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the applicant;
ii. the beneficiary's right to obtain payment from the
applicant;
iii. a reference in the standby to any reimbursement agreement
or underlying transaction; or
iv. the issuer's knowledge of performance or breach of any
reimbursement agreement or underlying transaction.
d. Because a standby is documentary, an issuers obligations
depend on the presentation of documents and an examination of
required documents on their face.
e. Because a standby or amendment is binding when issued, it is
enforceable against an issuer whether or not the applicant
authorised its issuance, the issuer received a fee, or the
beneficiary received or relied on the standby or the amendment.
1.07 Independence of the Issuer-Beneficiary Relationship
An issuer's obligations toward the beneficiary are not affected
by the issuer's rights and obligations toward the applicant under
any applicable agreement, practice, or law.
1.08 Limits to Responsibilities
An issuer is not responsible for:
a. performance or breach of any underlying transaction;
b. accuracy, genuineness, or effect of any document presented
under the standby;
c. action or omission of others even if the other person is
chosen by the issuer or nominated person; or
d. observance of law or practice other than that chosen in the
standby or applicable at the place of issuance.
Terminology
1.09 Defined Terms
In addition to the meanings given in standard banking practice
and applicable law, the following terms have or include the meanings
indicated below:
a. Definitions
"Applicant" is a person who applies for issuance of a standby
or for whose account it is issued, and includes (i) a person
applying in its own name but for the account of another person or
(ii) an issuer acting for its own account.
"Beneficiary" is a named person who is entitled to draw under a
standby. See Rule 1.11 (c)(ii).
"Business Day" means a day on which the place of business at
which the relevant act is to be performed is regularly open; and
"Banking Day" means a day on which the relevant bank is regularly
open at the place at which the relevant act is to be performed.
"Confirmer" is a person who, upon an issuer's nomination to do
so, adds to the issuer's undertaking its own undertaking to honour a
standby. See Rule 1.11 (c)(i).
"Demand" means, depending on the context, either a request to
honour a standby or a document that makes such request.
"Document" means a draft, demand, document of title, investment
security, invoice, certificate of default, or any other
representation of fact, law, right, or opinion, that upon
presentation (whether in a paper or electronic medium), is capable
of being examined for compliance with the terms and conditions of a
standby.
"Drawing" means, depending on the context, either a demand
presented or a demand honoured.
"Expiration Date" means the latest day for a complying
presentation provided in a standby.
"Person" includes a natural person, partnership, corporation,
limited liability company, government agency, bank, trustee, and any
other legal or commercial association or entity.
"Presentation" means, depending on the context, either the act
of delivering documents for examination under a standby or the
documents so delivered.
"Presenter" is a person who makes a presentation as or on
behalf of a beneficiary or nominated person.
"Signature" includes any symbol executed or adopted by a person
with a present intent to authenticate a document.
b. Cross References
"Amendment" - Rule 2.06
"Advice" - Rule 2.05
"Approximately" ("About" or "Circa") - Rule 3.08(f)
"Assignment of Proceeds" - Rule 6.06
"Automatic Amendment" - Rule 2.06(a)
"Copy" - Rule 4.15(d)
"Cover Instructions" - Rule 5.08
"Honour" - Rule 2.01
"Issuer" - Rule 2.01
"Multiple Presentations" - Rule 3.08(b)
"Nominated Person" - Rule 2.04
"Non-documentary Conditions" - Rule 4.11
"Original" - Rule 4.15(b)&(c)
"Partial Drawing" - Rule 3.08(a)
"Standby" - Rule 1.01(d)
"Transfer" - Rule 6.01
"Transferee Beneficiary" - Rule 1.11(c)(ii)
"Transfer by Operation of Law" - Rule 6.11
c. Electronic Presentations
The following terms in a standby providing for or permitting
electronic presentation shall have the following meanings unless the
context otherwise requires:
"Electronic Record" means:
i. a record (information that is inscribed on a tangible medium
or that is stored in an electronic or other medium and is
retrievable in perceivable form);
ii. communicated by electronic means to a system for receiving,
storing, retransmitting, or otherwise processing information (data,
text, images, sounds, codes, computer programs, software, databases,
and the like); and
iii. capable of being authenticated and then examined for
compliance with the terms and conditions of the standby.
