletransmission ii)If the teletransmission states"full details to follow"(or words of similar effect)or states that the mail confirmation is to be the operative Credit instrument or the operative amendment, then the teletransmission will not be deemed to be the operative Cred it instrument or the operative amendment. The Issuing Bank must forward the operative Cred it instrument or the operative amendment to such Advising Bank without delay b. If a bank uses the services of an advising bank to have the cred it advised to the beneficiary, it must also use the services of the same bank for advising an amendment(s c. A preliminary ad vice of the issuance or amendment of an irrevocable Cred it(pre-advice), shall only be given by an Issuing Bank if such bank is prepared to issue-the operative Cred it instrument or the operative amendment thereto Unless otherwise stated in such preliminary advice by the Issuing Bank, an Issuing Bank having given such pre-advice shall be irrevocably committed to issue or amend the cred it. in terms not inconsistent with the pre-advice, without delay Article 12. Incomplete or Unclear Instructions If incomplete or unclear instructions are received to advise, confirm of amend a Credit, the bank requested to act on such instructions may give preliminary notification to the Beneficiary for information only and without responsibility. This preliminary notification should state clearly that the notification is provided for information only and without the responsibility of the Advising Bank. In any event the Advising bank must inform the Issuing Bank of the action taken and request it to provide the necessary information The Issuing Bank must provide the necessary information without delay. The Credit will be advised, confirmed or amended, only when complete and clear instructions have been received and if the Advising Bank is then prepared to act on the instructions C. LIABILITIES AND RESPONSIBILITIES Article 13. Stand ard for Examination of documents a Banks must examine all documents stipulated in the Cred it with reasonable care, to ascertain whether or not they appear, on their face, to be in compliance with the terms and cond itions of the Credit Compliance of the stipulated documents on their face with the terms and cond itions of the cred it. shall be determined by international stand ard banking practice as reflected in these articles Documents which appear on their face to be inconsistent with one
will have no obligation to check such mail confirmation against the operative Credit instrument or the operative amendment received by teletransmission. ii) If the teletransmission states "full details to follow"(or words of similar effect) or states that the mail confirmation is to be the operative Credit instrument or the operative amendment, then the teletransmission will not be deemed to be the operative Credit instrument or the operative amendment. The Issuing Bank must forward the operative Credit instrument or the operative amendment to such Advising Bank without delay. b. If a bank uses the services of an Advising Bank to have the Credit advised to the Beneficiary, it must also use the services of the same bank for advising an amendment(s) c. A preliminary advice of the issuance or amendment of an irrevocable Credit(pre-advice), shall only be given by an Issuing Bank if such bank is prepared to issue-the operative Credit instrument or the operative amendment thereto. Unless otherwise stated in such preliminary advice by the Issuing Bank, an Issuing Bank having given such pre-advice shall be irrevocably committed to issue or amend the Credit, in terms not inconsistent with the pre-advice, without delay. Article 12. Incomplete or Unclear Instructions If incomplete or unclear instructions are received to advise, confirm of amend a Credit, the bank requested to act on such instructions may give preliminary notification to the Beneficiary for information only and without responsibility. This preliminary notification should state clearly that the notification is provided for information only and without the responsibility of the Advising Bank. In any event, the Advising Bank must inform the Issuing Bank of the action taken and request it to provide the necessary information. The Issuing Bank must provide the necessary information without delay. The Credit will be advised, confirmed or amended, only when complete and clear instructions have been received and if the Advising Bank is then prepared to act on the instructions. C. LIABILITIES AND RESPONSIBILITIES Article 13. Standard for Examination of Documents a. Banks must examine all documents stipulated in the Credit with reasonable care, to ascertain whether or not they appear, on their face, to be in compliance with the terms and conditions of the Credit. Compliance of the stipulated documents on their face with the terms and conditions of the Credit, shall be determined by international standard banking practice as reflected in these Articles. Documents which appear on their face to be inconsistent with one
