HUKUM JUAL BELI (KE)PERUSAHAAN · subyek, obyek & hubungan/ peristiwa hukum 1. subyek hukum =...

HUKUM JUAL BELI

(KE)PERUSAHAAN

Dr. Miftahul Huda, SH., LL.M

Dr. Yetty Komalasari Dewi, SH., ML.I

Program Pararel/Ekstensi

Fakultas Hukum Universitas Indonesia

Semester Genap T.A. 2011/2012

3 ‘SERANGKAI’ DALAM HUKUM

‘PERIKATAN’ = KEWAJIBAN & HAK

SUBYEK HUKUM

OBYEK HUKUMHUBUNGAN HUKUMPERISTIWA HUKUM

SUBYEK, OBYEK & HUBUNGAN/PERISTIWA HUKUM

1. SUBYEK HUKUM = PENGEMBAN HAK & KEWAJIBAN

2. OBYEK HUKUM = (KE)BENDA(AN) = TUJUAN

3. HUBUNGAN/PERISTIWA HUKUM = PERIKATAN = HAK & KEWAJIBAN

SUBYEK + OBYEK + HUBUNGAN/PERISTIWA HUKUM

MR. ABUPT “ABC”

MR. BUDIKOPERASI“MAKMUR”

PRIBADI KODRATIPRIBADI HUKUM

PRIBADI KODRATIPRIBADI HUKUM

HUBUNGAN HUKUMATAU

PERISTIWA HUKUM

JUAL BELI?SEWA MENYEWA?

PINJAM MEMINJAM?SEWA GUNA USAHA?

ANJAK PIUTANG?PELANGGARAN HUKUM?

DLL?

HAK & KEWAJIBAN

PRESTASI ATAU WANPRESTASI

BEBERAPA ‘PERJANJIAN’ KHUSUS*

1. JUAL BELI (1457-1540)

2. TUKAR MENUKAR (1541-1546)

3. SEWA MENYEWA (1548-1600)

4. MELAKUKAN PEKERJAAN (1601-1617):

a. Sementara Jasa (1601)

b. Perburuhan (1601a)???

c. Pemborongan Pek. (1601b)

5. PERSEROAN (PP) (1618-1652)

6. PERKUMPULAN (1653-1665)

7. HIBAH (1666-1693)

8. PENITIPAN BARANG (1694-1739)

9. PINJAM PAKAI (1740-1753)

10. PINJAM MEMINJAM (1754-1773)

11. UNTUNG2-AN (1774-1791)

12. PEMBERIAN KUASA (1792-1819)

13. PENANGGUNGAN UTANG (1820-1850)

14. PERDAMAIAN (1851-1864)

* NOMINAAT

BEBERAPA ISSUES:

▪ JUAL BELI: 1458 ►KONSENSUALISME

1145►HAK REKLAME

1513►Insert L/C?

♦ TANAH & BANG ►UUPA

▪ SEWA MENYEWA:

1559►SUB-LEASE

1575 ►MENINGGAL-TK HAPUS

1576 ►OBYEK DIJUAL-TK PUTUS

▪ PINJAM MEMINJAM:

1767►BUNGA UU & PESTJAN

1768►BUNGA UU – 6%

▪ PEMBERIAN KUASA:

1803►KUASA SUBSTITUSI

▪ PENANGGUNGAN UTANG:

1831►WAIVE?

1840►SUBROGASI

HUKUM JUAL BELI (KE)PERUSAHAAN

• PENGERTIAN?

• ISSUE POKOK

HARGA

Price

BARANG

Goods

PEMBAYARAN

Payment

PENYERAHAN

Delivery

ADVANCE?

OPEN ACCOUNT?

CONSIGNMENT?

COLLECTION DRAFT?

BARTER?

L/C?LAUT

DARAT

UDARA

PROS?

&

CONS?

KONOSEMEN?

▪ DASAR HUKUM: 1. KUHPERDATA (1457-1540)

2. UCP 600 – 01/07/2007

3. SKBDN (PERAT. BI NO 5/6/PBI/2003 – 02/05/2003

4. INCOTERMS 2000 – 01/01/2000

SKBDN NO 29/150/KEP/DIR -31/12/1996

▪ DOCUMENTARY CREDIT/

LETTER(S) OF CREDIT

DOCUMENTS:

SKBDN

►TRANSPORT DOCS = B/L

►INSURANCE DOCS = POLICY

►COMMERCIAL INVOICES

►PAYMENT DOCS = B/E = DRAFT

►OTHERS = CERT.OF ORIGIN+DLL

BEBERAPA ASPEK HUKUM YANG TERKAIT

1. HK PERIKATAN KHUSUS PERDATA

2. HK ORGANISASI PERUSAHAAN

3. HK KOPERASI

4. HK KEBENDAAN PERDATA

5. HK PENGANGKUTAN LAUT (DARAT/UDARA)

6. HK ASURANSI

7. HK HATAH EKSTERN (HPI)

8. HK ARBITRASE

9. HK KEPAILITAN & PENUNDAAN PEMBAYARAN

10.HK PERBANKAN

11. HK SURAT BERHARGA

REFERENSI

• KUH PERDATA

• UCP 600

• SKBDN (PERAT. BI NO 5/6/PBI/2003 –

02/05/2003)

• INCOTERMS 2000 - 01/01/2000

PENILAIAN

• Kehadiran (10%)

• Tugas (15%)

• Ujian Tengah Semester (30%)

• Ujian Akhir Semester (45%)

BERSAMBUNG….

By Miftahul Huda/Huda&Co 1


Oleh: Dr. Miftahul Huda, SH, LLM

Disampaikan Dalam Kuliah


Program S1 Reguler/Paralel/Ekstensi

Fakultas Hukum - Universitas Indonesia

Semester Genap Tahun Akademik 2014/2015

Jakarta, 23 Pebruari 2015


APA & BAGAIMANA PRINSIP-PRINSIP JUAL BELI?

• Perjanjian khusus (1457-1540 KUH Perdata)?

• Asas konsensuil - obligatoir (1458 KUH Perdata)?

• Hak-hak & kewajiban-kewajiban?

• Beralihnya resiko?

• Beralihnya hak milik?

• Cara pembayaran?

• Jual beli dengan L/C - penegasan kembali hak dan kewajiban?


JUAL BELI DENGAN (PEMBUKAAN) L/C?

• UCP 600 : 2007 Revision

berlaku 1 Juli 2007

• Jenis L/C - Dari segi penggunaan:

(1) Documentary L/C - Commercial L/C/Merchandise L/C

(2) Standby L/C – SBLC - Security

• Istilah & Definisi

(1) Istilah: Commercial Credit

Letter of Credit Documentary Credit

Credit



ARTICLE 2

Meaning of Credit ([UCP 500]

For the purposes of these Articles, the expressions "Documentary Credit(s)" and Standby Letter(s) of Credit" (hereinafter referred to as "Credit(s)"), mean any arrangement, however named or described, whereby a bank (the "Issuing Bank") acting at the request and on the instructions of a customer (the "Applicant") or on its own behalf,

i. is to make a payment to or to the order of a third party (the "Beneficiary"), or is to accept and pay bills of exchange (Draft(s)) drawn by the Beneficiary, or

ii. authorizes another bank to effect such payment, or to accept and pay such bills of exchange (Draft(s)); or

iii. authorizes another bank to negotiate,

against stipulated document(s), provided that the terms and conditions of the Credit are complied with.

For the purposes of these Articles, branches of a bank in different countries are considered another bank.


SKEMA TRANSAKSI L/C & INCOTERMS

INCOTERMS 2000 = 13 TERMS

ASELLER

BBUYER

DADVISING BANK

CISSUING BANK

FCARRIER

SALES

CONTRACT

Goods/

Services

L/C

EEXPEDITUR

GOODS/SERVICES = DELIVERY

PRICE = PAYMENT

APPLICATION

DOCUMENTSAUTHORIZING:

TO PAY

TO ACCEPT & PAY

TO NEGOTIATE

L/C

DOCUMENTS

L/C

Rp/$

RP/$

DOCUMENTS

RP/$

RP/$

GOOD/SERVICES

B/L

B/L

UCP 500/SKBDN

AUTHORIZING:

TO PAY

TO ACCEPT & PAY

TO NEGOTIATE

GOODS

DOCUMENTS

PERJ.PENGANGKUTAN

PERJ. EXPEDISI

EXW DDP



ARTICLE 2 DEFINITIONS [UCP 600]

“Credit" means any arrangement, however named or described, that is irrevocable and thereby constitutes a definite undertaking of issuing bank to honour a complying presentation.

“Honour” means:

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 credit is available by deferred payment.

c. to accept a bill of exchange (“draft”) drawn by the beneficiary and pay at maturity of the credit is available by acceptance.

“Issuing bank” means the bank that issues a credit at the request of an applicant or on its own behalf.

“Complying presentation” means a presentation that is in accordance with the terms and conditions of the credit, the applicable provisions of these rules and international standard banking practice.

“Presentation” means either the delivery of documents under a credit to the issuing bank or nominated bank or the documents so delivered.

“Nominated bank” means the bank with which the credit is available or any bank in the case of a credit available with any bank.

“Beneficiary” means the party whose favour a credit issued.


SKEMA TRANSAKSI L/C & INCOTERMS

INCOTERMS 2010 = 11 TERMS

ASELLER

BBUYER

DADVISING BANK

CISSUING BANK

FCARRIER

SALES

CONTRACT

Goods/

Services

L/C

EEXPEDITUR

GOODS/SERVICES = DELIVERY

PRICE = PAYMENT

APPLICATION

DOCUMENTSANY ARRANGMENT –

DEFINITE UNDERTAKING

TO HONOUR:

TO PAY AT SIGHT

TO INCUR DEFERRED

PAYMENT

TO ACCEPT B/E (DRAF)

TO NEGOTIATE

ISSUES A CREDIT AT THE

REQUEST OF APPLICANT

OR

ON ITS OWN BEHALF

L/C

DOCUMENTS

L/C

Rp/$

RP/$

DOCUMENTS

B/E

RP/$

RP/$

GOOD/SERVICES

B/L

B/L

UCP 600/SKBDN

UNDERTAKING TO REIMBURSE NOMINATED

BANK TO HONOUR:TO PAY AT SIGHT PAYMENT,

TO INCUR DEFERRED PAYMENT, TO ACCEPT

B/E & PAY OR NEGOTIATE

WITHOUT RECOURSE

GOODS

DOCUMENTS

PERJ.PENGANGKUTAN

PERJ. EXPEDISI

EXW DDP


“Sample L/C Application” ?


“Sample L/C” ?


“Sample SBLC”?


“Mike Tyson v. Lennox Lewis”?


“L/C Pertamina” ?


SURAT WESEL

Jakarta, 05/11/2012

Disetujui Kepada Yth

[Dibayarkan di BNI] Tuan B

JKT 05/12/2012 Di Jakarta

Pada tanggal 05/12/2012 harap Saudara membayar Wesel ini kepada Sdr. C atau penggantinya di Jakarta uang sejumlah

Rp 100.000.000,- (seratus juta Rupiah).

AVALIST Hormat kami,

TT

Tuan D [Meterai]

PT A

- Dasar Hukum = Ps 100-

Ps 173 KUHD

- Syarat formal & materiil =

Ps 100 KUHD


TUJUAN & FUNGSI ?

• Merchant’s LC?

• Banker’s L/C?

• Fungsi (Banker’s) L/C:

- perjanjian bank-bank

- pengamanan para pihak yang terlibat

- pemastian pembayaran

- dokumen-dokumen

- pemberian fasilitas pembiayaan


KELEBIHAN & KEKURANGAN ?

• KELEBIHAN (?)

(1) Penjual – Kreditur – Jaminan pembayaran

Penjual – Pembiayaan (back to back L/C dsb)

(2) Pembeli – Debitur – pembiayaan + (re)financing

• KEKURANGAN (?)

- Biaya?

- Waktu?

- Bank-bank – dokumen?

- Pembeli - barang/& harganya?


PARA PIHAK & HUBUNGAN (KONSTRUKSI) HUKUM?

Pihak-pihak yang terlibat dalam (pembukaan) L/C?

(1) Pembeli – Debitur ?

(2) Penjual – Kreditur (Beneficiery)?

(3) Bank (Issuing Bank)?

[4] Bank (Advising Bank + Nominated Bank)


ISSUES ?

• A (Beneficiery) telah menerima L/C bernilai US$100,000 dari D (Advising Bank)

yang diterbitkan oleh C (Issuing Bank) atas permintaan dan atau instruksi B

(Applicant). Dokumen (-dokumen) yang dipersyaratkan dalam L/C tersebut,

khususnya Wesel telah diserahkan kepada D, dan D telah mengakseptasi Wesel

dimaksud. Wesel tersebut kemudian dijual/dibeli oleh E dengan diskonto 20%.

Pada saat jatuh tempo (due) E menyerahkan Wesel kepada D untuk

mendapatkan pembayaran. Alangkah terkejutnya E karena D menolak

membayar Wesel tersebut.

• Siapa yang harus bertanggung jawab terhadap ‘kerugian’ E?

• Upaya hukum apa yang dapat ditempuh oleh E?

• Jelaskan dan berikan argumentasi Saudara berikut dasar hukumnya?


ISSUES – Contn’d

• Hubungan hukum antara A dengan B ?

• Hubungan hukum antara B dengan C ?

• Hubungan hukum antara C dengan D ?

• Hubungan hukum antara A dengan D ?

• Hubungan hukum antara E dengan D ?

• Hubungan hukum antara E dengan B ?


PARA PIHAK & HUBUNGAN (KONSTRUKSI) HUKUM?

1. Pembeli (Debitur) v Bank ?

- Pemberian kuasa [dengan upah] (1792-1819 KUHPerdata)?

- Perj. melakukan beberapa pekerjaan (1601, 1601 b KUHPer)?

- Pinjam-meminjam (1754-1773 KUHPerdata)?

2 Pembeli (Debitur) v Penjual (Kreditur) ?

- Janji membuka L/C pada saat perj. jual beli?

- Janji membuka L/C setelah perj. jual beli?

- Saat-saat prestasi penjual & pembeli dipastikan kembali?

- Hak penjual terhadap pembeli setelah perintah membuka L/C?

3. Bank v Penjual [Kreditur] (Beneficiery)?

• Bank sebagai (pen)jamin (borg) bagi Pembeli (1820 KUHPer)?

• Bank sebagai (pen)jamin (aval) bagi Pembeli (131 KUHD)?

• Bank memenuhi kewajiban membayar(kan) Pembeli?

• Pelaksanaan “syarat untuk kepentingan P3” (1317 KUHPer)?

• Irr. L/C sebagai delegasi - novasi subyektif pasif (1417 KUHPer)?

• Sebagai akseptasi wesel (127 KUHD)?

• “Sui generis” = karakteristik – separate transaction (Art 4(a) UCP 600)?


SIFAT (HUBUNGAN) HUKUM L/C DENGAN KONTRAK?

ARTICLE 4

Credits v. Contracts [UCP 600]

a. A credits by its nature is a separate transaction from the sale or other contract on which they may be based. Banks are in no way concerned with or bound by such contract, even if any reference whatsoever to it is included in the credit. Consequently, the undertaking of a bank to honour, to negotiate or to fulfil any other obligation under the credit, is not subject to claims or defences by the applicant resulting from his relationships with the issuing bank or the beneficiary.

Beneficiary can in no case avail itself of the contractual relationships existing between the banks or between the applicant and the issuing bank.

b. An issuing bank should discourage any attempt by the applicant to include, as an integral part of credit, copies of the underlying cntract, proforma invoice and the like.


CONCERN & FOCUS BANK?

ARTICLE 5

Documents v. Goods, Services or Performances [UCP 600]

Banks deal with documents and not with goods,

services or other performance to which the

documents may relate.