"Authenticate" means to verify an electronic record by
generally accepted procedure or methodology in commercial practice:
i. the identity of a sender or source, and
ii. the integrity of or errors in the transmission of
information content.
The criteria for assessing the integrity of information in an
electronic record is whether the information has remained complete
and unaltered, apart from the addition of any endorsement and any
change which arises in the normal course of communication, storage,
and display.
"Electronic signature" means letters, characters, numbers, or
other symbols in electronic form, attached to or logically
associated with an electronic record that are executed or adopted by
a party with present intent to authenticate an electronic record.
"Receipt" occurs when:
i. an electronic record enters in a form capable of being
processed by the information system designated in the standby, or
ii. an issuer retrieves an electronic record sent to an
information system other than that designated by the issuer.
1.10 Redundant or Otherwise Undesirable Terms
a. A standby should not or need not state that it is:
i. unconditional or abstract (if it does, it signifies merely
that payment under it is conditioned solely on presentation of
specified documents);
ii. absolute (if it does, it signifies merely that it is
irrevocable);
iii. primary (if it does, it signifies merely that it is the
independent obligation of the issuer);
iv. payable from the issuer's own funds (if it does, it
signifies merely that payment under it does not depend on the
availability of applicant funds and is made to satisfy the issuer's
own independent obligation);
v. clean or payable on demand (if it does, it signifies merely
that it is payable upon presentation of a written demand or other
documents specified in the standby).
b. A standby should not use the term "and/or" (if it does, it
means either or both).
c. The following terms have no single accepted meaning:
i. and shall be disregarded:
"callable",
"divisible",
"fractionable",
"indivisible", and
"transmissible",
ii. and shall be disregarded unless their context gives them
meaning: "assignable",
"evergreen",
"reinstate", and
"revolving".
1.11 Interpretation of These Rules
a. These Rules, are to be interpreted in the context of
applicable standard practice.
b. In these Rules, "standby letter of credit" refers to the
type of independent undertaking for which these Rules were intended,
whereas "standby" refers to an undertaking subjected to these Rules.
c. Unless the context otherwise requires:
i. "Issuer" includes a "confirmer" as if the confirmer were a
separate issuer and its confirmation were a separate standby issued
for the account of the issuer;
ii "Beneficiary" includes a person to whom the named
beneficiary has effectively transferred drawing rights ("transferee
beneficiary");
iii. "Including" means "including but not limited to";
iv. "A or B" means "A or B or both"; "either A or B" means "A
or B, but not both"; and "A and B" means "both A and B";
v. Words in the singular number include the plural, and in the
plural include the singular; and
vi. Words if the neuter gender include any gender.
d. i. Use of the phrase "unless a standby otherwise states" or
the like in a rule emphasizes that the text of the standby controls
over the rule;
ii. Absence of such a phrase in other rules does not imply that
other rules have priority over the text of the standby;
iii. Addition of the term "expressly" or "clearly" to the
phrase "unless a standby otherwise states" or the like emphasizes
that the rule should be excluded or modified only by wording in the
standby that is specific and unambiguous; and
iv. While the effect of all of these Rules may be varied by the
text of the standby, variations of the effect of some of these Rules
may disqualify the standby as an independent undertaking under
applicable law.
e. The phrase "stated in the standby" or the like refers to the
actual text of a standby (whether as issued or effectively amended)
whereas the phrase "provided in the standby" or the like refers to
both the text of the standby and these Rules as incorporated.