another will be considered as not appearing on their face to be in compliance with the terms and cond itions of the Cred it Documents not stipulated in the Credit will not be examined by banks. If they receive such documents, they shall return them to the presenter or pass them on without responsibility b. The Issuing Bank, the Confirming Bank, if any, or a Nominated Bank acting on their behalf, shall each have a reasonable time, not to exceed seven banking days following the day of receipt of the documents to examine the documents and determine whether to take up or refuse the documents and to inform the party from which it received the documents accordingly c. If a Cred it contains cond itions without stating the document(s)to be presented in compliance therewith, banks will deem such cond itions as not stated and will d isregard them Article 14 Discrepant Documents and Notice a. When the Issuing Bank authorizes another bank to pay, incur a deferred payment undertaking, accept Draft(s), or negotiate against documents which appear on their face to be in compliance with the terms and cond itions of the cred it. the issuing bank and the Confirming Bank, if any, are bound i) to reimburse the Nominated Bank which has paid, incurred a deferred payment undertaking, accepted Draft(s), or negotiated ii)to take up the documents b. Upon receipt of the documents the Issuing Bank and/or Confirming Bank, if any, or a Nominated Bank acting on their behalf. must determine on the basis of the documents alone whether or not they appear on their face to be in compliance with the terms and cond itions of the Credit. If the documents appear on their face such banks may refuse to take up the documents c. If the Issuing Bank determines that the documents appear on their face not to be in compliance with the terms and cond itions of the Credit, it may in its sole judgment approach the Applicant for a waiver of the discrepancy(ies ). This does not, however, extend the period mentioned in sub-Article 13(b) d i) If the Issuing Bank and/or Confirming Bank, if any, or a Nominated Bank acting on their behalf, decides to refuse the documents, it must give notice to that effect by telecommunication or, if that is not possible, by other exped itious means, without delay but no later than the close of the seventh banking day following the day of receipt of the documents. Such notice shall be given to the bank from which it received the documents, or to the beneficiary, if it received the documents directly from him ii)Such notice must state all discrepancies in respect of which the
another will be considered as not appearing on their face to be in compliance with the terms and conditions of the Credit. Documents not stipulated in the Credit will not be examined by banks. If they receive such documents, they shall return them to the presenter or pass them on without responsibility. b. The Issuing Bank, the Confirming Bank, if any, or a Nominated Bank acting on their behalf, shall each have a reasonable time, not to exceed seven banking days following the day of receipt of the documents, to examine the documents and determine whether to take up or refuse the documents and to inform the party from which it received the documents accordingly. c. If a Credit contains conditions without stating the document(s) to be presented in compliance therewith, banks will deem such conditions as not stated and will disregard them. Article 14. Discrepant Documents and Notice a. When the Issuing Bank authorizes another bank to pay, incur a deferred payment undertaking, accept Draft(s), or negotiate against documents which appear on their face to be in compliance with the terms and conditions of the Credit, the Issuing Bank and the Confirming Bank, if any, are bound: i) to reimburse the Nominated Bank which has paid, incurred a deferred payment undertaking, accepted Draft(s), or negotiated, ii) to take up the documents. b. Upon receipt of the documents the Issuing Bank and/or Confirming Bank, if any, or a Nominated Bank acting on their behalf, must determine on the basis of the documents alone whether or not they appear on their face to be in compliance with the terms and conditions of the Credit. If the documents appear on their face not to be in compliance with the terms and conditions of the Credit, such banks may refuse to take up the documents. c. If the Issuing Bank determines that the documents appear on their face not to be in compliance with the terms and conditions of the Credit, it may in its sole judgment approach the Applicant for a waiver of the discrepancy(ies). This does not, however, extend the period mentioned in sub-Article 13(b). d. i) If the Issuing Bank and/or Confirming Bank, if any, or a Nominated Bank acting on their behalf, decides to refuse the documents, it must give notice to that effect by telecommunication or, if that is not possible, by other expeditious means, without delay but no later than the close of the seventh banking day following the day of receipt of the documents. Such notice shall be given to the bank from which it received the documents, or to the Beneficiary, if it received the documents directly from him. ii) Such notice must state all discrepancies in respect of which the