AVAILABILITY, EXPIRY DATE & PLACE FOR PRESENTATION

(ARTICLE 6)

a. L/C harus menyebutkan keberadaan dana – Nominated Bank = Issuing Bank.

b. L/C harus menyebutkan cara dan atau waktu pembayaran = sight payment,

deferred payment, acceptance or negotiation.

c. L/C dilarang mencantumkan kondisi keberadaan/pembayaran dana

berdasarkan wesel yang diterbitkan thd pembeli (pemohon) ?

d. L/C harus mencantumkan tgl daluarsa penyerahan dokumen – tgl daluarsa

‘pembayaran’ (honour/negotiation) dianggap pada tgl daluarsa penyerahan

(dokumen).

b. L/C mencantumkan Bank tempat penyerahan dokumen.

c. Kecuali Ps 29(1) penyerahan dokumen pada/sebelum tgl daluarsa.


FURTHER ISSUES ?

ADA BERAPA JENIS L/C MENURUT KETENTUAN UCP 600, DAN

APA KRITERIA PENJENISANNYA?


PENUTUP

“TERIMA KASIH”






Program S1 Reguler



Jakarta, 04 April 2014

UCP 500 ?

UCP 500 ?



PENGERTIAN L/C?

ARTICLE 2

Meaning of Credit [UCP 500]

For the purposes of these Articles, the expressions "Documentary Credit(s)" and Standby Letter(s) of Credit" (hereinafter referred to as "Credit(s)"), mean any arrangement, however named or described, whereby a bank (the "Issuing Bank") acting at the request and on the instructions of a customer (the "Applicant") or on its own behalf,

i. is to make a payment to or to the order of a third party (the "Beneficiary"), or is to accept and pay bills of exchange (Draft(s)) drawn by the Beneficiary, or

ii. authorizes another bank to effect such payment, or to accept and pay such bills of exchange (Draft(s)); or

iii. authorizes another bank to negotiate,

against stipulated document(s), provided that the terms and conditions of the Credit are complied with.

For the purposes of these Articles, branches of a bank in different countries are considered another bank.


CREDITS v. CONTRACTS

ARTICLE 3

Credits v. Contracts

A. Credits, by their nature, are separate transactions from the sales or other contract(s) on which they may be based and banks are in no way concerned with or bound by such contract(s), even if any reference whatsoever to such contract(s) is included in the Credit. Consequently, the undertaking of a bank to pay, accept and pay Draft(s) or negotiate and/or to fulfill any other obligation under the Credit, is not subject to claims or defenses by the Applicant resulting from his relationships with the Issuing Bank or the Beneficiary.

B. A Beneficiary can in no case avail himself of the contractual relationships existing between the banks or between the Applicant and the Issuing Bank.


DOCUMENTS v. GOODS/SERVICES/PERRFORMANCE

ARTICLE 4

Documents v. Goods/Services/Performances

In Credit operations all parties concerned deal with

documents, and not with goods, services and/or

other performances to which the documents may

relate.


FORM AND NOTIFICATION OF CREDITS

ARTICLE 6

Revocable v. Irrevocable Credits

A. A Credit may be either

i. revocable,

or

ii. irrevocable.

B. The Credit, therefore, should clearly indicate whether it is

revocable or irrevocable.

C. In the absence of such indication the Credit shall be deemed

to be irrevocable.


FORM OF CREDIT – CONTN’D

REVOCABLE v. IRREVOCABLE

(Articles 6-9 of UCP 500)

• “A Credit may be either (i) revocable, or (ii) irrevocable” (Art.6(a))

• “A revocable credit may be amended or cancelled by the issuing bank at

any moment and without prior notice to the beneficiary” (Art 8(a))

• “An irrevocable credit constitutes a definite undertaking of the issuing

bank, provided that the stipulated documents are presented to the

nominated bank or to the issuing bank and that the terms and conditions of

the credit are complied with:

(i) ....for the sight payment ... to pay at sight;

(ii).....for deferred payment ... to pay on the maturity date; (*)

(iii)....for acceptence ...(a) by the issuing bank – to accept draft and pay

them at maturity, or (b) by another drawee bank ... to accept and pay

at maturity draft;

(iv)....for negotiation ... to pay without recourse to drawers and/or bonafide

holders draft(s) ...” (Art. 9(a)).


IRREVOCABLE CREDIT?

• “An irrevocable credit constitutes a definite undertaking of the

issuing bank, provided that the stipulated documents are presented

to the nominated bank or to the issuing bank and that the terms and

conditions of the credit are complied with:

(i) ....for the sight payment ... to pay at sight;

(ii) ....for deferred payment ... to pay on the maturity date; (*)

(iii)....for acceptence ...(a) by the issuing bank – to accept draft and

pay them at maturity, or (b) by another drawee bank ... to accept

and pay at maturity draft;

(iv)....for negotiation ... to pay without recourse to drawers and/or

bonafide holders draft(s) ...” (Art. 9(a)).

• » Irrevocable confirmed credit (Art. 9(b)) (*)

• (*) Ps 5, 8 & 9 SKBDN tidak ada deferred payment.


TYPES OF CREDIT

1. Pelaksanaan Pembayaran Draft/Wesel:

“All credits must clearly indicate whether they are available by

sight payment, by deferred payment, by acceptance or by

negotiotion” (Art. 10(a)) – [Ps. 5, 8, 9 SKBDN]

2. Referensi2 – ‘Jangka Waktu’ L/C:

(1) Sight L/C

(2) Time/Term/Usance L/C

3. Draft/Wesel: Pengertian (Ps 100 KUHD)

(Cara) Pengalihannya (Ps 102 KUHD)

Waktu Pembayaran (Ps 132 KUHD)

Hak Regres = Ps 142 KUHD


TYPES OF CREDIT – CONT’D

• JENIS L/C : Kriteria = Aspek Hukum & Aspek Ekonomi = (cara merealisasi, terikat tidaknya bank dengan beneficiery, ada tidaknya penguatan, dapat tidaknya dialihkan, jumlah transaksi)

UMUM : Revocable v. Irrevocable [Ps 3(4) SKBDN]

Irrv. Confirmed v. Irrv. Unconfirmed

KHUSUS : Revolving v. Simple Credit

(Variasi/Praktek) Rev. Cumulative v. Rev. Non-Cumulative

Red Clause/Green Clause (*) v. Packing Credit (*)

Secured Red Clause (**) v. Unsecured Red Clause

Transferable v. Non-Transferable » Assignment?

Back 2 Back L/C

Stright v. Negotiable

Restricted v. Open L/C

(*) Anticipatory L/C (**) Ps. 3(7) SKBDN

UCP 600 ?

UCP 600 ?



L/C?



“Honour” means:









UCP 600 ?

ADA BERAPA JENIS L/C MENURUT

KETENTUAN UCP 600, DAN APA

KRITERIA PENJENISANNYA?



PENUTUP

“TERIMA KASIH”






Program S1 Reguler




UCP 600 ?

UCP 600 ?



L/C?



“Honour” means:









UCP 600 ?

ADA BERAPA JENIS L/C MENURUT

KETENTUAN UCP 600, DAN APA

KRITERIA PENJENISANNYA?


IRREVOCABLE L/C ?



Art. 7 UCP 600 – Issuing Bank Undertaking

a. Provided that the stipulated documents are presented to the nominated bank or to the issuing bank and that they constitute a complying presentation, the issuing bank must honour if the credit is available by:

i. sight payment, deferred payment or acceptance with the issuing bank;

ii. sight payment with a nominated bank and that nominated bank does not pay;

iii. deferred payment with a nominated bank and that nominated bank does not incur its deferred payment undertaking or, having incurred its deferred payment undertaking, does not pay at maturity;

iv. acceptance with a nominated bank and that nominated bank does not accept a draft drawn on it or, having accepted a draft drawn on it, does not pay at maturity;

v. negotiation with a nominated bank and that nominated bank does not negotiate.

b. An issuing bank is irrevocably bound to honour as of the time it issues the credit.

c. An issuing bank undertakes to reimburse a nominated bank that has honoured or negotiated a complying presentation and forwarded the documents to the issuing bank. Reimbursement for the amount of a complying presentation under a credit available by acceptance or deferred payment is due at maturity, whether or not the nominated bank prepaid or purchased before maturity. An issuing bank's undertaking to reimburse a nominated bank is independent of the issuing bank's undertaking to the beneficiary.

COMMENTS

It is interesting to note that the concept of ‘revocable’ has no longer exists in UCP

600 where LC now is considered to be irrevocable to further strengthen the

doctrine of ‘undertaking’. This has been highlighted in few of articles:

• Article 2, “Credit means any arrangement, however named or described, that is

irrevocable…”.

• Article 3, “A credit is irrevocable even there is no indication to that effect.”

• Article 10, “…a credit can neither be amended or cancelled without the

agreement of the issuing bank, the confirming bank, if any and the

beneficiary…”

These articles provide a guarantee to the seller that in any event, should the buyer

wish to cancel the LC that has been issued, several parties must also agree to the

said cancellation; issuing bank, confirming bank if any, and the seller. In another

words, if the LC is to be cancelled, all parties must be aware of it and agree to it. In

the absence of such cancellation notice and agreement, the undertaking of the

bank to pay, shall stand in effect. The seller need not worry about getting paid and

the buyer need not worry about making payment for his purchase.

• So, premised on the above, trading parties especially the sellers, can be said to

be in a safe harbour.


IRREVOCABLE CONFIRMED L/C ?



Art. 2 jo Art. 8 UCP 600 – Confirming Bank Undertaking

“Confirmation” means a definite undertaking of the confirming bank, in addition to that of the issuing bank, to honour or negotiate a complying presentation.

“Confirming bank” means the bank that adds its confirmation to a credit upon the issuing bank's authorization or request.

+ Pasal 1 butir 7 SKBDN

Bank Pengkonfirmasi (Confirming Bank) adalah Bank yang mengkonfirmasi SKBDN

dengan mengikatkan diri untuk membayar, mengaksep atau mengambil alih wesel yang

ditarik atas SKBDN tersebut.


Art. 8 – Confirming Bank Undertaking

a. Provided that the stipulated documents are presented to the confirming bank or to any other nominated bank and that they constitute a complying presentation, the confirming bank must:

i. honour, if the credit is available by

a. sight payment, deferred payment or acceptance with the confirming bank;

b. sight payment with another nominated bank and that nominated bank does not pay;

c. deferred payment with another nominated bank and that nominated bank does not incur its

deferred payment undertaking or, having incurred its deferred payment undertaking, does not pay at maturity;

d. acceptance with another nominated bank and that nominated bank does not accept a draft

drawn on it or, having accepted a draft drawn on it, does not pay at maturity;

e. negotiation with another nominated bank and that nominated bank does not negotiate.

ii. negotiate, without recourse, if the credit is available by negotiation with the confirming bank.

b. A confirming bank is irrevocably bound to honour or negotiate as of the time it adds itsconfirmation to the credit.

c. A confirming bank undertakes to reimburse another nominated bank that has honoured or

negotiated a complying presentation and forwarded the documents to the confirming bank.

Reimbursement for the amount of a complying presentation under a credit available by

acceptance or deferred payment is due at maturity, whether or not another nominated bank

prepaid or purchased before maturity. A confirming bank's undertaking to reimburse another

nominated bank is independent of the confirming bank's undertaking to the beneficiary.

d. If a bank is authorized or requested by the issuing bank to confirm a credit but is not prepared

to do so, it must inform the issuing bank without delay and may advise the credit without

confirmation.

TRANSFERABLE L/C ?



Art. 38 UCP 600 – Transferable Credits

a. A bank is under no obligation to transfer a credit except to the extent and in the manner

expressly consented to by that bank.

b. For the purpose of this article:

Transferable credit means a credit that specifically states it is "transferable". A transferable credit

may be made available in whole or in part to another beneficiary ("second beneficiary") at the

request of the beneficiary ("first beneficiary").

Transferring bank means a nominated bank that transfers the credit or, in a credit available with

any bank, a bank that is specifically authorized by the issuing bank to transfer and that transfers

the credit. An issuing bank may be a transferring bank.

Transferred credit means a credit that has been made available by the transferring bank to a

second beneficiary.

c. Unless otherwise agreed at the time of transfer, all charges (such as commissions, fees, costs

or expenses) incurred in respect of a transfer must be paid by the first beneficiary.

d. A credit may be transferred in part to more than one second beneficiary provided partial

drawings or shipments are allowed.

A transferred credit cannot be transferred at the request of a second beneficiary to any

subsequent beneficiary. The first beneficiary is not considered to be a subsequent beneficiary.

e. Any request for transfer must indicate if and under what conditions amendments may be

advised to the second beneficiary. The transferred credit must clearly indicate those conditions.

f. If a credit is transferred to more than one second beneficiary, rejection of an amendment by

one or more second beneficiary does not invalidate the acceptance by any other second

beneficiary, with respect to which the transferred credit will be amended accordingly. For any

second beneficiary that rejected the amendment, the transferred credit will remain unamended.


Art. 38 UCP 600 – Transferable Credits (Continued)

g. The transferred credit must accurately reflect the terms and conditions of the credit, including confirmation, if any, with the exception of:

- the amount of the credit,

- any unit price stated therein,

- the expiry date,

- the period for presentation, or

- the latest shipment date or given period for shipment,

any or all of which may be reduced or curtailed.

The percentage for which insurance cover must be effected may be increased to provide the amount of cover stipulated in the credit or these articles.

The name of the first beneficiary may be substituted for that of the applicant in the credit. If the name of the applicant is specifically required by the credit to appear in any document other than the invoice, such requirement must be reflected in the transferred credit.

h. The first beneficiary has the right to substitute its own invoice and draft, if any, for those of a second beneficiary for an amount not in excess of that stipulated in the credit, and upon such substitution the first beneficiary can draw under the credit for the difference, if any, between its invoice and the invoice of a second beneficiary.

i. If the first beneficiary is to present its own invoice and draft, if any, but fails to do so on first demand, or if the invoices presented by the first beneficiary create discrepancies that did not exist in the presentation made by the second beneficiary and the first beneficiary fails to correct them on first demand, the transferring bank has the right to present the documents as received from the second beneficiary to the issuing bank, without further responsibility to the first beneficiary.

j. The first beneficiary may, in its request for transfer, indicate that honour or negotiation is to be effected to a second beneficiary at the place to which the credit has been transferred, up to and including the expiry date of the credit. This is without prejudice to the right of the first beneficiary in accordance with sub-article 38 (h).

K Presentation of documents by or on behalf of a second beneficiary must be made to the

transferring bank.

COMMENTS

It is interesting to note that the concept of ‘revocable’ has no longer exists in UCP

600 where LC now is considered to be irrevocable to further strengthen the

doctrine of ‘undertaking’. This has been highlighted in few of articles:

• Article 2, “Credit means any arrangement, however named or described, that is

irrevocable…”.

• Article 3, “A credit is irrevocable even there is no indication to that effect.”

• Article 10, “…a credit can neither be amended or cancelled without the

agreement of the issuing bank, the confirming bank, if any and the

beneficiary…”

These articles provide a guarantee to the seller that in any event, should the buyer

wish to cancel the LC that has been issued, several parties must also agree to the

said cancellation; issuing bank, confirming bank if any, and the seller. In another

words, if the LC is to be cancelled, all parties must be aware of it and agree to it. In

the absence of such cancellation notice and agreement, the undertaking of the

bank to pay, shall stand in effect. The seller need not worry about getting paid and

the buyer need not worry about making payment for his purchase.

• So, premised on the above, trading parties especially the sellers, can be said to

be in a safe harbour.


BAGAIMANA ?

REVOCABLE L/C ?

(1) Apa ada ?

(2) Argumentasi ?

(3) Justifikasi ? Dasar Hukum ?


COMMENTS

• The question now is, is irrevocability an ultimatum? Is revocable LC no longer an option

because the word ‘revocable’ has been totally deleted from the revised UCP?

• The very beginning of UCP 600, Article 1, which reads “The Uniform Custom Practice

for Documentary Credits, 2007 Revision, ICC Publication no. 600 (“UCP”) are rules

that apply to any documentary credit (“credit”)(including, to the extend to which

they may be applicable, any standby letter of credit) when the text of the credit

expressly indicates that it is subject to these rules. They are binding on all parties

thereto unless expressly modified or excluded by the credit.”

