UCP600 제조14조에 따른 화환신용장부서류심사표준의 적용에 관한 연구

A Practical Application of Standard for Examination of Documents under Documentary Credits subject to UCP600 Article 14

The aims of this study are to find out how the standard for examination of documents stipulated in UCP600 Article 14 is to be applied and interpreted in th documentary credit transactions. The Article 14 of UCP600 includes more details than UCP500 Article 13. Especially, in the item (b), there are two changes than before; one is that the checking time is decrease to 5 banking days i/o 7 before, and the other is that this period is not curtailed. In the item (c), the credit need not stipulate the period for presentation. The item (d) states that what are compliance and consistency. The item (e) stipulates that in documents other than invoice, the description of the goods may be in general terms not conflicting with the description in the credit. The item (g) stipulates that a document presented but not required by the credit will be disregarded and may be returned to the presenter. The item (j) states the issues about address, telephone or fax number, and e-mail address, which will be disregarded under the frame of UCP600. However, if these information are parts of consignee or notify party on a transport document, they must comply with credit. The item (l) is a new clause but these actions exist in practice largely. By using the results of this study, it will be expected to reduce the number of documents not accepted by banks because of discrepancies on first presentation of documents under documentary credits.