RULE 2
OBLIGATIONS
2.01 Undertaking to Honour by Issuer and Any Confirmer to
Beneficiary
a. An issuer undertakes to the beneficiary to honour a
presentation that appears on its face to comply with the terms and
conditions of the standby in accordance with these Rules
supplemented by standard standby practice.
b. An issuer honours a complying presentation made to it by
paying the amount demanded of it at sight, unless the standby
provides for honour:
i. by acceptance of a draft drawn by the beneficiary on the
issuer, in which case the issuer honours by:
(a) timely accepting the draft; and
(b) thereafter paying the holder of the draft on presentation
of the accepted draft on or after its maturity.
ii. by deferred payment of a demand made by the beneficiary on
the issuer, in which case the issuer honours by:
(a) timely incurring a deferred payment obligation; and
(b) thereafter paying at maturity.
iii. by negotiation, in which case the issuer honours by paying
the amount demanded at sight without recourse.
c. An issuer acts in a timely manner if it pays at sight,
accepts a draft, or undertakes a deferred payment obligation (or if
it gives notice of dishonour) within the time permitted for
examining the presentation and giving notice of dishonour.
d. i. A confirmer undertakes to honour a complying presentation
made to it by paying the amount demanded of it at sight or, if the
standby so states, by another method of honour consistent with the
issuer's undertaking.
ii. If the confirmation permits presentation to the issuer,
then the confirmer undertakes also to honour upon the issuer's
wrongful dishonour by performing as if the presentation had been
made to the confirmer.
iii. If the standby permits presentation to the confirmer, then
the issuer undertakes also to honour upon the confirmer's wrongful
dishonour by performing as if the presentation had been made to the
issuer.
e. An issuer honours by paying in immediately available funds
in the currency designated in the standby unless the standby states
it is payable by:
i. payment of a monetary unit of account, in which case the
undertaking is to pay in that unit of account; or
ii. delivery of other items of value, in which case the
undertaking is to deliver those items.
2.02 Obligation of Different Branches, Agencies, or Other
Offices
For the purposes of these Rules, an issuers branch, agency, or
other office acting or undertaking to act under a standby in a
capacity other than as issuer is obligated in that capacity only and
shall be treated as a different person.
2.03 Conditions to Issuance
A standby is issued when it leaves an issuer's control unless
it clearly specifies that it is not then "issued" or "enforceable".
Statements that a standby is not "available", "operative",
"effective", or the like do not affect its irrevocable and binding
nature at the time it leaves the issuer's control.
2.04 Nomination
а. A standby may nominate a person to advise, receive a
presentation, effect a transfer, confirm, pay, negotiate, incur a
deferred payment obligation, or accept a draft.
b. Nomination does not obligate the nominated person to act
except to the extent that the nominated person undertakes to act.
c. A nominated person is not authorised to bind the person
making the nomination.
2.05 Advice of Standby or Amendment
a. Unless an advice states otherwise, it signifies that:
i. the advisor has checked the apparent authenticity of the
advised message in accordance with standard letter of credit
practice; and
ii. the advice accurately reflects what has been received.
b. A person who is requested to advise a standby and decides
not to do so should notify the requesting party.
2.06 When an Amendment is Authorised and Binding
a. If a standby expressly states that it is subject to
"automatic amendment" by an increase or decrease in the amount
available, an extension of the expiration date, or the like, the
amendment is effective automatically without any further
notification or consent beyond that expressly provided for in the
standby. (Such an amendment may also be referred to as becoming
effective "without amendment").
b. If there is no provision for automatic amendment, an
amendment binds:
i. the issuer when it leaves the issuer's control; and
ii. the confirmer when it leaves the confirmer's control,
unless the confirmer indicates that it does not confirm the
amendment.
c. If there is no provision for automatic amendment:
i. the beneficiary must consent to the amendment for it to be
binding;
ii. the beneficiary's consent must be made by an express
communication to the person advising the amendment unless the
beneficiary presents documents which comply with the standby as
amended and which would not comply with the standby prior to such
amendment; and
iii. an amendment does not require the applicant's consent to
be binding on the issuer, the confirmer, or the beneficiary.
d. Consent to only part of an amendment is a rejection of the
entire amendment.
2.07 Routing of Amendments
a. An issuer using another person to advise a standby must
advise all amendments to that person.
b. An amendment or cancellation of a standby does not affect
the issuer's obligation to a nominated person that has acted within
the scope of its nomination before receipt of notice of the
amendment or cancellation.
c. Non-extension of an automatically extendable (renewable)
standby does not affect an issuer's obligation to a nominated person
who has acted within the scope of its nomination before receipt of a
notice of non-extension.