• Firstly, this article says that all parties are bound by UCP 600 when the text of the credit

expressly indicated that the LC is subject to these rules.

• Secondly, this article does not prohibit modification to any of the articles.

• Finally, this article also does not prohibit exclusion parts of the articles.

• This article gives us an understanding that irrevocability of an LC is not an ultimatum

as it allows and provides room for revocable LC to operate.

• It is therefore very important for seller and buyer to fully understand the implication of

this article to avoid financial loss. The contract of sales should be expressly stated that

the LC is subject to UCP 600 and INCOTERMS 2000. If, however, both parties agree

to modify or exclude certain article or rules, this must also be expressly stated in

the contract of sale to avoid further dispute..



Assignment of Proceeds (Art 39 UCP 600)

The fact that a credit is not stated to be transferable shall not affect the right of the beneficiary to assign any proceeds to which it may be or may become entitled under the credit, in accordance with the provisions of applicable law. This article relates only to the assignment of proceeds and not to the assignment of the right to perform under the credit.

BAGAIMANA ?

ASSIGNMENT L/C ?

(1) Apa ada ?

(2) Argumentasi ?

(3) Justifikasi ? Dasar Hukum ?



PENUTUP

“TERIMA KASIH”

CARA PEMBAYARAN JUAL BELI: JENIS, KELEBIHAN DAN KEKURANGAN

DR. YETTY KOMALASARI DEWI KULIAH 5

PERTIMBANGAN CARA PEMBAYARAN: BUYER:

O Resiko kegagalan transaksi

O Resiko fluktuasi valuta

O Resiko kerugian barang dagangan

SELLER:

O Resiko kegagalan transaksi

O Resiko fluktuasi valuta

O Resiko kerusakan barang

Copyright of Yetty KD

JENIS/BENTUK CARA PEMBAYARAN:

1. Advance Payment 2. Open Account 3. Collection Draft 4. Consignment 5. Letter of Credit 6. Lainnya


(1) ADVANCE PAYMENT: Buyer (importir) membayar sebelum barang2 dikirim oleh Seller (eksportir)

• Kepercayaan Buyer (importir) thd Seller (eksportir) à terima barang

• Keyakinan Buyer à negara Seller tidak melarang barang yang diekspor

• Buyer memiliki likuiditas yang baik


APA JAMINAN BUYER (IMPORTIR)?

Integritas & kekuatan keuangan Seller Stabilitas ekonomi & politik negara Seller Reputasi/bonafiditas Seller


(2). OPEN ACCOUNT Seller (eksportir) mengirim barang2 lebih dahulu kepada Buyer (importir) à Barang terkirim à Seller kirim “invoice” dg waktu tertentu dimana Buyer harus bayar

• Ada kepercayaan penuh antara S – B • Barang & dokumen dikirim langsung ke B • S (eksportir) yakin tidak ada peraturan negara B

yang melarang


Apa RESIKO dari pembayaran dengan cara ini? Jaminan apa yang diperoleh oleh Eksportir?


(3). COLLECTION DRAFT

Bedanya dengan Open Account ? Dengan sistem pembayaran ini, siapa yang diuntungkan?


(4). CONSIGNMENT: •  Pengiriman barang eskpor pada importir

di LN à titip dijual dg harga tertentu à jk terjual, dilakukan pembayaran, jika tidak barang dikembalikan kpd eksportir

•  Hak milik tetap pada eksportir

•  Resiko eksportir: – Modal (dapat) lama berkembang – Tidak ada kepastian pembayaran


(5). LAINNYA : BARTER


(6). LETTER OF CREDIT (LC)


TRANSAKSI JUAL BELI DENGAN PEMBAYARAN PEMBUKAAN LETTER OF CREDIT


OUTLINE: Review Kewajiban & Hak Buyer-Seller Dasar Hukum Jual Beli dengan Pembayaran Pembukaan L/C Pengantar UCP 600 (Pengertian) L/C: UCP 600 dan PBI No. 5/6/PBI/2003 Sifat Hukum (Legal Nature) L/C terhadap Perjanjian Jual Beli atau Perjanjian Lain yang mendasarinya;


(1). JUAL BELI: KEWAJIBAN & HAK

Buyer (Pembeli) Kewajiban: Melunasi pbayaran Hak: Menuntut pyerahan barang

Seller (Penjual) Kewajiban: Menyerahkan barang Hak: Menerima pembayaran


MENGAPA MENGGUNAKAN L/C:

Mekanisme pengamanan/perlindungan para pihak yang terlibat; Kepastian pembayaran; Pemberian fasilitas pembayaran (credit facility);

to mitigate risk


PENGGUNAAN L/C: Keuntungan: O Jaminan

pembayaran O Pembiayaan

Kerugian: O Biaya mahal O Bank

memeriksa dokumen

Time Constraint ?


(2). DASAR HUKUM JUBEL-L/C: Uniform Customs and Practices for Commercial Documentary Credit (UCP);

Indonesia menjadi negara yang

menyetujui berlakunya UCP tanggal 31 Maret 1971.


(2). DASAR HUKUM JUBEL-L/C: (CON’D) •  PBI No.5/6/2003 tentang Surat Kredit

Berdokumen Dalam Negeri. Note: • UCP hanya mengikat kalau ditunjuk • UCP bertentangan dengan hukum nasional è hukum nasional prevail.


(3). UCP 600: Uniform Customs and Practices for Commercial Documentary Credit (UCP):

• UCP 1933 • UCP 1974 • UCP 400 (1983) • UCP 500 (1993) • UCP 600 (1997) è Merupakan “best practices” dalam dunia usaha


(3). UCP 600: (CON’D) UCP adalah seperangkat aturan terkait dokumen dalam perdagangan internasional yang diterbitkan oleh International Chambers of Commerce (ICC), Paris. UCP memegang peranan penting karena dijadikan dasar oleh seluruh praktisi perdagangan internasional di seluruh dunia yang menggunakan instrumen pembayaran Letter of Credit (LC).


(3). UCP 600:

UCP 600 are rules that apply to any documentary credit (including standby letter of credit)…..

è (Ps. 1 – Application of UCP)


(4). LETTER OF CREDIT:

COMMERCIAL CREDIT/ DOCUMENTARY CREDIT


Surat perintah kepada bank untuk membayar secara bersyarat sejumlah uang kepada seseorang yang disebut namanya (Emmy S. Pangaribuan); Perikatan bersyarat untuk membayar sejumlah uang antara Issuing Bank dengan Beneficiary (Bank Indonesia); Suatu perjanjian bersyarat dengan syarat batal (Ps. 1265 KUHPer) ?


PS. 2 UCP è PENGERTIAN L/C: Credit means: any arrangement, however named or

described, that is irrevocable and thereby constitutes a definite undertaking of the issuing bank to honour a complying presentation. Note: Bandingkan dengan UCP 500


PENGERTIAN L/C è UCP 500: Any arrangement, however named or

described, whereby a bank (issuing bank) acting at the request and on the instruction of a customer (the applicant) or on its own behalf:

• to make a payment or to the order of a third party (the beneficiary), or is to accept and pay bills of exchange (draft) drawn by the beneficiary; or

• to authorize another bank to effect such payment or to accept and pay such bills of exchange (drafts); or

• to authorize another bank to negotiate against stipulated documents, provided that the terms and conditions of the credit are complied with.


NEGOTIATION? The purchase by

the nominated bank of drafts…and/or documents under a complying presentation, by advancing or agreeing to advance funds to the beneficiary on or before the banking day…

The transfer of an instrument by delivery or indorsement whereby the transferee takes it for value….


HONOUR:

to pay at sight if the credit is available by sight payment; to incur a deferred payment undertaking and pay at maturity if the credit is available by deferred payment; to accept a bill of exchange (“draft”) drawn by the beneficiary and pay at maturity if the credit is available by acceptance.


COMPLYING PRESENTATION:

a presentation that is in accordance with the terms and condition of the credit, the applicable provisions of these rules and international standard banking practice.

presentation è the delivery of documents under a credit to the issuing bank or nominated bank or the documents so delivered.


SKBDN, L/C ADALAH:

Instrumen yang diterbitkan oleh bank (bank penerbit-issuing bank), atas permintaan applicant yang berisi janji untuk membayar sejumlah uang kepada beneficiary apabila issuing bank menerima dokumen yang sesuai dengan syarat SKBDN. (Pasal 1 PBI No.5/6/2003 tentang SKBDN)


JADI L/C ADALAH….

Jaminan tertulis (written undertaking) yang diberikan oleh bank atas nama importir untuk membayar eksportir sejumlah uang dalam jangka waktu tertentu JIKA eksportir menyerahkan (present) kepada bank dokumen-dokumen yang sesuai (striclty comply) dengan terms and conditions sebagaimana ditetapkan dalam LC


(5). SIFAT HUKUM (LEGAL NATURE) L/C


PS. 4: CREDITS V. CONTRACTS A credit by its nature is a separate transaction from the sale or other contract on which it may be based. Banks are in no way concerned with or bound by such contract, even if any reference whatsoever to it is included in the credit. Consequently, the undertaking of a bank to honour, to negotiate or to fulfil any other obligation under the credit is not subject to claims or defences by the applicant resulting from its relationship with the issuing bank or the beneficiary.


PS. 4: CREDITS V. CONTRACTS (CON’D)

A beneficiary can in no case avail itself to the contractual relationship existing between banks or between the applicant and the issuing bank. An issuing bank should discourage any attempt by the applicant to include, as an integral part of the credit, copies of the underlying contract, proforma invoice and the like.


PS. 5: DOCUMENTS V. GOODS, SERVICES OR PERFORMANCE

Banks deal with documents and not with goods, services or performance to which the documents may relate.


PASAL 2 (4) SKBDN: SKBDN menurut bentuk dan sifatnya adalah transaksi yang terpisah dari kontrak penjualan atau kontrak lainnya yang menjadi dasar dari SKBDN dan Bank tidak tersangkut atau terkait oleh dimaksud walaupun ada referensi apapun terhadap kontrak tersebut yang dicantumkan dalam SKBDN.


PRINSIP L/C:

1. Otonomi;

2. Formalitas;


KEY POINTS: LC is separate to the contract to which it relates Deal only with documents (NOT goods or services to which the documents relate) LC is not a guarantee that the exporter will definitely receive payment è it is subject to presentation of conforming documentation within a specified time frame LC is not a guarantee that the importer will definitely receive the ordered goods è the importer should determine specific documentation evidencing shipment and quality


S B

Bank Bank

1 SALES CONTRACT

2

3

6

5

4

7

8


2

CARI CONTOH LETTER OF CREDIT DAN ANALISIS: 1. PARA PIHAK DALAM L/C 2. HAK DAN KEWAJIBAN PARA PIHAK TERSEBUT TUGAS DIKETIK DAN CONTOH LC DILAMPIRKAN

TUGAS INDIVIDUAL

DIKUMPULKAN SENIN, 18 MARET 2013


TERIMA KASIH & BERSAMBUNG…



TRANSFERABLE L/C v. BACK TO BACK L/C




Program S1 Reguler



Jakarta, 12 Maret 2012


TRANSAKSI L/C & VARIASINYA – UCP 500/UCP 600

A3 A2A1

Penjual

BPembeli

DAdvising

Bank

CIssuing

Bank

IBank DN

JFactoring Co

EExpeditur

FCarrier

G

H

PT ASEI

SALES

CONTRACT

- FOB

- L/C

SUPPLY

SUPPLY

Transport Docs: B/L

Barang/Services

Application

Main Contract

Security Docs.

T-L/C

Rp/$

Docs

Docs

Rp/$

T-L/C

Rp/$

Docs

- Pay

- Accept and pay

- Negotiate

Payment: Advance

Open Account

Counter Trade

Barter

Consignment

Collection of Draft

L/C

CARGO

Rp/$Appl. L/C

DN

Docs

L/C DN

INSURANCE DOCS

Payment Risk

Delivery

Accepted

Draft

3 MAIN ISSUES:

1. Sales Contract – Subyek, Obyek & Risk

Transfer

2. Delivery

3. Payment

1. Parties

2 Legal Nature

3..Rights & Obligation

4. Dispute Settlmt


ISSUE (7)

Apa yang anda ketahui tentang

transferable L/C? Jelaskan!


JAWABAN (7)

1. Article 38 UCP 600 (Transferable Credit)

“...specifically states it is “transferable”... to another beneficiary (“second beneficiary”) at the request of ... (“first beneficiary”). (b)

“A transferred credit cannot be transferred at the request of a second beneficiary to any subsequent beneficiary. ...” (d)

2. Pasal 21 PBI No 5/6/PBI/2003

- Dinyatakan tegas “dapat dialihkan” atau “transferable”

- Sekali kepada Penerima kedua

- Nilai SKBDN (harga) dapat dikurangi

- Tanggal jatuh tempo dapat diperpanjang


ISSUE (8)

Jika L/C ybs tidak dinyatakan transferable, berhakkah

beneficiary L/C mengalihkan penerimaan

dari L/C tsb? Jelaskan!


JAWABAN (8)

Article 39 UCP 600 (Assignment of Proceeds)

“... a credit is not stated to be transferable shall not affect the

right of beneficiary to assign any proceeds ... in accordance

with the provisions of applicable law. ....”


JAWABAN (8)

Pasal 613 KUH Perdata

“Penyerahan piutang-piutang atas nama dan barang-barang

lain yang tidak bertubuh, dilakukan dengan jalan membuat

akta otentik atau di bawah tangan yang melimpahkan hak-hak

atas barang-barang itu kepada orang lain. Penyerahan ini tidak

ada akibatnya bagi yang berutang sebelum penyerahan itu

diberitahukan kepadanya atau disetujuinya secara tertulis atau

diakuinya. Penyerahan surat-surat utang atas tunjuk dilakukan

dengan memberikannya; penyerahan surat utang atas perintah

dilakukan dengan memberikannya bersama endosemen surat

itu.”


ISSUE (9)


back to back L/C? Jelaskan!


JAWABAN (9)

• Pasal 24 PBI No 5/6/PBI/2003

“SKBDN yang diterbitkan atas dasar master L/C) dari luar negeri dalam rangka back to back L/C tunduk pada PBI ini”.

• Catatan: SKBDN tidak dapat dijadikan master untuk membuka L/C ke luar negeri (Ps 25)

Tagihan SKBDN berjangka dapat dijadikan agunan untuk menerbitkan L/C ke LN sepanjangwesel yang diterbitkan atas dasar SKBDN tersebut sudah diaksep oleh Bank Pengaksep.


JAWABAN (9)

• Apa “Wesel” ?

• Apa “Wesel” yang sudah diaksep(tasi) oleh Bank Pengaksep?


ISSUE (10)

Apakah perbedaan antara Transferable L/C dengan

Back to Back L/C? Jelaskan!


JAWABAN (10)

• Perbedaan antara Transferable L/C dengan Back to Back L/C

Mekanisme?

Jumlah L/C?

Beneficiary?

Berapa kali?

Nilai (value) kredit?

Jumlah (partial) shipment?

Konsistensi terms & conditions L/C?

- Jumlah kredit?

- Harga?

- Term (jangka waktu)?


PENUTUP

“TERIMA KASIH”


TRANSFERABLE L/C v. BACK TO BACK L/C




Program S1 Reguler/Paralel





TRANSAKSI L/C & VARIASINYA – UCP 500/UCP 600

A3 A2A1

Penjual

BPembeli

DAdvising

Bank

CIssuing

Bank

IBank DN

JFactoring Co

EExpeditur

FCarrier

G

H

PT ASEI

SALES

CONTRACT

- FOB

- L/C

SUPPLY

SUPPLY

Transport Docs: B/L

Barang/Services

Application

Main Contract

Security Docs.

T-L/C

Rp/$

Docs

Docs

Rp/$

T-L/C

Rp/$

Docs

- Pay

- Accept and pay

- Negotiate

Payment: Advance

Open Account

Counter Trade

Barter

Consignment

Collection of Draft

L/C

CARGO

Rp/$Appl. L/C

DN

Docs

L/C DN

INSURANCE DOCS

Payment Risk

Delivery

Accepted

Draft

3 MAIN ISSUES:

1. Sales Contract – Subyek, Obyek & Risk

Transfer

2. Delivery

3. Payment

1. Parties

2 Legal Nature

3..Rights & Obligation

4. Dispute Settlmt


ISSUE (7)


transferable L/C? Jelaskan!


