Course Duration: 25 hours

Introduction: structural comparison of UCP 600 and UCP 500

The framework of the UCP 600 (Articles 1-5)

• New articles on "definitions", "interpretations"
• Introduction of the concept of "honour" upon determination of good tender

Structure of and obligations under documentary credits (Articles 6-10)

• Availability of credit and place for presentation
• Undertakings of the issuing and confirming banks
• The role of a "second advising bank" in advising a credit
• Problems of determining acceptance or refusal of amendments
  
  

Standard for examination of documents; discrepant documents, waiver and notice (Article 11-18)

• Standards for checking and refusing documents
  
• Replacing "reasonable time" with definite time limits
  
• Determining whether data in a document conflicts with data in that document, any other
  

The UCP 600 transport articles (Part 1)

• Differences between the UCP 500 and the UCP 600 transport articles
• Requirements for on board notations

The UCP 600 transport articles (Part 2)

• The term "charterer" in the article on charter party bills of ladingInsurance Articles
• Implications of the new provisions in the insurance articles

Transferable credits and remaining issues

• Partial drawings or shipments
• Force majeure and disclaimer