a. If a credit states that reimbursement is to be obtained by a nominated bank



("claiming bank") claiming on another party ("reimbursing bank"), the credit must state if the reimbursement is subject to the ICC rules for bank-to-bank



reimbursements in effect on the date of issuance of the credit.



b. If a credit does not state that reimbursement is subject to the ICC rules for bankto-bank reimbursements, the following apply:



i. An issuing bank must provide a reimbursing bank with a reimbursement



authorization that conforms with the availability stated in the credit. The



reimbursement authorization should not be subject to an expiry date.



ii. A claiming bank shall not be required to supply a reimbursing bank with a



certificate of compliance with the terms and conditions of the credit.



iii. An issuing bank will be responsible for any loss of interest, together with



any expenses incurred, if reimbursement is not provided on first demand by a reimbursing bank in accordance with the terms and conditions of thecredit.



iv. A reimbursing bank's charges are for the account of the issuing bank.



However, if the charges are for the account of the beneficiary, it is the



responsibility of an issuing bank to so indicate in the credit and in the



reimbursement authorization. If a reimbursing bank's charges are for the



account of the beneficiary, they shall be deducted from the amount due to



a claiming bank when reimbursement is made. If no reimbursement is



made, the reimbursing bank's charges remain the obligation of the issuing



bank.



c. An issuing bank is not relieved of any of its obligations to provide reimbursement if reimbursement is not made by a reimbursing bank on first demand.



Article 14 Standard for Examination of Documents



a. A nominated bank acting on its nomination, a confirming bank, if any, and the issuing bank must examine a presentation to determine, on the basis of the documents alone, whether or not the documents appear on their face to Constitute a complying presentation.



b. A nominated bank acting on its nomination, a confirming bank, if any, and the issuing bank shall each have a maximum of five banking days following the day of presentation to determine if a presentation is complying. This period is not curtailed or otherwise affected by the occurrence on or after the date of presentation of any expiry date or last day for presentation.



c. A presentation including one or more original transport documents subject to articles 19, 20, 21, 22, 23, 24 or 25 must be made by or on behalf of the



beneficiary not later than 21 calendar days after the date of shipment as



described in these rules, but in any event not later than the expiry date of the



credit.



d. Data in a document, when read in context with the credit, the document itself and international standard banking practice, need not be identical to, but must not conflict with, data in that document, any other stipulated document or the credit.



e. In documents other than the commercial invoice, the description of the goods,services or performance, if stated, may be in general terms not conflicting with their description in the credit.



f. If a credit requires presentation of a document other than a transport document,insurance document or commercial invoice, without stipulating by whom the document is to be issued or its data content, banks will accept the document as presented if its content appears to fulfil the function of the required document and otherwise complies with sub-article 14 (d).



g. A document presented but not required by the credit will be disregarded and may be returned to the presenter.



h. If a credit contains a condition without stipulating the document to indicate compliance with the condition, banks will deem such condition as not stated and will disregard it.



i. A document may be dated prior to the issuance date of the credit, but must not be dated later than its date of presentation.



j. When the addresses of the beneficiary and the applicant appear in any stipulated document, they need not be the same as those stated in the credit or in any other stipulated document, but must be within the same country as the respective addresses mentioned in the credit. Contact details (telefax, telephone, email and the like) stated as part of the beneficiary's and the applicant's address will be disregarded. However, when the address and contact details of the applicant appear as part of the consignee or notify party details on a transport document subject to articles 19, 20, 21, 22, 23, 24 or 25, they must be as stated in the credit.



k. The shipper or consignor of the goods indicated on any document need not be the beneficiary of the credit.



l. A transport document may be issued by any party other than a carrier, owner,master or charterer provided that the transport document meets the requirements of articles 19, 20, 21, 22, 23 or 24 of these rules.



Article 15 Complying Presentation



a. When an issuing bank determines that a presentation is complying, it must



honour.



b. When a confirming bank determines that a presentation is complying, it must honour or negotiate and forward the documents to the issuing bank.



c. When a nominated bank determines that a presentation is complying and



honours or negotiates, it must forward the documents to the confirming bank or issuing bank.



Article 16 Discrepant Documents, Waiver and Notice



a. When a nominated bank acting on its nomination, a confirming bank, if any, or the issuing bank determines that a presentation does not comply, it may refuse to honour or negotiate.



b. When an issuing bank determines that a presentation does not comply, it may in its sole judgement approach the applicant for a waiver of the discrepancies. This does not, however, extend the period mentioned in sub-article 14 (b).



c. When a nominated bank acting on its nomination, a confirming bank, if any, or the issuing bank decides to refuse to honour or negotiate, it must give a single notice to that effect to the presenter.