JAWABAN (7)

DISCUSSION ?


ISSUE (8)

Jika L/C ybs tidak dinyatakan transferable, berhakkah

beneficiary L/C mengalihkan penerimaan

dari L/C tsb? Jelaskan!


JAWABAN (8)

DISCUSSION ?


ISSUE (9)


back to back L/C? Jelaskan!


JAWABAN (9)

DISCUSSION ?


ISSUE (10)

Apakah perbedaan antara Transferable L/C dengan

Back to Back L/C? Jelaskan!


JAWABAN (10)

DISCUSSION ?


PENUTUP

“TERIMA KASIH”

By Miftahul Huda/Huda & Co 1

JUAL BELI (KE)PERUSAHAAN:

INCOTERMS 2010




Program S1 Reguler





INCOTERMS 2010

1. TUJUAN: - Penyediaan terms & conditions/rules

- Harmonisasi terms & conditions/rules

- Menghindari ketidak-pastian & disputes

2. JUMLAH: 11 TERMS & CONDITIONS/RULES

3. KLASIFIKASI: 11 RULES DISAJIKAN DALAM 2 KLASIFIKASI:

KETENTUAN UNTUK SETIAP/BEBERAPA MODA TRANSPOR: 7

EXW = EX WORKS

FCA = FREE CARRIER

CPT = CARRIAGE PAID TO

CIP = CARRIAGE AND INSURANCE PAID TO

DAT = DELIVERED AT TERMINAL

DAP = DELIVERED AT PLACE [DAF, DES, DEQ & DDU]

DDP = DELIVERED DUTY PAID TO


INCOTERMS 2010

KETENTUAN UNTUK TRANSPOR LAUT & PERAIRAN SUNGAI & DANAU: 4

FAS = FREE ALONGSIDE SHIP

F0B = FREE ON BOARD

CFR = COST AND FREIGHT

CIF = COST INSURANCE AND FREIGHT


INCOTERMS 2010

(1) EXW = EX WORKS:

Penjual menyediakan barang untuk pembeli di tempatkediaman penjual (loco gudang penjual).

(2) FCA = FREE CARRIER:

Penjual diwajibkan untuk menyerahkan barang kepada“pengangkut” yang ditunjuk oleh pembeli.

(3) CPT (CARRIAGE PAID TO) & CIP (CARRIAGE & INSURANSE PAID TO:

Penjual diwajibkan untuk melakukan kontrak pengangkutan, namun tanpa resiko atas kehilangan dan kerusakan barang sertabiaya tambahan karena peristiwa yang mungkin terjadi setelahpengapalan dan selama dalam perjalanan/(& menutup asuransi).


INCOTERMS 2010

(4) DAT (DELIVERED AT TERMINAL), DELIVERED AT PLACE), DDP (DELIVERED DUTY PAID TO) :

Penjual menyediakan barang untuk pembeli terminal/di tempat kediaman penjual (loco gudang penjual)/melakukan pembayaran bea masuk.

(6) FAS (FREE ALONGSIDE SHIP) & FOB (FREE ON BOARD):

Penjual diwajibkan untuk menyerahkan barang kepada “pengangkut” yang ditunjuk oleh pembeli.

(7) CFR (COST AND FREIGHT) & CIF (COST INSURANCE & FREIGHT):

Penjual diwajibkan untuk melakukan kontrak pengangkutan, namun tanpa resiko atas kehilangan dan kerusakan barang serta biaya tambahan karena peristiwa yang mungkin terjadi setelah pengapalan dan selama dalam perjalanan/(& menutup asuransi).


IMPLIKASI

- Mempunyai arti dan maksud yang berbeda

- Perbedaan: (a) Di mana tempat penyerahan barang?

(b) Kapan beralihnya resiko?

(c) Siapa yang wajib memikul biaya?


INCOTERMS 2010

11 VALID TERMS/RULES

NO NAMA SYARATTEMPAT PENYERAHAN IMPLIKASI

1 EXW

(ExWorks)

Penyerahan barang di gudang penjual (loco gudang penjual)

• Pembeli memikul semua biaya danresiko

• Pembeli harus mampu mengurusformalitas ekspor

• Dapat dipakai terhadap semua alatangkut/moda transportasi


INCOTERMS 2010

NO NAMA SYARAT TEMPAT PENYERAHAN IMPLIKASI

2 FCA

(Free Carrier)

Penyerahan barang di tempat pengangkut

• Biaya dan resiko ditanggung pembeli

• Dapat dipakai terhadap semua alatangkut/moda transportasi


INCOTERMS 2010


3 CPT

(Carriage Paid to)

Penyerahan barang di tempat pengangkut, namunongkos angkut sudahdibayar sampai kepelabuhan tujuan

• Resiko dan ongkos tambahan setelahbarang diserahkan ke pengangkut beralihdari penjual kepada pembeli pada saatbarang diserahkan ke pengangkut

• Dapat dipakai untuk alat angkut/modatransportasi apa saja

4 CIP

(Carriage and Insurance Paid to)

Penyerahan barang di tempat pengangkut, namunongkos angkut sudahdibayar sampai kepelabuhan tujuan berikutpenutupan dan pembayaranpremi asuransi

• Resiko dan ongkos tambahan setelahbarang diserahkan ke pengangkut beralihdari penjual kepada pembeli pada saatbarang diserahkan ke pengangkut



INCOTERMS 2010


5 DAT

(Delivered at Terminal)

Penyerahan barang di terminal (yang ditentukan), tetapi belummemasuki daerah pabean negaratujuan

• Penjual wajib mengurus formalitas ekspor


DAP(Delivered at Place)

Penyerahan barang di atas modayang berada di tempat (yang ditentukan), namun belumdiselesaikan urusan pabeannya

• Penjual memikul semua biaya dan resiko sampaibarang tiba atas moda yang ditentukan tempatnya

• Dapat dipakai untuk setiap moda pengangkutan.

7 DDP

(Delivered Duty Paid)

Penyerahan barang di negarapengimpor, dan bea masuk sudahdibayar

• Penjual memikul semua resiko dan biaya

• Penjual wajib mengurus formalitas impor

• Syarat ini jangan dipakai jika penjual tidakmungkin memperoleh ijin impor

• Dapat dipakai untuk semua alatangkut/angkut/moda transportasi apa saja


INCOTERMS 2010


8 FAS

(Free Alongside Ship)

Penyerahan barang di tempat pengangkut

• Biaya dan resiko ditanggung pembeli

• Hanya dapat dipakai untuk pengangkutanlaut dan antar pulau saja

9 FOB

(Free On Board)

Penyerahan barang di ataskapal

• Penjual wajib mengurus formalitasekspor

• Hanya dapat dipakai untuk pengangkutanlaut dan antar pulau saja


INCOTERMS 2010


10 CFR

(Cost & Freight)

Penyerahan barang di ataskapal, namun ongkosangkut sudah dibayarsampai ke pelabuhan tujuan


• Resiko dan biaya tambahan beralihsetelah barang dimuat di atas kapal

• Hanya dapat dipakai dalam pengakutanlaut dan antar pulau

11 CIF

(Cost, Insurance

& Freight)

Penyerahan barang di ataskapal, namun ongkosangkut dan premi asuransisudah dibayar sampai kepelabuhan tujuan


• Penjual menutup kontraksuransi/membayar premi

• Hanya dapat dipakai pada pengangkutanlaut/antar pulau


INCOTERMS 2010

• BERLAKU EFFECTIVE = 1 JANUARY 2011

• OBJECTIVE = HARMONIZATION

• INTERMODAL TRANSPORT

• 11 VALID INCOTERMS/RULES

• 3-LETTER ABBREVIATIONS

• 4 CATEGORIES: E-Terms, F-Terms, C-Terms & D-Terms


4 CATEGORIES

• E-TERMS = Departure Terms = 1

• EXW – EX WORKS (… named place)

• F-TERMS = Carriage/Shipment Terms, Main Carriage Unpaid = 3

• FCA – FREE CARRIER (… named place)

• FAS – FREE ALONGSIDE SHIP (… named port of shipment)

• FOB – FREE ON BOARD (… named port of shipment)

• C-TERMS = Carriage/Shipment Terms, Main Carriage Paid = 4

• CFR – COST AND FREIGHT (… named port of destination)

• CIF – COST, INSURANCE AND FREIGHT (… named port of destination)

• CPT – CARRIAGE PAID TO (… named place of destination)

• CIP – CARRIAGE AND INSURANCE PAID TO (… named place of destination)

• D-TERMS = Arrival Terms = 5

• DAT – DELIVERED AT TERMINAL (… named terminal/place of destination)

• DAP – DELIVERED AT PLACE (… named place of destination)

• DDP – DELIVERED DUTY PAID (… named place of destination)


EXAMPLES OF CORRECT USE OF

INCOTERMS & NOTES

• Incoterms 2010 should always be accompanied by a reference to exact place/location: For examples:

• FCA Kuala Lumpur Incoterms 2010

• FOB Liverpool Incoterms 2010

• DDU Frankfurt Schmidt GmbH Warehouse 4 Incoterms 2010

• Incoterms are meant for use in the contract of sale between buyer & seller. It should not be confused with the related contract of carriage between the shipper and carrier / transporter. However, the contract of carriage should be in conformity with the contract of sale.

• Incoterms basically cover the transfer of risks and costs between seller and buyer and certain custom and insurance responsibilities.

• FOB trap and its alternatives: CFR or CIF.

1. Clarify? 2. Advantages & Disadvantages? 3. Why trap?


PENUTUP

SEKIAN

&

TERIMA KASIH

SEARIDERS BROKERAGE CORPORATION

Any Mode or Modes of Transport Sea and Inland Waterway Transport

INCOTERMS EXW FCA CPT CIP DAT DAP DDP FAS FOB CFR CIF

2011 Ex:Works Free Carrier

Carriage paid To

Carriage & Ins. Paid To

Delivered at Terminal

Delivered at Place

Delivered Duty Paid

Free Alongside

Ship

Free On Board

Cost & Freight

Cost Insurance &

Freight

SERVICES Who Pays Who Pays Who Pays Who Pays Who Pays Who Pays Who Pays Who Pays Who Pays Who Pays Who Pays

Export Packing Seller Seller Seller Seller Seller Seller Seller Seller Seller Seller Seller

Marking/Labeling Seller Seller Seller Seller Seller Seller Seller Seller Seller Seller Seller

Block & Brace A A A A A A A A A A A

Export Documents License AES EE Buyer Seller Seller Seller Seller Seller Seller Seller Seller Seller Seller

Freight Forwarder Documentation Buyer Buyer Seller Seller Seller Seller Seller Buyer Buyer Seller Seller

Inland Freight to Carrier Buyer B Seller Seller Seller Seller Seller Seller Seller Seller Seller

Origin Terminal Charges Buyer Buyer Seller Seller Seller Seller Seller Buyer Seller Seller Seller

Vessel Loading Buyer Buyer Seller Seller Seller Seller Seller Buyer Seller Seller SellerOcean Freight / Air Freight Buyer Buyer Seller Seller Seller Seller Seller Buyer Buyer Seller Seller

Nominate Forwarder Buyer Buyer Seller Seller Seller Seller Seller Buyer Buyer Seller Seller

Marine Insurance Buyer C C Seller C C C C C C Seller

Unload Carrier Buyer Buyer D D Seller Seller Seller Buyer Buyer D D

Destination Terminal Charges Buyer Buyer D D D Seller Seller Buyer Buyer D D

Nominate OnCarrier Buyer Buyer E E E E Seller Buyer Buyer Buyer Buyer

Security Information Requirements Buyer Buyer Buyer Buyer Buyer Buyer Buyer Buyer Buyer Buyer Buyer

Customs Broker Fees Buyer Buyer Buyer Buyer Buyer Buyer Seller Buyer Buyer Buyer BuyerDuties, Customs Fees, taxes Buyer Buyer Buyer Buyer Buyer Buyer Seller Buyer Buyer Buyer Buyer

Delivery to Buyer Destination Buyer Buyer E E E E Seller Buyer Buyer Buyer Buyer

Delivery Unloading Buyer Buyer Buyer Buyer Buyer Buyer Buyer Buyer Buyer Buyer Buyer

A) Per Agreement in ContractB) Seller arranges and loads pre-carrier and pays inland Freight to "F" Delivery location.C) No ObligationD) Charges paid by either Buyer or Seller Depending upon Contract of CarriageE)Charges Paid by Seller IF Through BL or Door/Door to Buyer's Destination

International Terms of Sale

Clarify? Advantages & Disadvantages? Prevailing regulation?

Clarify? Advantages & Disadvantages? Prevailing regulation?

INCOTERMS 2011

Departure EXW – Ex Works (named place)

The seller makes the goods available at his premises. The buyer is responsible for all charges. This trade term places the greatest responsibility

on the buyer and minimum obligations on the seller. The Ex Works term is often used when making an initial quotation for the sale of goods

without any costs included. EXW means that a seller has the goods ready for collection at his premises (Works, factory, warehouse, plant) on

the date agreed upon. The buyer pays all transportation costs and also bears the risks for bringing the goods to their final destination.

Main carriage unpaid FCA – Free Carrier (named places)

The seller hands over the goods, cleared for export, into the custody of the first carrier (named by the buyer) at the named place. This term is

suitable for all modes of transport, including carriage by air, rail, road, and containerised / multi-modal sea transport. This is the correct

"freight collect" term to use for sea shipments in containers, whether LCL (less than container load) or FCL (full container load).

FAS – Free Alongside Ship (named loading port)

The seller must place the goods alongside the ship at the named port. The seller must clear the goods for export. Suitable only for maritime

transport only but NOT for multimodal sea transport in containers (see Incoterms 2010, ICC publication 715). This term is typically used for

heavy-lift or bulk cargo.

FOB – Free on board (named loading port)

The seller must themselves load the goods on board the ship nominated by the buyer, cost and risk being divided at ship's rail. The seller must

clear the goods for export. Maritime transport only but NOT for multimodal sea transport in containers (see Incoterms 2010, ICC publication

715). The buyer must instruct the seller the details of the vessel and port where the goods are to be loaded, and there is no reference to, or

provision for, the use of a carrier or forwarder. It does not include Air transport. This term has been greatly misused over the last three decades

ever since Incoterms 1980 explained that FCA should be used for container shipments.

Main carriage paid CFR or CNF – Cost and Freight (named destination port)

Seller must pay the costs and freight to bring the goods to the port of destination. However, risk is transferred to the buyer once the goods

have crossed the ship's rail. Maritime transport only and Insurance for the goods is NOT included. Insurance is at the Cost of the Buyer.

CIF – Cost, Insurance and Freight (named destination port)

Exactly the same as CFR except that the seller must in addition procure and pay for insurance for the buyer. Maritime transport only.

CPT – Carriage Paid To (named place of destination)

The general/containerized/multimodal equivalent of CFR. The seller pays for carriage to the named point of destination, but risk passes when

the goods are handed over to the first carrier.

CIP – Carriage and Insurance Paid (To) (named place of destination)

The containerized transport/multimodal equivalent of CIF. Seller pays for carriage and insurance to the named destination point, but risk

passes when the goods are handed over to the first carrier.

Arrival DAT – Delivered at terminal (NEW!)

DAT should now be used wherever DEQ was previously used. Delivery takes place once the goods have been unloaded at the named terminal.

DAP - Delivered at place (NEW!)

DAP should now be used wherever DAF, DES and DDU were previously used. Delivery takes place once the seller has left the good unloaded for

the buyer at the named place.

DDP – Delivered Duty Paid (named destination place)

This term means that the seller pays for all transportation costs and bears all risk until the goods have been delivered and pays the duty. Also

used interchangeably with the term "Free Domicile". The most comprehensive term for the buyer. In most of the importing countries, taxes such

as (but not limited to) VAT and excises should not be considered prepaid being handled as a "refundable" tax. Therefore VAT and excises

usually are not representing a direct cost for the importer since they will be recovered against the sales on the local (domestic) market.