bank refuses the documents and must also state whether it is hold ing the documents at the disposal of, or is returning them to, the presenter 1 The Issuing Bank and/or Confirming Bank, if any, shall then be entitled to claim from the remitting bank refund with interest of any reimbursement which has been made to that bank e. If the Issuing Bank and/or Confirming Bank, if any, fails to act in accordance with the provisions of this Article and/or fails to hold the documents at the disposal of, or return them to the presenter, the Issuing Bank and/or Confirming Bank, if any, shall be precluded from claiming that the documents are not in compliance with the terms and cond itions of the cred it f If the remitting bank draws the attention of the issuing and/or Confirming Bank, if any, to any discrepancy(ies) in the document(s) or advises such banks that it has paid, incurred a deferred payment undertaking, accepted Draft(s)or negotiated under reserve or against an indemnity in respect of such discrepancy(ies), the Issuing Bank and/or Confirming Bank, if any, shall not be thereby relieved from any of their obligations under any provision of this Article. Suc reserve or indemnity concerns only the relations between the remitting bank and the party towards whom the reserve was made, or from whom, or on whose behalf, the indemnity was obtained Article 15 disclaimer on Effectiveness of documents Banks assume no liability or responsibility for the form, sufficiency accuracy, genuineness, falsification or legal effect of any document(s), or for the general and/or particular cond itions stipulated in the document(s)or superimposed thereon; nor do they assume any liability or responsibility for the description, quantity weight, quality, condition, packing, delivery, value or existence of the goods represented by any document(s), or for the good faith or acts and/or omissions, solvency, performance or stand ing of the consignors. the carriers. the forwarders the consignees or the insurers of the goods, or any other person whomsoever Article 16 Disclaimer on the Transmission of messages Banks assume no liability or responsibility for the consequences arising out of delay and/or loss in transit of any message(s), letter(s) or document(s), or for delay, multination or other error(s) arising in the transmission of any telecommunication. Banks liability or responsibility for errors in translation and/or interpretation of technical terms, and reserve the right to transmit Credit terms without translating them Article 17. Force Mai Banks assume no liability or responsibility for the consequences arising out of the interruption of their business by Acts of God, riots
bank refuses the documents and must also state whether it is holding the documents at the disposal of, or is returning them to, the presenter. iii) The Issuing Bank and/or Confirming Bank, if any, shall then be entitled to claim from the remitting bank refund, with interest, of any reimbursement which has been made to that bank. e. If the Issuing Bank and/or Confirming Bank, if any, fails to act in accordance with the provisions of this Article and/or fails to hold the documents at the disposal of, or return them to the presenter, the Issuing Bank and/or Confirming Bank, if any, shall be precluded from claiming that the documents are not in compliance with the terms and conditions of the Credit. f. If the remitting bank draws the attention of the Issuing and/or Confirming Bank, if any, to any discrepancy(ies) in the document(s) or advises such banks that it has paid, incurred a deferred payment undertaking, accepted Draft(s) or negotiated under reserve or against an indemnity in respect of such discrepancy(ies), the Issuing Bank and/or Confirming Bank, if any, shall not be thereby relieved from any of their obligations under any provision of this Article. Such reserve or indemnity concerns only the relations between the remitting bank and the party towards whom the reserve was made, or from whom, or on whose behalf, the indemnity was obtained. Article 15. Disclaimer on Effectiveness of Documents Banks assume no liability or responsibility for the form, sufficiency, accuracy, genuineness, falsification or legal effect of any document(s), or for the general and/or particular conditions stipulated in the document(s) or superimposed thereon; nor do they assume any liability or responsibility for the description, quantity, weight, quality, condition, packing, delivery, value or existence of the goods represented by any document(s), or for the good faith or acts and/or omissions, solvency, performance or standing of the consignors, the carriers, the forwarders, the consignees or the insurers of the goods, or any other person whomsoever. Article 16. Disclaimer on the Transmission of Messages Banks assume no liability or responsibility for the consequences arising out of delay and/or loss in transit of any message(s), letter(s) or document(s), or for delay, multilation or other error(s) arising in the transmission of any telecommunication. Banks assume no liability or responsibility for errors in translation and/or interpretation of technical terms, and reserve the right to transmit Credit terms without translating them. Article 17. Force Majeure Banks assume no liability or responsibility for the consequences arising out of the interruption of their business by Acts of God, riots
