Role of Advising Bank

Non negotiable

Confirming Bank Undertaking

Article 7 States that issuing Bank is irrevocably bound to honor the credit

ARTICLE 6 OF UCP 600 PLACE EXPIRY AND AVAILABLE

Article 5 states: “Banks deal with documents and not with goods, services or performance to which the documents may relate.

LC in nature is separate transaction.

Article 3 provides various interpretations for applying rules of UCP 600

Usage of terms like "from" and "after", "on or about" "beginning"," middle" "end" of a month, "first half" and "second half" of a month have been defined in this article.

Also this article clarifies that Branches of a bank in different countries are treated as different Banks for the purpose of Documentary Credit

Article 2 defnes Banking day . IT IS a day on which a bank is regularly open for performance

An important aspect of this definition lies in the use of the word ‘regularly’.

IF A bank were TO BE open FROM MONDAY TO Saturday for a half or full day to perform the handling of documentary credits, THEN SUCH SATURDAY would BE countED as a banking day UNDER UCP

Thanking you. TAKE CARE. STAY SAFE.

Good bye

UCP” stands for Uniform Customs and Practice for Documentary credits.