NOTE: The following information refers to Incoterms 2000 and is now replaced with different information in Incoterms 2010. For a given term, "Yes"

indicates that the seller has the responsibility to provide the service included in the price. "No" indicates it is the buyer's responsibility. If insurance is

not included in the term (for example, CFR) then insurance for transport is the responsibility of the buyer or the seller depending on who owns the

cargo at time of transport. In the case of CFR terms, it would be the buyer while in the case of CIF or CIP terms, it would be the seller.

INCOTERMS MODALIDAD DE CONTRATACIÓN DE BUQUE CFR: CFR: Costes y flete CODE DESCRIPTION CIF: CIF: Costes, seguro y flete FCL FULL CONTAINER LOAD CIFO: CIFO: CIFO FILO FREE IN LINER OUT CIP: CIP: Porte pagado y seguro LCL LESS THAN CONTAINER LOAD CPT: CPT: Porte pagado FIOS FREE IN/OUT DDP: DDP: Entrega con aduana FOD FREE ON DUCK EXW: EXW: En fábrica FOT FREE ON TRUCK FAS: FAS: Franco al costado del buque LANDED LANDED FCA: FCA: Franco transportista LIFO LINER IN FREE OUT

FH: FH: Franco domicilio LINER TERMS LINER TERMS FOB: FOB: FREE ON BOARD ST STOWED NAC: NAC: Nacional THC INCLUDE TERMINAL HANDLING CHARGES INCLUDE

UN: UN: Sin franquear CFR* Cost and Freight (Costo y Flete) La abreviatura va seguida del nombre del puerto de destino, El precio comprende la mercancía puesta en el puerto de destino con el flete pagado pero no cubre el seguro. El vendedor debe

despachar la mercancía en Aduana y solamente puede usarse en el caso de transporte marítimo o vías navegables interiores.

CIF* Cost, Insurance and Freight (Costo, Seguro y Flete) La abreviatura va seguida del nombre del puerto de destino y el precio incluye la mercancía puesta en puerto de destino con flete pagado y seguro cubierto. El vendedor contrata el seguro y paga la

prima correspondiente. El vendedor sólo esta obligado a conseguir un seguro de cobertura mínima.

ISSUE HUKUM JUBEL PERUSAHAAN

Senin/04 Mei 2015

Pertanyaan No 1

PT Sinar Mas Plantation, telah membuat dan menandatangani ‘Supply Agreement’ untuk penjualan CPO (Crude Palm Oil) sebesar 100 ton dengan Giant Palm Oil Ltd, Singapore, dengan nilai jual “FOB TanjungPriok Incoterms 2010 US$3,000,000.00” yang pembayarannya disepakati dengan tunai (penerbitan cheque US$1,500.000) dan yang US$1,500.00 dengan TT.

1. Bagaimana menurut pendapat Saudara mengenai pembayaran tsb dan berikan dasar hukumnya!

2. Di mana pembayaran harus dilakukan?

3. Di mana penyerahan harus dilakukan ?

EXPORT INSURANCE?

NON-PAYMENT RISK

PT ASEI

2 RISKS

COMMERCIAL RISKS:

1. IMPORTIR PAILIT

2. IMPORTIR – RECEIVER

3. IMPORTIR – LIKUIDASI

4. 6 BULAN – NO PAYMENT

5. IMPORTIR - DEFAULT

NON-COMMERCIAL RISKS:

1. LARANGAN TRANSFER DEVISA

2. KUOTA

3. IJIN IMPORTIR DICABUT

4. LARANGAN EXPORT – RI

5. STRIKE - FM

Documentary Credit 2007 revisionDocumentary Credit 2007 revision

UCP 600UCP 600

정용혁정용혁 11. July .11. July . 20020099

1

1

2

2

Effective July 1, 2007Effective July 1, 2007

Article 1 – Application of UCP

� UCP 600 are rules

� Expressly indicates in the credit

� Applicable also to standby credit

� Binding on all parties unless expressly modified or

UCP 600 – General Provisions and Definitions

3

3

� Binding on all parties unless expressly modified orexcluded

Use of SWIFT:

40E:40E: Applicable RulesApplicable RulesUCP LATEST VERSIONUCP LATEST VERSION

Use of telex or letter:

Examples of express indication: UCP 600 1

4

4

This credit is subject to the Uniform Customs and Practice This credit is subject to the Uniform Customs and Practice for Documentary Creditsfor Documentary Credits,, 2007 2007 RRevision, ICC Publication evision, ICC Publication No. 600.No. 600.

This credit is subject to UCP 600This credit is subject to UCP 600

Examples of an exclusion or modification to a rule:

Contrary to article 32 of the UCP, thContrary to article 32 of the UCP, this is credit remaincredit remainssvalid for subsequent instalvalid for subsequent installlments despite any shipment ments despite any shipment or drawing not made within the period allowed.or drawing not made within the period allowed.

SubSub--Article 28(c) does not apply.Article 28(c) does not apply.

UCP 600 1

5

5

Documents must not be dated earlier than the date ofDocuments must not be dated earlier than the date ofthe issuance of this credit.the issuance of this credit.

A Advising bank H Honour

ApplicantI Issuing bank

Honour

Article 2 – Definitions


Certain terms are defined, so that they provide references whenCertain terms are defined, so that they provide references when

such terms are used in the articlessuch terms are used in the articles

6

6

B Banking day

Beneficiary

C Complying presentation

Confirmation

Confirming bank

Credit

I Issuing bank

N Negotiation

Nominated bank

P Presentation

Presenter

Banking dayNegotiation

Presenter

PresentationComplying presentation

Nominated bank

� Day on which a bank is regularly open for performance of an act subject to these rules

Trade Dept.Trade Dept.

Banking Day UCP 600 2

7

7


Banking HallBanking Hall

SATURDAYSATURDAY

� Presentation in accordance with

� Terms & conditions of the credit

� Applicable UCP provisions

� International standard banking practice

Complying Presentation UCP 600 2

8

8

What is international standard What is international standard banking practice ? banking practice ?

Is it referring to the “ISBP” ?Is it referring to the “ISBP” ?

� Honour

Pay at sightPay at sight

Incur deferred payment undertakingIncur deferred payment undertakingPay at maturityPay at maturity

Accept bill of exchangeAccept bill of exchangePay at maturityPay at maturity

For credit available by +For credit available by +

�� Sight paymentSight payment

�� Deferred paymentDeferred payment

�� Acceptance Acceptance

Honour & Negotiation UCP 600 2

9

9

Pay at maturityPay at maturity

� Negotiation

� Purchase by the nominated bank of drafts (drawn on another

bank) and/or documents under a complying presentation,

� By advancing or agreeing to advance funds to beneficiary, on

or before the banking day on which reimbursement is due to the

nominated bank.

� The bank with which the credit is available, or any bank in the case of a freely available credit

Nominated Bank; Presentation; Presenter UCP 600 2

� Presentation

� Delivery of documents to issuing bank or nominated bank; or

� The documents so delivered

10

10

� Presenter

� Party that makes a presentation

Article 3 – Interpretations

�� Where applicable, words in the singular include the plural Where applicable, words in the singular include the plural

and vice versa.and vice versa.

� No more “(s)” - “Document” instead of “Document(s)”

�� A credit is irrevocable even if no indication to that effect.A credit is irrevocable even if no indication to that effect.


11

11

30 days 30 days fromfrom shipment dateshipment date 30 days 30 days afterafter shipment dateshipment date==

Shipment date: 1 AUG 2007Shipment date: 1 AUG 2007 Maturity date: 31 AUG 2007Maturity date: 31 AUG 2007

�� For determining maturity date, the words “from” and “after” For determining maturity date, the words “from” and “after”

exclude the date exclude the date mentionedmentioned

�� A credit is irrevocable even if no indication to that effect.A credit is irrevocable even if no indication to that effect.

Interpretations

�A documents may be signed by handwriting, facsimile signature,

perforated signature, stamp, symbol or any other mechanical or

electronic method of authentication.

�A requirement for a document to be legalized, visaed, certified or

similar will be satisfied by any signature, mark, stamp or label on

the document which appears to satisfy that requirement.

UCP 600 3

12

12

the document which appears to satisfy that requirement.

�Branches of a bank in different countries are considered to be

separate bank.

�Terms such as “first class”, “well known”, “qualified”, “independent”,

“official”, “competent” or “local” used to describe the issuer of a

document allow any issuer except the beneficiary to issue that

document.

Interpretations

�Unless required to be used in a document, words such as “prompt”,

“immediately” or “as soon as possible” will be disregarded.

�Expression “on or about” or similar is a stipulation that an event is to

occur five calendar days before until five calendar days after the

specified date, both start and end dates included.

�For determining shipment period:

UCP 600 3

13

13

�For determining shipment period:

- words “to”, “until”, “till”, “from” and “between” include the date or dates

mentioned.

- words “before” and “after” exclude the date mentioned.

- Terms “first half” and “second half of a month means the 1st – 15th and

16th – last day of the month, all dates inclusive.

- Terms “beginning”, “middle” and “end” of a month means the 1st – 10th,

the 11th – 20th and 21st – last day of the month, all days inclusive.

� For determining a period of shipment, the words “from” and “after” have

different meanings

� “From” includes the date mentioned

� “After” excludes the date mentioned

Interpretations UCP 600 3

Shipment to be effectedShipment to be effected Earliest shipment dateEarliest shipment date==

14

14

Shipment to be effectedShipment to be effectedfromfrom August 10thAugust 10th

Earliest shipment dateEarliest shipment dateis August 10this August 10th

==

Shipment to be effectedShipment to be effectedafter after August 10thAugust 10th

Earliest shipment dateEarliest shipment dateis August 11this August 11th

==

� Independence Principle - L/C is a separate transaction from the

underlying contract

� Banks should discourage any attempt to include contract as

integral part of L/C

Article 4 - Credits v. Contracts


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15

Contract No.123Contract No.123L/CL/C

Details as per Contract Details as per Contract No.123, which is No.123, which is appended and forms an appended and forms an integral part of the credit. integral part of the credit.

DiscouragedDiscouraged ????

Article 5 - Documents v. Goods/Services/Performance

� Banks deal with documents and not with goods, services or

performances to which the documents may relate.


16

16

Article 6 - Availability, Expiry Date and Place for Presentation

� L/C must +

� State the bank with which it is available, or that it is available with

any bank (available with a nominated bank also available with

the issuing bank)

UCP 600 – Liabilities and Responsibilities

17

17

� State that it is available by sight payment, deferred payment,

acceptance or negotiation

� Not be available by draft on applicant

Examples:

Available with issuing bank by deferred paymentAvailable with issuing bank by deferred payment

Available with Bank XYZ by paymentAvailable with Bank XYZ by payment

Available with Available with any bankany bank by by negotiationnegotiation

Availability, Expiry Date & Place for Presentation

� Place for presentation

� Bank with which the L/C is available, or

� Any bank, if the L/C is available with any bank, and

� Issuing bank

UCP 600 6

� Expiry date

� Last day for presentation of documents

18

18

� Issuing bank

L/C available with any bank L/C available with Bank XYZ

1.1. Any bankAny bank

2.2. Issuing bankIssuing bank

1.1. Bank XYZBank XYZ


Place for presentationPlace for presentation

Article 7 – Issuing Bank Undertaking

� Honour complying presentation made to nominated bank or to issuing

bank itself

� Reimburse nominated bank that has honoured/negotiated and forwarded

complying documents to issuing bank

� Irrevocably bound as of the time L/C is issued


19

19

� Issuing bank’s undertaking to reimburse nominated bank is independent of its undertaking to beneficiary

� Irrevocably bound as of the time L/C is issued

� For usance L/C, reimbursement is due at maturity of deferred payment undertaking or acceptance, whether or not nominated bank prepaidor purchased before maturity

Article 8 – Confirming Bank Undertaking

� Honour a complying presentation, or negotiate without recourse

� Reimburse nominated bank that has honoured/negotiated and

forwarded complying documents to confirming bank

� Irrevocably bound as of the time of confirmation

� For usance L/C, reimbursement is due at maturity of deferred payment


20

20

� Confirming bank’s undertaking to reimburse nominated bank is independent of its undertaking to beneficiary

� For usance L/C, reimbursement is due at maturity of deferred payment undertaking or acceptance, whether or not nominated bank prepaid or purchased before maturity

Article 9 - Advising of Credits and Amendments

� By advising an L/C, the advising bank signifies:

� Its without any undertaking to honour or negotiate

� It has satisfied itself as to the apparent authenticity of the L/C

or amendment

� The advice accurately reflects the L/C’s terms and conditions


21

21

� The advice accurately reflects the L/C’s terms and conditions

� An advising bank may utilize the services of another bank to advise

the credit - second advising bank

Article 10 – Amendments

� Amendment must be agreed to by the issuing bank, confirming

bank, if any, and the beneficiary

� Issuing bank/Confirming bank is irrevocably bound as of time of

issuance and advising of amendment

� Confirming bank must inform issuing bank of election not to


22

22

� Confirming bank must inform issuing bank of election not to

extend confirmation to an amendment and may advise

beneficiary of amendment without it’s confirmation

� Notification of acceptance or rejection received should be given

by second advising bank to the advising and the advising bank

to the issuing bank

� Partial acceptance = Notice of rejection

� Disregard any provision that the amendment shall be in

force unless rejected by beneficiary within certain time

Silence = Consent

Amendments UCP 600 10

23

23

DisregardDisregard

Amendment No.1

- Amount reduced by USD100,000.00

This amendment shall be in force unless rejected by beneficiary on or before 30 Nov 2007.

Acceptance of Amendment by Performance

� Presentation that complies with the credit and not yet accepted

amendment – deemed to be beneficiary’s acceptance of the

amendment

Date: 1 JUL 07Date: 1 JUL 07

Original L/COriginal L/C


AmendmentAmendment Deemed Deemed accepted ?accepted ?

UCP 600 10

24

24

US$150,000US$150,000

Ship by 20 AUGShip by 20 AUG 77

Partial shipments Partial shipments allowedallowed


Amt. reduced to Amt. reduced to US$100,000US$100,000

Ship by 20 JUL 07Ship by 20 JUL 07


US$100,000US$100,000

Shipped 20 JUL 07Shipped 20 JUL 07

DocumentDocument

Complying Complying Complying Complying

Article11 – Teletransmitted and Pre-Advised Credits and Amendments


� Authenticated teletransmission of credit and amendment deemed

to be operative, unless otherwise stated.

� If teletransmission states “full details to follow” (or words of similar effect),

issuing bank must then issue the operative credit or amendment in terms

not inconsistent with the teletransmission

25

25

not inconsistent with the teletransmission

� Preliminary advice of issuance of a credit or amendment obligatesthe issuing bank to issue the operative credit or amendment.

Article 12 – Nomination


� By nominating a bank to accept a draft or incur a deferred payment

undertaking, an issuing bank authorizes that nominated bank to prepay or purchase a draft accepted or a deferred payment

undertaking incurred by that nominated bank

� Nomination does not obligate nominated bank to honour

26

26

undertaking incurred by that nominated bank

Article 13 – Bank to Bank Reimbursement Agreements


� If a credit states that reimbursement is to be obtained from a reimbursing

bank, it must state if the reimbursement is subject to the ICC rules forbank-to-bank reimbursements in effect on the date of issuance of the

credit.

27

27

UCP 600 – Examination of Documents

Article 14 - Standard for Examination of Documents

�� Must examine documents on their face to determine compliance Must examine documents on their face to determine compliance

�� Other than the commercial invoice, description of goods, Other than the commercial invoice, description of goods, servicesservicesor performanceor performance,, may be stated in general termsmay be stated in general terms

�� Disregard documents not required by L/C and may be returnedDisregard documents not required by L/C and may be returned

28

28

�� Disregard documents not required by L/C and may be returnedDisregard documents not required by L/C and may be returned

�� Disregard nonDisregard non--documentary conditiondocumentary condition

�� Documents may be dated prior to issuance date of LC, but notDocuments may be dated prior to issuance date of LC, but not

later than date of presentationlater than date of presentation

� UCP 500: Reasonable time, not to exceed SEVEN banking days

following the day of receipt of documents

MM TuTu WW ThTh FF SaSa SS MM TuTu WW

� UCP 600: Max. of FIVE banking days following day of presentation.

