UniformCustomsandPracticeforDocumentaryCredits(1993Revision)
      A.GENERALPROVISIONSANDDEFINITIONS
      Article1.ApplicationofUCP
      TheUniformCustomsandPracticeforDocumentaryCredits,1993Revision,ICCPublicationNo.500,shallapplytoalldocumentaryCredits(includingtotheextenttowhichtheymaybeapplicable,StandbyLetter(s)ofCredit)wheretheyareincorporatedintothetextoftheCredit.Theyarebindingonallpartiesthereto,unlessotherwiseexpresslystipulatedintheCredit.
      Article2.MeaningofCredit
      ForthepurposesoftheseArticles,theexpressions"DocumentaryCredit(s)"and"StandbyLetter(s)ofCredit"(hereinafterreferredtoas"Credit(s)"),rmeananyarrangement,howevernamedordescribed,wherebyabank(the"IssuingBank")actingattherequestandontheinstructionsofacustomer(the"Applicant")oronitsownbehalf,
        i)istomakeapaymenttoortotheorderofathirdparty(the"Beneficiary"),oristoacceptandpaybillsofexchange(Draft(s))drawnbytheBeneficiary,or
        ii)authorisesanotherbanktoeffectsuchpayment,ortoacceptandpaysuchbillsofexchange(Draft(s)),or
        iii)authorisesanotherbanktonegotiate,againststipulateddocument(s),providedthatthetermsandconditionsoftheCreditarecompliedwith.ForthepurposesoftheseArticles,branchesofabankindifferentcountreisareconsideredanotherbank.
      Article3.Creditsv.Contracts
      a.Credits,bytheirnature,areseparatetransactionsfromthesalesorothercontract(s)onwhichtheymaybebasedandbanksareinnowayconcernedwithorboundbysuchcontract(s),evenifanyreferencewhatsoevertosuchcontract(s)isincludedintheCredit.Consequently,theundertakingofabanktopay,acceptandpayDraft(s)ornegotiateand/ortofulfilanyotherobligationundertheCredit,isnotsubjecttoclaimsordefencesbytheApplicantresultingfromhisrelationshipswiththeIssuingBankortheBeneficiary.
      b.ABeneficiarycaninnocaseavailhimselfofthecontractualrelationshipsexistingbetweenthebanksorbetweentheApplicantandtheIssuingBank.
      Article4.Documentsv.Goods/Services/Performances
      InCreditoperationsallpartiesconcerneddealwithdocuments,andnotwithgoods,servicesand/orotherperformancestowhichthedocumentsmayrelate.
      Article5.InstructionstoIssue/AmendCredits
      a.InstructionsfortheissuanceofaCredit,theCredititself,instructionsforanamendmentthereto,andtheamendmentitself,mustbecompleteandprecise.Inordertoguardagainstconfusionandmisunderstanding,banksshoulddiscourageanyattempt
        i)toincludeexcessivedetailintheCreditorinanyamendmentthereto;
        ii)togiveinstructionstoissue,adviseorconfirmaCreditbyreferencetoaCreditpreviouslyissued(similarCredit)wheresuchpreviousCredithasbeensubjecttoacceptedamendment(s),and/orunacceptedamendment(s),
      b.AllinstructionsfortheissuanceofaCreditandtheCredititselfand,whereapplicable,allinstructionsforanamendmenttheretoandtheamendmentitself,muststatepreciselythedocument(s)againstwhichpayment,acceptanceornegotiationistobemade.
      B.FORMANDNOTIFICATIOINOFCREDITS
      Article6.Revocablev.IrrevocableCredits
      a.ACreditmaybeeither
        i)revocable,or
        ii)irrevocable.
      b.TheCredit,therefore,shouldclearlyindicatewhetheritisrevocableorirrevocable.
      c.IntheabsenceofsuchindicationtheCreditshallbedeemedtobeirrevocable.
      Article7.AdvisingBank'sLiability
      a.ACreditmaybeadvisedtoaBeneficiarythroughanotherbank(the"AdvisingBank")withoutengagementonthepartoftheAdvisingBank,butthatbank,ifitelectstoadvisetheCredit,shalltakereasonablecaretochecktheapparentauthenticityoftheCreditwhichitadvises.IfthebankelectsnottoadvisetheCredit,itmustsoinformtheIssuingBankwithoutdelay.
      b.IftheAdvisingBankcannotestablishsuchapparentauthenticityitmustinform,withoutdelay,thebankfromwhichtheinstructionsappeartohavebeenreceivedthatithasbeenunabletoestablishtheauthenticityoftheCreditandifitelectsnonethelesstoadvisetheCredititmustinformtheBeneficiarythatithasnotbeenabletoestablishtheauthen,ticityoftheCredit.
      Article8.RevocationofaCredit
      a.ArevocableCreditmaybeamendedorcancelledbytheIssuingBankatanymomentandwithoutpriornoticetotheBeneficiary.
      b.However,theIssuingBankmust:
        i)reimburseanotherbankwithwhicharevocableCredithasbeenmadeavailableforsightpayment,acceptanceornegotiation-foranypayment,acceptanceornegotiationmadebysuchbank-priortoreceiptbyitofnoticeofamendmentorcancellation,againstdocumentswhichappearontheirfacetobeincompliancewiththetermsandconditionsoftheCredit,
        ii)reimburseanotherbankwithwhicharevocableCredithasbeenmadeavailablefordeferredpayment,ifsuchabankhas,priortoreceiptbyitofnoticeofamendmentorcancellation,takenupdocumentswhichappearontheirfacetobeincompliancewiththetermsandconditionsoftheCredit.
      Article9.LiabilityofIssuingandConfirmingBanks
      a.AnirrevocableCreditconstitutesadefiniteundertakingoftheIssuingBank,providedthatthestipulateddocumentsarepresentedtotheNominatedBankortotheIssuingBankandthatthetermsandconditionsoftheCreditarecompliedwith:
        i)iftheCreditprovidesforsightpayment-topayatsight;
      ii)iftheCreditprovidesfordeferredpayment-topayonthematuritydate(s)determinableinaccordancewiththestipulationsoftheCredit;
        iii)iftheCreditprovidesforacceptance;
          (a)bytheIssuingBank-toacceptDraft(s)drawnbytheBeneficiarqontheIssuingBankandpaythematmaturity,or
          (b)byanotherdraweebank-toacceptandpayatmaturityDraft(s)drawnbytheBeneficiaryontheIssuingBankintheeventthedraweebankstipulatedintheCreditdoesnotacceptDraft(s)drawnonit,ortopayDraft(s)acceptedbutnotpaidbysuchdraweebankatmaturity;
        iv)iftheCreditprovidesfornegotiation-topaywithoutrecoursetodrawersand/orbonafideholders,Draft(s)drawnbytheBeneficiaryand/ordocument(s)presentedundertheCredit.ACreditshouldnotbeissuedavailablebyDraft(s)ontheApplicant.IftheCreditneverthelesscallsforDraft(s)ontheApplicant,bankswillconsidersuchDraft(s)asanadditionaldocument(s).
      b.AconfirmationofanirrevocableCreditbyanotherbank(the"ConfirminnBank")upontheauthorisationorrequestoftheIssuingBank,constitutesadefiniteundertakingoftheConfirmingBank,inadditiontothatoftheIssuingBank,providedthatthestipulateddocumentsarepresentedtotheConfirmingBankortoanyotherNominatedBankandthatthetermsandconditionsoftheCreditarecompliedwith:
        i)iftheCreditprovidesforsightpayment-topayatsight;
        ii)iftheCreditpr