The notice must state:



i. that the bank is refusing to honour or negotiate; and



ii. each discrepancy in respect of which the bank refuses to honour or



negotiate; and



iii. a) that the bank is holding the documents pending further instructions from the presenter; or



b) that the issuing bank is holding the documents until it receives a waiver



from the applicant and agrees to accept it, or receives further instructions



from the presenter prior to agreeing to accept a waiver; or



c) that the bank is returning the documents; or



d) that the bank is acting in accordance with instructions previously received from the presenter.



d. The notice required in sub-article 16 (c) must be given by telecommunication or, if that is not possible, by other expeditious means no later than the close of the fifth banking day following the day ofpresentation.



e. A nominated bank acting on its nomination, a confirming bank, if any, or the issuing bank may, after providing notice required by sub-article 16 (c) (iii) (a) or(b), return the documents to the presenter at any time.



f. If an issuing bank or a confirming bank fails to act in accordance with the



provisions of this article, it shall be precluded from claiming that the documents do not constitute a complying presentation.



g. When an issuing bank refuses to honour or a confirming bank refuses to honour or negotiate and has given notice to that effect in accordance with this article, it shall then be entitled to claim a refund, with interest, of any reimbursement made.



Article 17 Original Documents and Copies



a. At least one original of each document stipulated in the credit must be presented.



b. A bank shall treat as an original any documentbearing an apparently original signature, mark, stamp, or label of the issuer of the document, unless the document itself indicates that it is not an original.



c. Unless a document indicates otherwise, a bank will also accept a document as original if it:



i. appears to be written, typed, perforated or stamped by the document



issuer's hand; or



ii. appears to be on the document issuer's original stationery; or



iii. states that it is original, unless the statement appears not to apply to the



document presented.



d. If a credit requires presentation of copies of documents, presentation of either originals or copies is permitted.



e. If a credit requires presentation of multiple documents by using terms such as "in duplicate", "in two fold" or "in two copies", this will be satisfied by the presentation of at least one original and the remaining number in copies, except when the document itself indicates otherwise.



Article 18 Commercial Invoice



a. A commercial invoice:



i. must appear to have been issued by the beneficiary (except as provided in



article 38);



ii. must be made out in the name of the applicant (except as provided in subarticle 38 (g));



iii. must be made out in the same currency as the credit; and



iv. need not be signed.



b. A nominated bank acting on its nomination, a confirming bank, if any, or the issuing bank may accept a commercial invoice issued for an amount in excess of the amount permitted by the credit, and its decision will be binding upon all parties, provided the bank in question has not honoured or negotiated for an amount in excess of that permitted by the credit.



c. The description of the goods, services or performance in a commercial invoice must correspond with that appearing in the credit.



Article 19 Transport Document Covering at Least Two Different Modes of Transport



a. A transport document covering at least two different modes of transport



(multimodal or combined transport document), however named, must appear to:



i. indicate the name of the carrier and be signed by:



the carrier or a named agent for or on behalf of the carrier, or



the master or a named agent for or on behalf of the master.



Any signature by the carrier, master or agent must be identified as that of the carrier, master or agent.



Any signature by an agent must indicate whether the agent has signed for or on behalf of the carrier or for or on behalf of the master.



ii. indicate that the goods have been dispatched, taken in charge or shipped



on board at the place stated in the credit, by:



pre-printed wording, or



a stamp or notation indicating the date on which the goods have been



dispatched, taken in charge or shipped on board.



The date of issuance of the transport document will be deemed to be the



date of dispatch, taking in charge or shipped on board, and the date of



shipment. However, if the transport document indicates, by stamp or



notation, a date of dispatch, taking in charge or shipped on board, this



date will be deemed to be the date of shipment.



iii. indicate the place of dispatch, taking in charge or shipment and the place



of final destination stated in the credit, even if:



a. the transport document states, in addition, a different place of dispatch, taking in charge or shipment or place of final destination,or



b. the transport document contains the indication "intended" or similar



qualification in relation to the vessel, port of loading or port of



discharge.



iv. be the sole original transport document or, if issued in more than one



original, be the full set as indicated on the transport document.



v. contain terms and conditions of carriage or make reference to another



source containing the terms and conditions of carriage (short form or blank



back transport document). Contents of terms and conditions of carriage



will not be examined.



vi. contain no indication that it is subject to a charter party.



b. For the purpose of this article, transhipment means unloading from one means of conveyance and reloading to another means of conveyance (whether or not in different modes of transport) during the carriage from the place of dispatch,taking in charge or shipment to the place of final destination stated in the credit.



c. i. A transport document may indicate that the goods will or may be



transhipped provided that the entire carriage is covered by one and the



same transport document.



ii. A transport document indicating that transhipment will or may take place is acceptable, even if the credit prohibits transhipment.



Article 20 Bill of Lading



a. A bill of lading, however named, must appear to:



i. indicate the name of the carrier and be signed by:



• the carrier or a named agent for or on behalf of the carrier, or



• the master or a named agent for or on behalf of the master.



Any signature by the carrier, master or agent must be identified as that of



the carrier, master or agent.



Any signature by an agent must indicate whether the agent has signed for



or on behalf of the carrier or for or on behalf of the master.



ii. indicate that the goods have been shipped on board a named vessel at the port of loading stated in the credit by:



pre-printed wording, or



an on board notation indicating the date on which the goods have been



shipped on board.



The date of issuance of the bill of lading will be deemed to be the date of



shipment unless the bill of lading contains an on board notation indicating