Not curtailed or affected by other events.

UCP 600 14Reasonable Time

29

29

00 11 22 33 44 XX XX 55UCP 600UCP 600

00 11 22 33 44 XX XX 55 66 77UCP UCP 500500


What is reasonable ?What is reasonable ?

� Presentation including an original transport document must be made

not later than 21 calendar days after date of shipment

� Transport document - Subject to Articles 19-25

Period for Presentation UCP 600 14

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30

Data in Documents

� Data in a document must not conflict with data in that

document, other stipulated documents or the L/C

� Other than invoice, transport document or insurance document, banks

will accept the document if (1) its content appears to fulfill the function, and (2) it complies with 14(d)

Example: L/C calls for Inspection Certificate

Inspection Inspection CertificateCertificate


Unspecified Issuer or Content UCP 600 14

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31

Goods have been inspected and are certified to be in order.

Signed

Dated

Goods have been inspected and are certified to be in order.Signed

Dated

CertificateCertificate

Goods are certified to be of Singapore origin.

Signed

Dated

CertificateCertificate

�� 1 1 JUL 2009JUL 2009 1 1 JUL 2009JUL 2009 1 1 JUL 2009JUL 2009

� Need not be the same between stipulated documents & the credit; but

� Must be within the same country as in the credit

� Disregard contact details of beneficiary and applicant (fax, phone, email)

stated in the credit

� However, if they form part of consignee and notify party details intransport document, applicant’s contact details must be as stated in

Addresses of Beneficiary & Applicant UCP 600 14

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32

transport document, applicant’s contact details must be as stated in

the credit

Letter of CreditLetter of Credit

Applicant: ABC Inc.Applicant: ABC Inc.

3 Temasek Avenue3 Temasek Avenue

1616--00 Centennial Tower00 Centennial Tower

Singapore 039190Singapore 039190

Fax No. 6328 5201Fax No. 6328 5201

B/L to notify applicantB/L to notify applicant

InvoiceInvoice

Bill to: Bill to: ABCABC Inc.Inc.

10 Coleman Street10 Coleman Street


Fax No. 6328 5464Fax No. 6328 5464

��

Addresses of Beneficiary & Applicant UCP 600 14

33

33


Bill of LadingBill of Lading

Notify: ABC Inc.Notify: ABC Inc.

10 Coleman Street10 Coleman Street


Fax No. 6328 5464Fax No. 6328 5464

�� Bill of LadingBill of Lading

Notify: ABC Inc.Notify: ABC Inc.

3 Temasek Avenue3 Temasek Avenue

1616--00 Centennial Tower00 Centennial Tower


Fax No. 6328 5201Fax No. 6328 5201

��

� Shipper or consignor of goods indicated on any

documents need not be the L/C beneficiary, but must

be consistent among all documents

L/CL/C

Beneficiary: ABC Co. Ltd.Beneficiary: ABC Co. Ltd.

Shipper, Consignor, Transport Document Issuer UCP 600 14

��

34

34

� Transport document may be issued by party other than carrier/ owner/ master/ charterer, provided it meets

the requirements of articles 19, 20, 21, 22, 23 or 24


Shipper: XYZ Co. Ltd.Shipper: XYZ Co. Ltd.

�� Certificate of OriginCertificate of Origin


�� Certificate of OriginCertificate of Origin

Shipper: ABC Co. Ltd.Shipper: ABC Co. Ltd.

��

Issuing bank determinesa presentation is complying

It must honourand release documents tothe applicant

WhenWhen ……Withoutdelay


Article 15 – Complying Presentation

35

35

Confirming bank determines a presentation is complying

It must honour or negotiate and forward documents to issuing bank

Nominated bank determines a presentationis complying, and honours or negotiates

It must forward documents to confirmingbank or issuing bank

� Notice of refusal must be given no later than close of the fifth


Article 16 – Discrepant Documents, Waiver and Notice

� Nominated/Confirming/Issuing bank may refuse to honour or

negotiate discrepant documents

� Issuing bank, in its sole judgment approach applicant for waiver

36

36

� Notice of refusal must be given no later than close of the fifth banking day following day of presentation

� Failing to act in accordance with this article precludes the bank from

claiming the presentation does not comply

� After providing notice of refusal

� The bank may return documents to presenter at any time

� Issuing bank or confirming bank may claim refund for any

reimbursement made, with interest

� Single Notice of Refusal must state:

� the bank is refusing to honour or negotiate,

� each discrepancy in respect of the refusal, and

� one of the following:

The bank is holding documents pending presenter’s further instructions

Discrepant Documents, Waiver and Notice UCP 600 16

37

37

instructions

The bank is returning the documents

The bank is acting in accordance with instructions previously received from the presenter

The issuing bank is holding documents until it receives waiver from applicant and agrees to accept it, or receives further instructions from presenter prior to agreeing to accept the waiver

NEWNEW

NEWNEW

� Document Examination:

� Max. 5 banking days following the day of presentation

� Complying Presentation:

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

must honour

� Refusal:

Important Timelines (UCP 600 – 14,15,16)

38

38

� Notice of refusal by the close of the fifth banking day following the

day of presentation

Article 17 – Original Documents and Copies


�� At least one original must be presentedAt least one original must be presented

�� Original Document = apparent original signature, mark, stamp orOriginal Document = apparent original signature, mark, stamp or

label of issuer of the documentlabel of issuer of the document

�� Also an Original = written, typed, perforated or stamped by theAlso an Original = written, typed, perforated or stamped by the

document issuer’s hand; ordocument issuer’s hand; or

39

39

document issuer’s hand; ordocument issuer’s hand; or

on original stationery; oron original stationery; or

states that it is originalstates that it is original

�� L/C requires copies of documents, either originals or copies isL/C requires copies of documents, either originals or copies is

acceptableacceptable

�� Documents “in duplicate”, “in two fold” or “in two copies”, Documents “in duplicate”, “in two fold” or “in two copies”,

presentation of at least one original and remaining number inpresentation of at least one original and remaining number in

copies is acceptable.copies is acceptable.

� Issued by beneficiary, made out in the name of applicant, and

need not be signed (except as provided in article 38 – Transferable L/C)

� Invoice amount in excess of L/C – May be accepted by the

nominated bank, but must not be honoured or negotiated in

excess of L/C amount

UCP 600 – Documents

Article 18 – Commercial Invoice

40

40

� Description of goods, services or performance must correspond

with L/C description

� Must be in the same currency as L/C

L/CL/C

Currency & Amount: Currency & Amount: USD1,000,000.00USD1,000,000.00

Commercial Invoice UCP 600 18

41

41

Invoice No.123Invoice No.123

Invoice Amount: Invoice Amount: USD1,000,000.00USD1,000,000.00

(Equivalent to (Equivalent to SGD1,560,000.00)SGD1,560,000.00)

Invoice No.456Invoice No.456

Invoice Amount: Invoice Amount: SGD1,560,000.00SGD1,560,000.00

(Equivalent to (Equivalent to USD1,000,000.00)USD1,000,000.00)

��

� Must appear to indicate name of carrier

� Signed by carrier, master or named agent

� If signed by agent, need to specify for whom - carrier or

master - it is signed


Article 19 – Transport Documents Covering at Least Two DifferentModes of Transport

42

42

As AgentAs Agent

ForFor MasterMaster

ABC ForwardersABC Forwarders

As AgentAs Agent

ForFor Master, Master, Takashi YanagawaTakashi Yanagawa


600600 600600

500500 500500��

��

��

Transport Document Covering at LeastTwo Different Modes of Transport

� Indicating goods have been dispatched, taken in charge

or shipped on board:

� by pre-printed 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, taken in charge or

UCP 600 19

43

43

� Must indicate place of dispatch, taking in charge or

shipment and place of final destination stated in the L/C,

even if transport document:

have been dispatched, taken in charge or

shipped on board – this date is the date of

shipment

� states, in addition, different place of dispatch, 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

� New fields for transport details:

44A Place of Taking in Charge/ Dispatch from …/ Place of Receipt

44E Port of Loading/ Airport of Departure

44F Port of Discharge/ Airport of Destination

Changes to SWIFT MT700

44

44

44F Port of Discharge/ Airport of Destination

44B Place of Final Destination/ For Transportation to …/ Place of Delivery

� Need not examine contents of Terms and Conditions of

carriage

� Must not indicate it is subject to a charter party (no

mention of “vessel propelled by sail”)

� Unloading from one means of conveyance and reloading to

� If issued in more than one original, all originals are required

Transport Document Covering at LeastTwo Different Modes of Transport

UCP 600 19

45

45


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 – is transshipment

� Transport document may indicate goods will or may be

transshipped 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

acceptable


� Signed by carrier, master or named agent

� If signed by master, name of master is not necessary


Article 20 – Bill of LadingArticle 21 – Non-Negotiable Sea Waybill

MasterMaster 600600 ��

46

46

� If signed by agent, need to specify for whom,

carrier or master - it is signed

��500500 ��

As AgentAs Agent

ForFor Master,Master, John DoeJohn Doe


600600 ��500500 ��As AgentAs Agent

ForFor MasterMaster


600600 ��500500 ��

� Port of loading in B/L differs from that stated in the L/C, or

Bill of LadingNon-Negotiable Sea Waybill

UCP 600 20,21

� Indicating goods have been shipped on board:


date of shipment, or

� by a dated on board notation – on board date

is the date of shipment

47

47

� Port of loading in B/L differs from that stated in the L/C, or

B/L contains “intended” qualification with regards to port of

loading – “On Board Notation” is required, regardless of

pre-printed “shipped” B/L is presented, indicating:

� port of loading as in the L/C

� date of shipment

� name of vessel

�If issued in more than one original, all originals are required

� Need not examine contents of Terms and Conditions of

carriage

� Must not indicate it is subject to a charter party (no

mention of “vessel propelled by sail”)

� Unloading from one vessel and reloading to another

vessel during the carriage from port of loading to port of

discharge - is transshipment

UCP 600 20,21Bill of LadingNon-Negotiable Sea Waybill

48

48

discharge - is transshipment

� Disregard clauses in B/L carrier reserve the right to

transship

� B/L may indicate goods will or may be transshipped

provided entire carriage is covered by one and the

same B/L

� Even prohibited by the L/C, B/L indicating transshipment

will or may take place is acceptable if goods have been

shipped in a container, trailer or LASH barge

� B/L containing indication that it is subject to a charter

party

� Signed by master, owner, charterer or named agent

� If signed by master, or owner, or charterer, their


Article 22 – Charter Party Bill of Lading

49

49

names are not necessary

� If signed by agent, need to specify for whom –master,

owner or charterer - it is signed

Master, Owner or ChartererMaster, Owner or Charterer 600600 ��

� Agent signing for owner or charterer must indicate name

of owner or charterer

Charter Party Bill of Lading UCP 600 22

As AgentAs Agent


600600 ��As AgentAs Agent


600600 ��

50

50

As AgentAs Agent

For For ChartererCharterer, , John DoeJohn Doe

As AgentAs Agent

ForFor Owner, John DoeOwner, John Doe

As AgentAs Agent

ForFor MasterMaster


600600 ��

Charter Party Bill of Lading

� Port of discharge may be shown as a range of ports, or

� Indicating goods have been shipped on board:


date of shipment, or

� by a dated on board notation – on board date

is the date of shipment

UCP 600 22

51

51

� Port of discharge may be shown as a range of ports, or

geographical area, as stated in L/C

� e.g. L/C calls for shipment to Asian ports

� No mention that the B/L must not indicate vessel

propelled by sail only

� Need not examine charter party contracts

�If issued in more than one original, all originals are required


� Signed by carrier or named agent

� If signed by agent, need to indicate that agent has signed for or

on behalf of carrier


Article 23 – Air Transport Document

52

52

� Must indicate date of issuance, which will be deemed to

be the date of shipment, unless+++.

� Specific notation of actual date of shipment, even not

called for in the credit, will be deemed to be the date of

shipment

� Shipment date not determined by any other information

re flight number and date (in box marked “for carrier’s

use only)

� Be the original for consignor or shipper, even if credit

stipulates full set of originals

� Need not examine Terms and Conditions of carriage

� Unloading from one aircraft and reloading to another

Air Transport Document UCP 600 23

53

53

� Unloading from one aircraft and reloading to another

aircraft during the carriage from the airport of loading to

the airport of destination – is transshipment

� Even L/C prohibits transshipment, air transport

document indicating goods will or may be transshipped

is acceptable, provided entire carriage is covered by

one and the same air transport document


� Signed by carrier or named agent

� If signed by agent, need to indicate that agent has signed

for or acted for or on behalf of carrier

� Must indicate date of issuance or date goods have been


Article 24 – Road, Rail or Inland WaterwayTransport Documents

54

54

� Must indicate date of issuance or date goods have been

received for shipment, dispatch or carriage, which is the

date of shipment, unless the transport document contains a

dated reception stamp, an indication of date of receipt or a

date of shipment

� Indicate place of shipment and place of destination as per

L/C

� In the absence of indication as to the number of originals

issued, the number presented deemed to be the full set


another means of conveyance, within the same mode oftransport, during the carriage from the place of shipment,

dispatch or carriage to the place of destination –

is transshipment

Road, Rail or Inland Waterway Transport Documents UCP 600 24

� Transport document may indicate goods will or may be

transshipped provided entire carriage is covered by one

55

55

transshipped 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 acceptable

Road, Rail or Inland Waterway Transport Documents UCP 600 24

� If it does not identify the carrier, any signature or stamp

of railway company is accepted as being signed by the

carrier

� Transport document marked “duplicate” is accepted as

an original

� Transport document will be accepted as original whether

� For rail transport document:

56

56

� Transport document will be accepted as original whether

marked as an original or not (also applicable to inland

waterway transport)

� Road transport document marked for consignor or shipper

or bear no marking for whom the document has been

prepared – is the original

� Courier receipt must appear to:


Article 25 – Courier Receipt, Post Receipt or Certificate of Posting

� Indicate the name of courier service, and be stamped

or signed by the named courier service at the place

the goods are to be shipped

� Indicate a date of pick-up or receipt, which will be

57

57

� Indicate a date of pick-up or receipt, which will be

deemed to be the date of shipment

� Requirement that courier charges to be paid or prepaid

is satisfied by the courier receipt evidencing courier

charges are for account of a party other than the

consignee

� Post receipt of certificate of posting, must appear to be

stamped or signed and dated at the place the goods are to

be shipped. This date will be deemed to be the date of

shipment


Article 26 – “On Deck”, “Shipper’s Load and Count”, “Said by Shipper to Contain” and Charges Additional to Freight

� Transport document indicating goods are or will be loadedon deck not acceptable

� Transport document indicating goods may be loaded

58

58

� Transport document indicating goods may be loaded on deck is acceptable

� “Shipper’s Load and Count” and “said by shipper to contain”

is acceptable

� Transport document bearing reference to charges additional

to freight is acceptable


Article 27 – Clean Transport Document

� Clean transport is one bearing no clause or notation expressly

declaring a defective condition of goods or their packaging

� The word “clean” need not appear on a transport document,

even credit requires “clean on board”

59

59

� Insurance document – Insurance policy, insurance certificate or

declaration under open cover

� Issued and signed by insurance company, underwriter or their

agents or their proxies

� Signature by agent or proxy indicated as being for or on behalf of


Article 28 – Insurance Document and Coverage)

60

60

� Signature by agent or proxy indicated as being for or on behalf of

insurance company or underwriter

ABC Insurance Co. Ltd.ABC Insurance Co. Ltd.ABC Insurance Co. Ltd.ABC Insurance Co. Ltd.

Agent forAgent for

ABC Insurance Co. Ltd.ABC Insurance Co. Ltd.