RULE 3
PRESENTATION
3.01 Complying Presentation Under a Standby
A standby should indicate the time, place and location within
that place, person to whom and medium in which presentation should
be made. If so, presentation must be so made in order to comply. To
the extent that a standby does not so indicate, presentation must be
made in accordance with these Rules in order to be complying.
3.02 What Constitutes a Presentation
The receipt of a document required by and presented under a
standby constitutes a presentation requiring examination for
compliance with the terms and conditions of the standby even if not
all of the required documents have been presented.
3.03 Identification of Standby
a. A presentation must identify the standby under which the
presentation is made.
b. A presentation may identify the standby by stating the
complete reference number of the standby and the name and location
of the issuer or by attaching the original or a copy of the standby.
c. If the issuer cannot determine from the face of a document
received that it should be processed under a standby or cannot
identify the standby to which it relates, presentation is deemed to
have been made on the date of identification.
3.04 Where and to Whom Complying Presentation Made
a. To comply, a presentation must be made at the place and any
location at that place indicated in the standby or provided in these
Rules.
b. If no place of presentation to the issuer is indicated in
the standby, presentation to the issuer must be made at the place of
business from which the standby was issued.
c. If a standby is confirmed, but no place for presentation is
indicated in the confirmation, presentation for the purpose of
obligating the confirmer (and the issuer) must be made at the place
of business of the confirmer from which the confirmation was issued
or to the issuer.
d. If no location at a place of presentation is indicated (such
as department, floor, room, station, mail stop, post office box, or
other location), presentation may be made to:
i. the general postal address indicated in the standby;
ii. any location at the place designated to receive deliveries
of mail or documents; or
iii. any person at the place of presentation actually or
apparently authorised to receive it.
3.05 When Timely Presentation Made
a. A presentation is timely if made at any time after issuance
and before expiry on the expiration date.
b. A presentation made after the close of business at the place
of presentation is deemed to have been made on the next business
day.
3.06 Complying Medium of Presentation
a. To comply, a document must be presented in the medium
indicated in the standby.
b. Where no medium is indicated, to comply a document must be
presented as a paper document, unless only a demand is required, in
which case:
i. a demand that is presented via S.W.I.F.T., tested telex, or
other similar authenticated means by a beneficiary that is a
S.W.I.F.T. participant or a bank complies; otherwise
ii. a demand that is not presented as a paper document does not
comply unless the issuer permits, in its sole discretion, the use of
that medium.
c. A document is not presented as a paper document if it is
communicated by electronic means even if the issuer or nominated
person receiving it generates a paper document from it.
d. Where presentation in an electronic medium is indicated, to
comply a document must be presented as an electronic record capable
of being authenticated by the issuer or nominated person to whom it
is presented.
3.07 Separateness of Each Presentation
a. Making a non-complying presentation, withdrawing a
presentation, or failing to make any one of a number of scheduled or
permitted presentations does not waive or otherwise prejudice the
right to make another timely presentation or a timely
re-presentation whether or not the standby prohibits partial or
multiple drawings or presentations.
b. Wrongful dishonour of a complying presentation does not
constitute dishonour of any other presentation under a standby or
repudiation of the standby.
c. Honour of a non-complying presentation, with or without
notice of its non-compliance, does not waive requirements of a
standby for other presentations.
3.08 Partial Drawing and Multiple Presentations; Amount of
Drawings
a. A presentation may be made for less than the full amount
available ("partial drawing").
b. More than one presentation ("multiple presentations") may be
made.
c. The statement "partial drawings prohibited" or a similar
expression means that a presentation must be for the full amount
available.
d. The statement "multiple drawings prohibited" or a similar
expression means that only one presentation may be made and honoured
but that it may be for less than the full amount available.
e. If a demand exceeds the amount available under the standby,
the drawing is discrepant. Any document other than the demand
stating an amount in excess of the amount demanded is not discrepant
for that reason.
f. Use of "approximately", "about", "circa", or a similar word
permits a tolerance not to exceed 10% more or 10% less of the amount
to which such word refers.
