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Definition
| the bank that advises (authentication and informing of openess) the credit at the request of the issuing bank. |
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| The bank that issues a credit at the request of an applicant or on its own behalf. |
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| The party on whose request the credit is issued. |
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| The party in whose favour a credit is issued. |
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| Means a day on which a bank is regularly open at the place at which an act subject to these rules is to be performed. |
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| A presentation that is in accordance with the terms and conditions of credit, the applicable provisions of these rules and international standard banking practice. |
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| The bank that adds its confirmation to a credit upon the issuing bank's authorization or request. |
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| Any arrangement however named or described, that is irrevocable and thereby constitutes a definite undertaking of the issuing bank to honour a complying presentation. |
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Term
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Definition
a. To pay at sight if the credit is available by sight payment.
b. To incur a deferred payment undertaking and pay at maturity if the credity is available by deferred payment.
c. To accept a bill of exchange ("draft") drawn by the beneficiary and pay at maturity if the credit is available by acceptance. |
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Term
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Definition
| The purchase by the nominated bank of drafts (drawn on a bank other than the nominated bank) and/or documents under a complying presentation, by advancing or agreeing to advance funds to the beneficiary on or before the banking day on which reimbursement is due to the nominated bank. |
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Definition
| The bank with which credit is available or any bank in the case of a credit availabel with any bank. |
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Definition
| Either the delivery of documents under a credit to the issuing bank or nominated bank or the documents so delivered. |
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Definition
| A beneficiary, bank or other party that makes a presentation. |
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Term
| Credit is irrevocable even if there is no indication to that effect |
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Definition
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Term
| Branches of a bank in different countries are considered to be separtate banks. |
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Term
| A credit by its nature is a separate transaction form the sale or other contract on which it may be based. Banks are in no way concerned with or bound by such a contract. |
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Term
| An issuing bank should discourage any attempt by the applicant to include, as an integral part of the credit, copies of the underlying contact, proforma invoice and the like. |
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Term
| A credit must state the bank it is available with or whether it is available with any bank. |
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Definition
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Term
| A credit must state whether it is available by sight payment, deferred payment, acceptance or negotiation. |
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Definition
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Term
| A credit must state an expiry date for presentation. An expirty date stated for honour or negotiation will be deemed to be an expiry date for presentation. |
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Definition
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Term
| The place of the bank with which the credit is available is the place for presentation. The place for presentation under a credit available with any bank is that of any bank. A place for presentation other than that of the issing bank is in addition to the place of the issuing bank. |
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Term
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Definition
| An agreement to allow postponement of payments due, offered as customer incentives or conveniences, offered as a feature in loans (such as graduated-payment mortgages), or authorized by courts as part of debt-workout plans desgned to help insolvent individuals and businesses. |
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Term
| By advising the credit or amendment, the advising bank signifies that it has stisfied itself sd to the apparent authenticity o the credit or amendment and that the advice accurately reflects the terms and conditions of the credit or amendment recieved. |
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Definition
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| Except as otherwise provided by aricle 38, a credit can neither be amended nor cancelled without the agreement of the issuing bank, the confirming bank, if any, and the beneficiary. |
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Definition
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Term
| Receipt or examination and forwarding of documents by a nominated bank that is not a confiming bank does not make that nominated bank liable to honour or negotiate, nor does it constitute honour or negotiation. |
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Definition
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Term
| The beneficiary should give notification of acceptance or rejection of an amendment. If the beneficiary fails to give such notification, a presentation that complies with the credit and to any not yet accepted amendment will be deemed to be notification of acceptance by the beneficiary of such amendment. |
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Definition
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Term
| A nominated bank acting on its nomination. a confiming 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. |
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Definition
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Term
| 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. |
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Definition
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Term
| Original Documents and Copies |
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Definition
| At least one original of each document stipulated in the credit must be presented. |
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Term
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Definition
| must appear to have been issued by the beneficiary, made out in the name of the applicant, same currency as the credit, and need not be signed. |
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Term
| A transport document covering at least two different modes of transport, must appear to: |
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Definition
| indicate the carrier and be signed by the carrier, master or an agent on behlaf of the two. |
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Definition
| Indicate the name of the carrier and signed by the carrier, master or named agent. Indicate that the goods have been shipped on board a named vessel at the port of loading. Indicate shipment from the port of loading to the port of discharge.Be the sole original bill of lading, contain no indication that it is subject to a acharter party, and contain terms and conditions of carriage or make reference to another source containing the terms and conditions of carriage. |
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