Acceptance of alternative documents when credit calls for charter party Bill of Lading

Description

ICC, Uniform Customs and Practice for Documentary Credits, ICC Publication 500, Article 25. "If a Credit calls for or permits a charter party bill of lading, banks will, unless otherwise stipulated in the Credit, accept a document, however named, which:

"(i)       contains any indication that it is subject to a charter party, and

"(ii)       appears on its face to have been signed or otherwise authenticated by:

"– the master or a named agent for or on behalf of the master, or

"– the owner or a named agent for or on behalf of the owner, ... and

"(iii)      does or does not indicate the name of the carrier, and

"(iv)      indicates that the goods have been loaded on board or shipped on a named vessel, ... and

"(v)      indicates the port of loading and the port of discharge stipulated in the Credit, and

"(vi)      consists of a sole original bill of lading or, if issued in more than one original, the full set as so issued, and

"(vii)     contains no indication that the carrying vessel is propelled by sail only, and

"(viii)    in all other respects meets the stipulations of the Credit."

This summary is part of the Compendium of Trade Facilitation Recommendations authored by UNCTAD and UN/CEFACT, Part H

 

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ICC International Chamber of Commerce , United Nations Conference on Trade and Development - UNCTAD , United Nations Economic Commission for Europe-UNECE  

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Commercial trade practices ,
Customs Issues ,
Maritime Transport and Port Operations ,
Other Trade Facilitation Aspects ,
Trade Finance ,
Transport Operations