자동성립조건부 조건변경에 관한 UCP 600 제10조 f항의 해석과 은행실무상의 대응책

A Meaning of UCP 600 Article 10 (f) on amendment of Letter of Credit and counter measures for bank

This study analyzes background that UCP 600 Article 10 (f) is established newly laying stress on Position Paper No.1, and I wish to present point and confrontation plan concretely to keep in mind issuing bank, notifying bank, and negotiating bank regarding interpretation and application of this Article 10 (f). UCP 600 Article 10 sub-article (f) is new the UCP and addresses the issues contained in Position Paper No.1 issued by ICC in relation to UCP 500. The position paper addressed the situation in which amendments were being issued that included wording to the effect that the amendment will be deemed to have been accepted by the beneficiary unless rejected by it within a specified time period. This practice was felt to restrict the rights of a beneficiary in deciding when to either accept or reject an amendment to a documentary credit. The new rules state that such conditions in an amendment will be disregarded. Person concerned who is taking part in Letter of Credit transactions under UCP 600 must recognize rightly meaning of this article and application obviously.