3.09 Extend or Pay
A beneficiary's request to extend the expiration date of the
standby or, alternatively, to pay the amount available under it:
a. is a presentation demanding payment under the standby, to be
examined as such in accordance with these Rules; and
b. implies that the beneficiary:
i. consents to the amendment to extend the expiry date to the
date requested;
ii. requests the issuer to exercise its discretion to seek the
approval of the applicant and to issue that amendment;
iii. upon issuance of that amendment, retracts its demand for
payment; and
iv. consents to the maximum time available under these Rules
for examination and notice of dishonour.
3.10 No Notice of Receipt of Presentation
An issuer is not required to notify the applicant of receipt of
a presentation under the standby.
3.11 Issuer Waiver and Applicant Consent to Waiver of
Presentation Rules
In addition to other discretionary provisions in a standby or
these Rules, an issuer may, in its sole discretion, without notice
to or consent of the applicant and without effect on the applicant's
obligations to the issuer, waive
a. the following Rules and any similar terms stated in the
standby which are primarily for the issuer's benefit or operational
convenience:
i. treatment of documents received, at the request of the
presenter, as having been presented at a later date (Rule 3.02);
ii. identification of a presentation to the standby under which
it is presented (Rule 3.03(a));
iii. where and to whom presentation is made (Rule 3.04(b), (c),
and (d)), except the country of presentation stated in the standby;
or
iv. treatment of a presentation made after the close of
business as if it were made on the next business day (Rule 3.05(b)).
b. the following Rule but not similar terms stated in the
standby:
i. a required document dated after the date of its stated
presentation (Rule 4.06); or
ii. the requirement that a document issued by the beneficiary
be in the language of the standby (Rule 4.04).
c. the following Rule relating to the operational integrity of
the standby only in so far as the bank is in fact dealing with the
true beneficiary: acceptance of a demand in an electronic medium
(Rule 3.06(b)).
Waiver by the confirmer requires the consent of the issuer with
respect to paragraphs (b) and (c) of this Rule.
3.12 Original Standby Lost, Stolen, Mutilated, or Destroyed
a. If an original standby is lost, stolen, mutilated, or
destroyed, the issuer need not replace it or waive any requirement
that the original be presented under the standby.
b. If the issuer agrees to replace an original standby or to
waive a requirement for its presentation, it may provide a
replacement or copy to the beneficiary without affecting the
applicant's obligations to the issuer to reimburse, but, if it does
so, the issuer must mark the replacement or copy as such. The issuer
may, in its sole discretion, require indemnities satisfactory to it
from the beneficiary and assurances from nominated persons that no
payment has been made.
Closure on Expiry Date
3.13 Expiration Date on a Non-Business Day
a. If the last day for presentation stated in a standby
(whether stated to be the expiration date or the date by which
documents must be received) is not a business day of the issuer or
nominated person where presentation is to be made, then presentation
made there on the first following business day shall be deemed
timely.
b. A nominated person to whom such a presentation is made must
so notify the issuer.
3.14 Closure on a Business Day and Authorization of Another
Reasonable Place for Presentation
a. If on the last business day for presentation the place for
presentation stated in a standby is for any reason closed and
presentation is not timely made because of the closure, then the
last day for presentation is automatically extended to the day
occurring thirty calendar days after the place for presentation
re-opens for business, unless the standby otherwise provides.
b. Upon or in anticipation of closure of the place of
presentation, an issuer may authorise another reasonable place for
presentation in the standby or in a communication received by the
benficiary. If it does so, then
i. presentation must be made at that reasonable place; and
ii. if the communication is received fewer than thirty calendar
days before the last day for presentation and for that reason
presentation is not timely made, the last day for presentation is
automatically extended to the day occurring thirty calendar days
after the last day for presentation.
RULE 4
EXAMINATION
4.01 Examination for Compliance
a. Demands for honour of a standby must comply with the terms
and conditions of the standby.
b. Whether a presentation appears to comply is determined by
examining the presentation on its face against the terms and
conditions stated in the standby as interpreted and supplemented by
these Rules which are to be read in the context of standard standby
practice.