civil commotions, insurrections, wars or any other causes beyond their control, or by any strikes or lockouts. Unless specifically authorized, banks will not, upon resumption of their business, pay, incur a deferred payment undertaking, accept Draft(s)or negotiate under Credits which expired during such interruption of their business Article 18. Disclaimer for Acts of in Instructed party a. Banks utilizing the services of another bank or other banks for the purpose of giving effect to the instructions of the Applicant do so for the account and at the risk of such Applicant b. Banks assume no liabil ity or responsibility should the instructions they transmit not be carried out, even if they have themselves taken the initiative in the choice of such other bank(s) C i a party instructing another party to perform services is liable for any charges, including commissions, fees, costs or expenses incurred by the instructed party in connections with its instructions ii) Where a Credit stipulates that such charges are for the account of a party other than the instructing party, and charges cannot be collected, the instructing party remains ultimately liable for the payment thereof d. The Applicant shall be bound by and liable to indemnify the banks against all obligations and responsibilities imposed by foreign laws and usages Article 19 Bank-to-Bank Reimbursement Arrangements a. If an Issuing Bank intends that the reimbursement to which a paying, accepting or negotiating bank is entitled, shall be obtained by such bank(the" Claiming Bank"), claiming on another party (the" Reimbursing Bank"), it shall provide such Reimbursing Bank in good time with the proper instructions or authorization to honour such reimbursement claims b. Issuing Banks shall not require a Claiming Bank to supply a certificate of compliance with the terms and conditions of the Cred it to the Reimbursing Bank c. An Issuing Bank shall not be relieved from any of its obligations to provide reimbursement if and when reimbursement is not received by the Claiming Bank from the Reimbursing Bank. d. The Issuing Bank shall be responsible to the Claiming Bank for any loss of interest if reimbursement is not provided by the Reimbursing bank on first demand, or as otherwise specified in the Credit, or mutually agreed, as the case may be e. The reimbursing Bank's charges should be for the account of the Issuing Bank. However, in cases where the charges are for the account of another party, it is the responsibil ity of the Issuing Banks
civil commotions, insurrections, wars or any other causes beyond their control, or by any strikes or lockouts. Unless specifically authorized, banks will not, upon resumption of their business, pay, incur a deferred payment undertaking, accept Draft(s) or negotiate under Credits which expired during such interruption of their business. Article 18. Disclaimer for Acts of in Instructed Party a. Banks utilizing the services of another bank or other banks for the purpose of giving effect to the instructions of the Applicant do so for the account and at the risk of such Applicant. b. Banks assume no liability or responsibility should the instructions they transmit not be carried out, even if they have themselves taken the initiative in the choice of such other bank(s), c. i) A party instructing another party to perform services is liable for any charges, including commissions, fees, costs or expenses incurred by the instructed party in connections with its instructions. ii) Where a Credit stipulates that such charges are for the account of a party other than the instructing party, and charges cannot be collected, the instructing party remains ultimately liable for the payment thereof. d. The Applicant shall be bound by and liable to indemnify the banks against all obligations and responsibilities imposed by foreign laws and usages. Article 19. Bank-to-Bank Reimbursement Arrangements a. If an Issuing Bank intends that the reimbursement to which a paying, accepting or negotiating bank is entitled, shall be obtained by such bank (the” Claiming Bank"), claiming on another party (the” Reimbursing Bank"), it shall provide such Reimbursing Bank in good time with the proper instructions or authorization to honour such reimbursement claims. b. Issuing Banks shall not require a Claiming Bank to supply a certificate of compliance with the terms and conditions of the Credit to the Reimbursing Bank. c. An Issuing Bank shall not be relieved from any of its obligations to provide reimbursement if and when reimbursement is not received by the Claiming Bank from the Reimbursing Bank. d. The Issuing Bank shall be responsible to the Claiming Bank for any loss of interest if reimbursement is not provided by the Reimbursing Bank on first demand, or as otherwise specified in the Credit, or mutually agreed, as the case may be. e. The reimbursing Bank's charges should be for the account of the Issuing Bank. However, in cases where the charges are for the account of another party, it is the responsibility of the Issuing Banks