UCP ARTICLES-17 to 19:

Simran Mathur Roll no;16

Original document:-At least one original document stipulated in the credit must be presented. Original document=apparent original signature ,mark stamp or label of issuer of the document.If otherwise not stated means that if it is not mentioned that only original document is mandatory, then the bank can consider also a document as an original one if=written ,typed ,perforated or typed by the documents issuers hand or states that it is original. L/C requires copies of documents either originals or copies is acceptable. Documents in two fold ,duplicate pr in two copies-; presentation of at least one original and remaining number of copies is acceptable ,unless the document states otherwise.

Commercial Invoices:-

The commercial invoice is a record or evidence of transaction between the exporter and the importer. It is similar to an ordinary sales invoice, except some entries specific to the export-import trade are added. The content of a typical declaration includes a sworn statement from the exporter indicating that the goods in question are manufactured in the exporting country, and that the amount shown in the invoice is the true and correct value. Must appear to have been issued by the beneficiary, made out in name of applicantIt must be in the name of the recieving party ,provided by the suppliers side.

Must be made out in the same currency and need not be signedThe commercial invoice and packing list need not be signed, unless otherwise stipulated in the letter of credit (L/C). In practice, the original and the copy of the commercial invoice and packing list are often signed. It must be in the same currency as l/c; if it is in us dollar in credit,in invoice also it should appear the same. If in the sample L/C the stated quantity is 100 Sets, thus the quantity in the invoice must be 100 Sets. If the L/C quantity is indicated using the words "about", "approximately", or similar expressions, the quantity in the invoice cannot exceed 10% more or 10% less than the quantity indicated in the L/C.

" Amount:- Unless otherwise stipulated in the letter of credit (L/C), the amount must not exceed the amount permitted by the L/C. If the L/C amount is indicated using the words "about", "approximately", "circa" or similar expressions, the amount of the invoice cannot exceed 10% more or 10% less than the amount indicated in the L/C. For example, if the L/C amount is "approximately US$10,000", the amount of invoice can be any amount between US$9,000 and US$11,000. May be accepted by the nominated bank,but must nt be honoured or negotiated in excess of L/C amount. Description of goods:-The description of the goods in the commercial invoice must correspond with the description in the letter of credit (L/C). In all other documents, the description can be in general terms provided it is not inconsistent with the description in the L/C.

For example, referring to the sample L/C ,the description of goods in the commercial invoice should be "'ABC' Brand Pneumatic tools. However, if any other documents indicate "'ABC' Brand Air Tools", it is inconsistent with the description in the L/C for using the word "air", which should be "pneumatic", despite both terms being technically the same. Consequently, there is a discrepancy and the bank will reject the documents.

Transport document covering at least two different modes of transport. Must appear to indicate name of carrier. Signed by master ,carrier or named agent. If signed by agent ,need to specify for whom carrier or master-it is signed. Indicating goods have been discharged ,taken in charge or shipped on board: -by preprinted wording: issuance date is the date of dispatch ,taking in charge or shipped on board. -by a dated notation, indicating the date goods have been dispatched.

Must indicate place of dispatch ,taking in charge or shipment, and place of final

-States in addition ,different dates of dispatch,-

destination stated in the L/C, even if transport document,

taking in charge or shipment or place of final destination. Contains indication intended or similar qualification in relation to vessel, port of loading or port of discharge.If issued in one original,all originals are required. Need not examine contents of terms and conditions of carriage.

(New)-unloading from one means of

conveyance and reloading to another means of conveyance(weather 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)is Transshipment.

-transport document may indicate goods will or may be transhipped provided entire carriage is covered by one and the same transport document. Even prohibited by the L/C, transport document indicating transshipment will or may take place is acceptale.

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