By proxy forBy proxy for

� All originals must be presented, if the document indicates that more

than one original has been issued

� Cover Note not acceptable

� Insurance policy is acceptable in lieu of insurance certificate or

declaration under open cover

� Issued no later than shipment date, or it appears from the

document that cover is effective from a date no later than shipment

Insurance Document and Coverage UCP 600 28

61

61

document that cover is effective from a date no later than shipment

date

Issued on 8 AUG 2007

Effective Date

1 AUG 2007

Insurance PolicyInsurance Policy


Shipped On Board

1 AUG 2007



Effective Date

1 AUG 2007

Insurance PolicyInsurance Policy


Shipped On Board

1 AUG 2007


� Insurance coverage expressed in the L/C as percentage of

goods/invoice value (e.g. 110% of CIF value) is deemed to be

minimum coverage required


62

62

L/C: Insurance required for L/C: Insurance required for 110% of invoice value110% of invoice value

Invoice: Total CIF value Invoice: Total CIF value US$100,000US$100,000

Insurance Policy: Insurance Policy: Insured amount US$110,000Insured amount US$110,000Insurance Policy: Insurance Policy: Insured amount Insured amount US$120,000US$120,000

120 %120 %

Min. coverage required

Acceptable

� Min. 110% of CIF or CIP value, if L/C does not indicate insurance

coverage required

� If CIF or CIP value cannot be determined from documents – take

the greater of the following:

� Amount for which honour or negotiation is requested; or

� Gross invoice value of the goods


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63

� Gross invoice value of the goods

Place of taking in charge or Place of taking in charge or shipmentshipment

Place of dischargePlace of discharge or final or final

destinationdestination

+ as stated in the L/C

� Risks covered at least :

� L/C should state type of insurance required and additional risks to

be covered

� If L/C uses imprecise terms such as “usual risks” or “customary

risks”, bank will accept insurance document without regard to any

risks not covered

� If L/C requires insurance against “all risks”, bank will accept

insurance document containing any “all risks” notation or clause,


64

64

insurance document containing any “all risks” notation or clause,

without regard to any risks stated to be excluded

� Insurance document may :

� Contain reference to any exclusion clause

� Indicate that cover is subject to franchise or excess (deductible)

UCP 600 – Miscellaneous Provisions

Article 29 – Extension of Expiry Date or Last Day for Presentation

� Expiry date or last day for presentation falls on a day the bank is

closed for reasons other than “Force Majeure”, it will be extended

to the first following banking day

� Nominated bank must provide the issuing bank or confirming

65

65

� Nominated bank must provide the issuing bank or confirming

bank with a statement that presentation was made within the time

limits extended

� Latest date for shipment will not be extended

Article 30 – Tolerance in Credit Amount, Quantity and Unit Prices


� Words “about” or “approximately” used in conjunction with credit

amount, quantity or unit prices, are to be construed as allowing

a tolerance not to exceed 10% more or 10% less

� Quantity not in terms of stipulated number of packing units or

66

66

� Quantity not in terms of stipulated number of packing units or

individual items has a tolerance not to exceed 5% more or 5% less,

providing credit amount is not over drawn

� Even when partial shipment is not allowed, a tolerance not to exceed

5% less than the credit amount is allowed, provided the quantity

is shipped in full and that any unit price is not reduced.

� Partial drawings or shipments are allowed

� Presentation of multiple sets of transport docs evidencing shipment on the same means of conveyance (e.g. vessel, aircraft) from different ports/places on different dates and for the same journey to the same destination – not partial shipment


Article 31 – Partial Drawings or Shipments

67

67

AA BB CC = L/C quantity= L/C quantity

Port APort A

Port BPort B

Port CPort C

B/L “A”B/L “A” AUG 1AUG 1

B/L “B”B/L “B” AUG 7AUG 7

B/L “C”B/L “C” AUG 9AUG 9

� Take latest of the shipment dates as date of shipment (Aug 9 in the above example)

•• Same vessel and voyageSame vessel and voyage

•• Same destinationSame destination

Port DPort D

� Presentation of multiple sets of transport docs evidencing shipment on

more than one means of conveyance within the same mode of

transport (e.g. shipment by truck) will be regarded as partial shipment,

even if shipped on the same day for the same destination

AUG 1AUG 1

DestinationDestination

Partial ShipmentPartial Shipment

Partial Drawings or Shipments UCP 600 31

TruckTruck AA

NEW

68

68

AA BB CC = L/C quantity= L/C quantity

� Multiple courier receipts not regarded as partial shipment, if

stamped/signed by same courier at same place & date and for same

destination

AUG 1AUG 1

AUG 1AUG 1

DestinationDestinationDDTruckTruck BB

TruckTruck CC

Article 32 – Installment Drawings or Shipments


Article 33 – Hours of Presentation

� Any installment not drawn or shipped, credit ceasesto be available

69

69

Article 33 – Hours of Presentation

� Banks have no obligation to accept presentation outside

of its banking hours

Article 34 – Disclaimer on Effectiveness of Documents

UCP 600 – Disclaimers

� Banks are not liable or responsible for any fraudulent

documents or the accuracy and representation of any documents.

70

70

Article 35 – Disclaimer on Transmission and Translation


� When act in accordance with instruction or on own initiative,

banks are not liable or responsible for any loss in transit,

mutilation or other errors arising in the transmission of any

messages or delivery of letters or documents

� Complying documents lost in transit, between:

71

71

� Complying documents lost in transit, between:

� Banks are not obligated to translate and may transmit credit

terms without translating them

� Nominated bank and issuing/confirming bank, or

� Confirming bank and issuing bank

Issuing/confirming bank must honour or negotiate, or reimburse

Article 36 – Force Majeure


� Bank will not honor or negotiate under a credit that expired

during interruption of its business, which is not under

it’s control

72

72


Article 37 Article 37 –– Disclaimer for Acts of an Instructed PartyDisclaimer for Acts of an Instructed Party

� Issuing bank or advising bank not liable or responsible for

instructions not carried by another bank

� Bank instructing another bank to perform services is liable

for that bank’s charges

73

73

for that bank’s charges

� Issuing bank is liable for charges that cannot be collected

or deducted from the proceeds

� Applicant is bound by and liable to indemnify a bank against

all obligations and responsibilities imposed by foreign

laws and usages

� L/C or amendment should not stipulate that advising to beneficiary is

conditional upon the receipt by advising bank or second advising bank

of its charges

Unacceptable clause:Unacceptable clause:

UCP 600 37Disclaimer for Acts of an Instructed Party

74

74

Unacceptable clause:Unacceptable clause:

Notwithstanding subNotwithstanding sub--article 37c, the advisingarticle 37c, the advisingbank must collect their advising fee prior tobank must collect their advising fee prior toadvising the credit to the beneficiaryadvising the credit to the beneficiary

� Transferable credit – An L/C may be made available by the

transferring bank to a second beneficiary

ApplicantApplicantFirstFirst

BeneficiarBeneficiaryySecondSecond

BeneficiaryBeneficiary

UCP 600 – Transferable LC & Assignment of Proceeds

Article 38 – Transferable Credits

75

75

TransferringTransferringBankBank

IssuingIssuingBankBank

11 22 33 44

1.1. L/C applicationL/C application

2.2. Transferable creditTransferable credit

3.3. Request for transferRequest for transfer

4.4. Transferred creditTransferred credit ––((Credit has been made available Credit has been made available to a second beneficiary)to a second beneficiary)

(May be the(May be theIssuing Bank)Issuing Bank)

� Transferred credit must accurately reflect the terms and conditions of

the credit, including confirmation +

� Second beneficiary’s documents may be sent to issuing bank if first

beneficiary fails, on first demand, to:

� Present its invoice (and draft, if any), or

UCP 600 38Transferable Credits

76

76

� Present its invoice (and draft, if any), or

� Rectify discrepancies in its invoice (where such discrepancies

did not exist in second bene’s invoice)

� 38 (k): Second beneficiary’s documents must be presented to

transferring bank


77

77

Second beneficiary’s documents

First beneficiary’s draft & invoice

Documents after substitution

AABB

CC

� 38 (k): Second beneficiary’s documents must be presented to

transferring bank

� However, in case of Full Transfer, documents may be presented

directly to issuing bank

� Therefore the Transferred Credit should expressly exclude sub-

article 38 (k)


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78

Full Transfer Full Transfer (No substitution)(No substitution)

� Bank not obligated to effect transfer

� All charges relating to the transfer are for the account of first beneficiary

� If L/C allows partial drawings or shipments, it can be transferred in part to more than one second beneficiary

� Transferred L/C cannot be transferred to any subsequent beneficiary

Must determine the handling of subsequent amendments


79

79

� Must determine the handling of subsequent amendments

� Rejection of an amendment by one or more second beneficiary does not invalidate the acceptance by any other second beneficiary

� Allowable changes:- credit amount - unit price - expiry date - period for presentation- latest shipment date - percentage of insurance coverageFirst beneficiary’s name may be substituted for that of the applicant

� Honour or negotiation of transferred L/C may be in the second beneficiary’s country

Article 39 – Assignment of Proceeds

UCP 600 – Transferable LC & Assignment of Proceeds

� Assignment of proceeds under the credit only.

Not an assignment of right to perform under the credit.

80

80

THANK THANK

YOUYOU

81

81

YOUYOU

UCP 600 Part I

UCP 600Understanding & Application

Part I

Victor Pena Vice President Americas Regional Trade Advisor

Global Transaction ServicesCash Management Trade Services and Finance Securities Services Fund Services

2

“These materials are provided for educational and illustrative

purposes only and not as a solicitation by Citigroup for any

particular product or service.

Furthermore, although the information contained herein is believed

to be reliable, the following does not constitute legal advice, and

Citigroup makes no representation or warranty as to the accuracy

or completeness of any information contained herein or otherwise

provided by it.”

3

UCP 600 Understanding & Application

Session I:

Review History & Process

Comparison with UCP 500

Overview of UCP 600 Articles (1 - 16)

Session II (to be offered at future date):

Overview of UCP 600 Articles (17 – 39)

Other Related UCP Documents

What Needs to Be Done To Prepare

4

The UCP is the work of the ICC, a private international organization founded in 1919.Formulated entirely by experts in the private sector. It remains, to date, the most successful set of private rules for trade ever developed.

UCP 600 – Sixth (6th) revision since it’s inception by theInternational Chamber of Commerce in 1933

First UCP - No. 82

UCP revised - No. 151





1933

1951

1962

1974

1983

1993



5


Drafting Group and Consulting Group established after approval given by ICC Banking Commission in May 2003

Tasked to completely review UCP500 from a technical perspective (not line by line), to see what could be changed, if anything, to reduce queries and negate need for repetition and dispute

Included in review - ICC Opinions, Decisions, DOCDEX cases, legal decisions, URR525, ISP98 and eUCP

– Nearly 60% of all ICC Opinions concerned seven articles in UCP 500*

– Seventeen articles have none, one or two Opinions

– Over 60 DOCDEX cases

6


*Seven Articles that have lead to nearly 60% of ICC Opinions are:- Article 9 Liability of Issuing and Confirming Banks

- Article 13 Standard for Examination of Documents

- Article 14 Discrepant Documents and Notice

- Article 21 Unspecified Issuers of Contents of Documents

- Article 23 Marine/Ocean Bills of Lading

- Article 37 Commercial Invoices

- Article 48 Transferable Credits

7


Over 5000 comments reviewed

Drafting Group (9 members) met on 15 occasions

Consulting Group (41 members from 26 countries)

45/50 countries actively participated in 4 or more drafts

ICC National Committees were requested to vote on issues such as:

– “On its face”, “Reasonable time”, “Negotiation” - leave out or retain

– Introduction of new articles, splitting of others, “parties” or “banks”,

– Discounting of deferred payment undertakings”

– Degree of review for “inconsistency” or “non conflicting”

7 reviews by the ICC Banking Commission

ICC unanimously approved 2007 Revision on 25th October 2006

8

New terminology, concepts & wording introduced

Re-organization of the rules

Substantive & cosmetic changes

Improved clarity, yet created new ambiguity

IrrevocableIrrevocableIrrevocable

IndependentIndependentIndependent DocumentaryDocumentaryDocumentary

What’s not changed …


9


UCP 600 (39 Articles)

New:

– Article 2 Definitions

– Article 3 Interpretations

– Article 9 Advising of Credits & Amendments

– Article 12 Nomination

– Article 15 Complying Presentation

– Article 17 Original Documents & Copies

UCP 500 (49 Articles)

Not included in new Revision:

– Article 5 Instructions to Issue/Amend Credits

– Article 6 (part) Revocable

– Article 8 Revocation

– Article 12 Incomplete or Unclear Instructions

– Article 38 Other Documents

– Articles 2,6,9,10,20,21,22, 30,31,33,35,36,46,47 content merged or amalgamated

10


No Change from UCP 500 legal status

Rules apply to LC by incorporation into the LC - not by operation of the law

Rules may be overridden by express terms in the L/C

Rules are subject to interpretation by national courts

11

General Provisions and Definitions 1 - 5

Liabilities and Responsibilities 6 - 13

Examination of Documents 14 - 17

Documents 18 - 28

Miscellaneous Provisions 29 - 33

Disclaimers 34 - 37

Transferable Credit & Assignment 38 - 39

UCP 600 39 UCP 500 49v.v.

Overview of UCP 600 Articles

12

Overview of UCP 600 Article 1

Still applicable to Standbys

No reference to “unless otherwise stipulated in the credit” here and elsewhere in the 2007 Revision

Applicable when the credit expressly indicates that is subject to these “rules” - (SWIFT changes have been made to bring in line)

“Binding on all parties unless modified or excluded by the terms of the L/C “

Application of UCP

13

Use of SWIFT:

This credit is subject to the Uniform Customs and Practice for Documentary Credits, 2007 Revision, ICC Publication No. 600.

This credit is subject to UCP 600

40E: Applicable RulesUCP LATEST VERSION

Use of telex or letter:

Examples of express indication:


14

Examples of an exclusion or modification to a rule:

Contrary to article 32 of the UCP, this credit remainsvalid for subsequent installments despite any shipment or drawing not made within the period allowed.

Sub-Article 28(c) does not apply.

Documents must not be dated earlier than the date ofthe issuance of this credit.


15

A Advising bank H Honour

Applicant

B Banking day

Beneficiary

C Complying presentation

Confirmation

Confirming bank

Credit

I Issuing bank

N Negotiation

Nominated bank

P Presentation

Presenter

Banking day

Honour

Negotiation

Presenter

PresentationComplying presentation

Nominated bank

Article 2 – Definitions (UCP 500 - Part of Art. 2, 7, 9, & 10)NEW

Certain terms are defined, so that they provide references whensuch terms are used in the articles


16

Banking DayDay on which a bank is regularly open for performance of an act subject to these rules


Banking HallBanking Hall

SATURDAYSATURDAY


17

Complying Presentation

Presentation in accordance with

– Terms & conditions of the credit

– Applicable UCP provisions

– International standard banking practice

What is international standard banking practice ?

Is it referring to the “ISBP” ?


18

Honour

Pay at sightIncur deferred payment undertakingPay at maturity

Accept bill of exchangePay at maturity

For credit available by …

Sight paymentDeferred payment

Acceptance

Negotiation

– Purchase by the nominated bank of drafts (drawn on another bank) and/or documents under a complying presentation,

– By advancing or agreeing to advance funds to beneficiary, on or before the banking day on which reimbursement is due to thenominated bank.


19

Nominated BankThe bank with which the credit is available, or any bank in the case of a freely available credit

BeneficiaryAdvising Bank

Issuing Bank

Issuing Advising

Nominated Bank

Nominated Bank

L/C available with any bank

Any bank is a nominated bank

Nominated Bank

Restricted L/C

Bank named in the L/C


20

Presentation

– Delivery of documents to issuing bank or nominated bank; or

– The documents so delivered

Presenter

– Party that makes a presentation

PresenterPresentation

Beneficiary NominatedBank

IssuingBank

PresentationPresenter


21

Article 3 – Interpretations (UCP 500 - Art. 47 & part of Art. 2, 20, 46)

Where applicable, words in the singular include the plural and vice versa.

No more “(s)” - “Document” instead of “Document(s)”

30 days from shipment date 30 days after shipment date=Shipment date: 1 AUG 2007 Maturity date: 31 AUG 2007

For determining maturity date, the words “from” and “after”exclude the date mentioned (ISBP – 45,d)

A credit is irrevocable even if no indication to that effect.

NEW

NEW

NEW

NEW


22

For determining a period of shipment, the words “from” and “after” have different meanings

– “From” includes the date mentioned– “After” excludes the date mentioned

Shipment to be effectedShipment to be effectedfromfrom August 10thAugust 10th

Earliest shipment dateEarliest shipment dateis August 10this August 10th==

Shipment to be effectedShipment to be effectedafter after August 10thAugust 10th

Earliest shipment dateEarliest shipment dateis August 11this August 11th==


23

Independence Principle - L/C is a separate transaction from the underlying contract

Banks should discourage any attempt to include contract as integral part of L/C

Contract No.123Contract No.123L/CL/C

Details as per Contract Details as per Contract No.123, which is No.123, which is appended and forms an appended and forms an integral part of the credit. integral part of the credit.

DiscouragedDiscouraged ????

Article 4 - Credits v. Contracts (UCP 500 - Art. 3)

NEW


24


Article 5 - Documents v. Goods/Services/Performance (UCP 500 - Art. 4)

Banks deal with documents and not with goods, services or performances to which the documents may relate.

In Credit operations all parties concerned deal with documents, and not with goods, services and/or other performances to which the documents may relate. (UCP 500 Article 4)

25

Article 6 - Availability, Expiry Date and Place for Presentation(UCP 500 - Art.42 and part of Art. 9,a,b, 10)

L/C must …– State the bank with which it is available, or that it is available with

any bank (available with a nominated bank also available withthe issuing bank)

– State that it is available by sight payment, deferred payment, acceptance or negotiation

– Not be available by draft on applicant

Examples:

Available with issuing bank by deferred payment

Available with Bank XYZ by payment

Available with any bank by negotiation


26

Place for presentation– Bank with which the L/C is available, or– Any bank, if the L/C is available with any bank, and– Issuing bank

L/C available with any bank L/C available with Bank XYZ

1.1. Any bankAny bank


1.1. Bank XYZBank XYZ


Place for presentationPlace for presentation

Expiry date

Last day for presentation of documents


27

Article 7 – Issuing Bank Undertaking (UCP500 – part of Art. 9,a)

Honour complying presentation made to nominated bank or to issuing bank itself

Reimburse nominated bank that has honoured/negotiated and forwarded complying documents to issuing bank

Issuing bank’s undertaking to reimburse nominated bank is independent of its undertaking to beneficiary

Irrevocably bound as of the time L/C is issued

For usance L/C, reimbursement is due at maturity of deferred payment undertaking or acceptance, whether or not nominated bank prepaidor purchased before maturity

NEW

NEW


28

Article 8 – Confirming Bank Undertaking (UCP500 - 9,c and part of Art.9,b)

Honour a complying presentation, or negotiate without recourse

Reimburse nominated bank that has honoured/negotiated and forwarded complying documents to confirming bank

Confirming bank’s undertaking to reimburse nominated bank is independent of its undertaking to beneficiary

Irrevocably bound as of the time of confirmation

For usance L/C, reimbursement is due at maturity of deferred payment undertaking or acceptance, whether or not nominated bank prepaid or purchased before maturity

NEW

NEW


29

Article 9 - Advising of Credits and Amendments (UCP500 - Art.7, 11,b)

By advising an L/C, the advising bank signifies:– Its without any undertaking to honour or negotiate– It has satisfied itself as to the apparent authenticity of the L/C

or amendment– The advice accurately reflects the L/C’s terms and conditions

An advising bank may utilize the services of another bank to advise the credit - second advising bank

L/C

Available with: Any BankBy: Negotiation

Reimburse: Claim at sighton Bank XYZ, New York Branch

Advice

Available with: Advising BankBy: Negotiation

Reimburse: Advising Bankholds special reimbursement instruction

NEW

NEW


30

Article 10 – Amendments (UCP500 - Art. 9,d)

Amendment must be agreed to by the issuing bank, confirming bank, if any, and the beneficiary

Issuing bank/Confirming bank is irrevocably bound as of time ofissuance and advising of amendment

Confirming bank must inform issuing bank of election not toextend confirmation to an amendment and may advisebeneficiary of amendment without it’s confirmation

Notification of acceptance or rejection received should be givenby second advising bank to the advising and the advising bank to the issuing bank

Partial acceptance = Notice of rejection

NEW


31

Disregard any provision that the amendment shall be in force unless rejected by beneficiary within certain time

Disregard

Amendment No.1

- Amount reduced by USD100,000.00

This amendment shall be in force unless rejected by beneficiary on or before 30 Nov 2007.

Silence = Consent

NEW


32

Presentation that complies with the credit and not yet accepted amendment – deemed to be beneficiary’s acceptance of the amendment

US$150,000US$150,000

Ship by 20 AUGShip by 20 AUG 77Partial shipments Partial shipments allowedallowed


Original L/COriginal L/C

Amt. reduced to Amt. reduced to US$100,000US$100,000

Ship by 20 JUL 07Ship by 20 JUL 07


AmendmentAmendment

US$100,000US$100,000

Shipped 20 JUL 07Shipped 20 JUL 07

DocumentDocument

Complying Complying

Deemed accepted ?


33

Article11 – Teletransmitted and Pre-Advised Credits and Amendments (UCP 500 - Art. 11,a,c)

Authenticated teletransmission of credit and amendment deemed to be operative, unless otherwise stated.

If teletransmission states “full details to follow” (or words of similar effect), issuing bank must then issue the operative credit or amendment in terms not inconsistent with the teletransmission

Preliminary advice of issuance of a credit or amendment obligatesthe issuing bank to issue the operative credit or amendment.


34

Article 12 – Nomination (UCP500 - Art. 10,c)

By nominating a bank to accept a draft or incur a deferred payment undertaking, an issuing bank authorizes that nominated bank to prepay or purchase a draft accepted or a deferred payment undertaking incurred by that nominated bank

L/C

Available with Citibank N.A. by deferred paymentat 90 days after date of shipment

Citibank N.A. is authorized to :

1. Incur a Deferred Payment Undertaking (“DPU”); and

2. “Prepay” its DPU (ie early payment before maturity)

Nomination does not obligate nominated bank to honour

NEW


35

Article 13 – Bank to Bank Reimbursement Agreements (UCP500 - Art.19)

If a credit states that reimbursement is to be obtained from a reimbursing bank, it 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.


36

Article 14 - Standard for Examination of Documents (UCP 500 - Art. 13, 21, 22)

Must examine documents on their face to determine compliance

Other than the commercial invoice, description of goods, servicesor performance, may be stated in general terms

Disregard documents not required by L/C and may be returned

Disregard non-documentary condition

Documents may be dated prior to issuance date of LC, but notlater than date of presentation


37

UCP 500: Reasonable time, not to exceed SEVEN banking days following the day of receipt of documents

00 11 22 33 44 XX XX 55UCP 600UCP 600

00 11 22 33 44 XX XX 55 66 77UCP UCP 500500


UCP 600: Max. of FIVE banking days following day of presentation. Not curtailed or affected by other events.

What is reasonable ?What is reasonable ?


38

Presentation PeriodPresentation including an original transport document must be made not later than 21 calendar days after date of shipment

Transport document - Subject to Articles 19-25

UCP 500UCP 500

… Every Credit which calls for a transport document should also stipulate a specified period of time after the date of shipment during which presentation must be made …

No later than 21 days after shipment, if no such time period is stipulated

Transport document – As defined in Articles 23-29


39

Data Not ConflictingData in a document must not conflict with data in that document, other stipulated documents or the L/C

UCP 500UCP 500

Documents which appear on their face to be inconsistent with one another will be considered as not appearing on their face to be in compliance with the terms and conditions of the Credit.


40

Unspecified Issuer or ContentOther than invoice, transport document or insurance document, banks will accept the document if (1) its content appears to fulfill the function, and (2) it complies with 14(d)

Example: L/C calls for Inspection Certificate

Goods have been inspected and are certified to be in order.

Signed

Dated

Goods have been inspected and are certified to be in order.Signed

Dated


Goods are certified to be of Singapore origin.

Signed

Dated


üü ûû üü1 AUG 20071 AUG 2007 1 AUG 20071 AUG 2007 1 AUG 20071 AUG 2007


41

Addresses of Beneficiary & Applicant

Need not be the same between stipulated documents & the credit; but

Must be within the same country as in the credit

Disregard contact details of beneficiary and applicant (fax, phone, email) stated in the credit (ISBP 61)

However, if they form part of consignee and notify party details intransport document, applicant’s contact details must be as stated in the credit

NEW


42

Letter of CreditLetter of Credit

Applicant: ABC Inc.Applicant: ABC Inc.3 3 TemasekTemasek AvenueAvenue1616--00 Centennial Tower00 Centennial TowerSingapore 039190Singapore 039190Fax No. 6328 5201Fax No. 6328 5201


InvoiceInvoiceBill to: Bill to: ABCABC Inc.Inc.

10 Coleman Street10 Coleman StreetSingapore 179809Singapore 179809

Fax No. 6328 5464Fax No. 6328 5464


Notify: ABC Inc.Notify: ABC Inc.10 Coleman Street10 Coleman StreetSingapore 179809Singapore 179809

Fax No. 6328 5464Fax No. 6328 5464


Notify: ABC Inc.Notify: ABC Inc.3 3 TemasekTemasek AvenueAvenue1616--00 Centennial Tower00 Centennial TowerSingapore 039190Singapore 039190Fax No. 6328 5201Fax No. 6328 5201


43

Shipper, Consignor, Transport Document IssuerShipper or consignor of goods indicated on any documents need not be the L/C beneficiary, but must be consistent among all documents

Transport document may be issued by party other than carrier/ owner/ master/ charterer, provided it meets the requirements of articles 19, 20, 21, 22, 23 or 24

L/CL/C

Beneficiary: ABC Co. Ltd.Beneficiary: ABC Co. Ltd.



Certificate of OriginCertificate of Origin


NEW

Certificate of OriginCertificate of Origin

Shipper: ABC Co. Ltd.Shipper: ABC Co. Ltd.


44





WhenWhen ……









Withoutdelay

Article 15 – Complying Presentation NEW


45

Notice of refusal must be given no later than close of the fifth banking day following day of presentation

Failing to act in accordance with this article precludes the bank from claiming the presentation does not complyAfter providing notice of refusal

– The bank may return documents to presenter at any time– Issuing bank or confirming bank may claim refund for any

reimbursement made, with interest

Article 16 – Discrepant Documents, Waiver and Notice (UCP 500 – Art. 14,b,c,d,e)

Nominated/Confirming/Issuing bank may refuse to honour ornegotiate discrepant documents

Issuing bank, in its sole judgment approach applicant for waiver

NEW


46

Single Notice of Refusal must state:– the bank is refusing to honour or negotiate, – each discrepancy in respect of the refusal, and– one of the following:

The bank is holding documents pending presenter’s further instructions

The bank is returning the documents

The bank is acting in accordance with instructions previously received from the presenter

The issuing bank is holding documents until it receives waiver from applicant and agrees to accept it, or receives further instructions from presenter prior to agreeing to accept the waiver

NEWNEW

NEWNEW


47

Notice of Refusal: “The issuing bank is holding documents until it receives waiver from applicant and agrees to accept it, or receives further instructions from presenter prior to agreeing to accept the waiver.”

IssuingIssuing

BankBank

ApplicantApplicant


Waiver

Request for return of documents

Accepts waiver

Notice of Refusal11

22

XX33


48

Notice of Refusal: “The issuing bank is holding documents until it receives waiver from applicant and agrees to accept it, or receives further instructions from presenter prior to agreeing to accept the waiver.”

IssuingIssuing

BankBank

ApplicantApplicant


Waiver

Notice of Refusal11

Accepts waiver

3322

44 Request for return of documents

Notice of acceptance


49

Important Timelines (UCP 600 14, 15 and 16)Document Examination:

– Max. 5 banking days following the day of presentation

Complying Presentation: – When an issuing bank determines that a presentation is complying, it

must honour

Refusal: – Notice of refusal by the close of the fifth banking day following the day of

presentation


50

Any Questions?

Our Technical Trade Specialists are happy to answer your technical LC questions. Please mention that you attended our Webinar!

Barbara Fernandez in Tampa, FL

Phone: 1-813-604-7088

E-Mail: [email protected]

Victor Pena in Tampa, FL

Phone: 1-813-604-7042


Our Trade Bankers are available to provide additional information about our trade services, our trade finance capabilities, and our global network. Please contact:

John Ladany in New York, NY

Phone: 1-212-816-1069


51

Citigroup's Corporate and Investment Bank ("CIB") maintains a policy of strict compliance to the anti-tying provisions of the Bank Holding Company Act of 1956, as amended, and the regulations issued by the Federal Reserve Board implementing the anti-tying rules (collectively, the "Anti-tying Rules"). Moreover, our credit policies provide that credit must be underwritten in a safe and sound manner and be consistent with Section 23B of the Federal Reserve Act and the requirements of federal law. Consistent with these requirements, and the CIB's Anti-tying Policy:

• You will not be required to accept any particular product or service offered by Citibank or any Citigroup affiliate as a condition to the extension of commercial loans or other products or services to you by Citibank or any of its subsidiaries, unless such a condition is permitted under an exception to the Anti-tying Rules.

• CIB will not vary the price or other terms of any Citibank product or service based on the condition that you purchase any particular product or service from Citibank or any Citigroup affiliate, unless we are authorized to do so under an exception to the Anti-tying Rules.

• CIB will not require you to provide property or services to Citibank or any affiliate of Citibank as a condition to the extension of a commercial loan to you by Citibank or any Citibank subsidiary, unless such a requirement is reasonably required to protect the safety and soundness of the loan.

• CIB will not require you to refrain from doing business with a competitor of Citigroup or any of its affiliates as a condition to receiving a commercial loan from Citibank or any of its subsidiaries, unless the requirement is reasonably designed to ensure the soundness of the loan.

Although the information contained herein is believed to be reliable, we make no representation as to the accuracy or completeness of any information contained herein or otherwise provided by us. The ultimate decision to proceed with any transaction rests solely with you. We are not acting as your advisor or agent. Therefore, prior to entering into any proposed transaction you should determine, without reliance upon us or our affiliates, the economic risks and merits, as well as the legal, tax and accounting characterizations and consequences of the transaction, and independently determine that you are able to assume these risks. In this regard, by acceptance of these materials, you acknowledge that you have been advised that (a) we are not in the business of providing legal, tax or accounting advice, (b) you understand that there may be legal, tax or accounting risks associated with the transaction, (c) you should receive legal, tax and accounting advice from advisors with appropriate expertise to assess relevant risks, and (d) you should apprise senior management in your organization as to the legal, tax and accounting advice (and, if applicable, risks) associated with this transaction and our disclaimers as to these matters.

The terms set forth herein are intended for discussion purposes only and subject to the final expression of the terms of a transaction as set forth in a definitive agreement and/or confirmation. This proposal is neither an offer to sell nor the solicitation of an offer to enter into a transaction. Our firm and our affiliates may act as principal or agent in similar transactions or in transactions with respect to instruments underlying a proposed transaction.

Notwithstanding any other provision herein, you and Citigroup hereby agree that each party (and each employee, representative, or other agent of each party) may disclose to any and all persons, without limitation of any kind, the U.S. tax treatment and U.S. tax structure of the transaction and all materials of any kind (including opinions or other tax analyses) that are provided to each party relating to such U.S. tax treatment and U.S. tax structure, other than any information for which nondisclosure is reasonably necessary in order to comply with applicable securities laws.

HUKUM JUAL BELI (KE)PERUSAHAAN · subyek, obyek & hubungan/ peristiwa hukum 1. subyek hukum =...

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