4.02 Non-Examination of Extraneous Documents
Documents presented which are not required by the standby need
not be examined and, in any event, shall be disregarded for purposes
of determining compliance of the presentation. They may without
responsibility be returned to the presenter or passed on with the
other documents presented.
4.03 Examination for Inconsistency
An issuer or nominated person is required to examine documents
for inconsistency with each other only to the extent provided in the
standby.
4.04 Language of Documents
The language of all documents issued by the beneficiary is to
be that of the standby.
4.05 Issuer of Documents
Any required document must be issued by the beneficiary unless
the standby indicates that the document is to be issued by a third
person or the document is of a type that standard standby practice
requires to be issued by a third person.
4.06 Date of Documents
The issuance date of a required document may be earlier but not
later than the date of its presentation.
4.07 Required Signature on a Document
a. A required document need not be signed unless the standby
indicates that the document must be signed or the document is of a
type that standard standby practice requires be signed.
b. A required signature may be made in any manner that
corresponds to the medium in which the signed document is presented.
c. Unless a standby specifies:
i. the name of a person who must sign a document, any signature
or authentication will be regarded as a complying signature;
ii. the status of a person who must sign, no indication of
status is necessary.
d. If a standby specifies that a signature must be made by:
i. a named natural person without requiring that the signer's
status be identified, a signature complies that appears to be that
of the named person;
ii. a named legal person or government agency without
identifying who is to sign on its behalf or its status, any
signature complies that appears to have been made on behalf of the
named legal person or government agency; or
iii. a named natural person, legal person, or government agency
requiring the status of the signer be indicated, a signature
complies which appears to be that of the named natural person, legal
person, or government agency and indicates its status.
4.08 Demand Document Implied
If a standby does not specify any required document, it will
still be deemed to require a documentary demand for payment.
4.09 Identical Wording and Quotation Marks
If a standby requires:
a. a statement without specifying precise wording, then the
wording in the document presented must appear to convey the same
meaning as that required by the standby;
b. specified wording by the use of quotation marks, blocked
wording, or an attached exhibit or form, then typographical errors
in spelling, punctuation, spacing, or the like that are apparent
when read in context are not required to be duplicated and blank
lines or spaces for data may be completed in any manner not
inconsistent with the standby; or
c. specified wording by the use of quotation marks, blocked
wording, or an attached exhibit or form, and also provides that the
specified wording be "exact" or "identical", then the wording in the
documents presented, including typographical errors in spelling,
punctuation, spacing and the like, as well as blank lines and spaces
for data, must be exactly reproduced.
4.10 Applicant Approval
A standby should not specify that a required document be
issued, signed, or counter-signed by the applicant. However, if the
standby includes such a requirement, the issuer may not waive the
requirement and is not responsible for the applicant's withholding
of the document or signature.
4.11 Non-Documentary Terms or Conditions
a. A standby term or condition which is non-documentary must be
disregarded whether or not it affects the issuer's obligation to
treat a presentation as complying or to treat the standby as issued,
amended, or terminated.
b. Terms or conditions are non-documentary if the standby does
not require presentation of a document in which they are to be
evidenced and if their fulfillment cannot be determined by the
issuer from the issuer's own records or within the issuer's normal
operations.
c. Determinations from the issuer's own records or within the
issuer's normal operations include determinations of:
i. when, where, and how documents are presented or otherwise
delivered to the issuer;
ii. when, where, and how communications affecting the standby
are sent or received by the issuer, beneficiary, or any nominated
person;
iii. amounts transferred into or out of accounts with the
issuer; and
iv. amounts determinable from a published index (e.g., if a
standby provides for determining amounts of interest accruing
according to published interest rates).
d. An issuer need not re-compute a beneficiary's computations
under a formula stated or referenced in a standby except to the
extent that the standby so provides.
4.12 Formality of Statements in Documents
a. A required statement need not be accompanied by a solemnity,
officialization, or any other formality.
b. If a standby provides for the addition of a formality to a
required statement by the person making it without specifying form
or content, the statement complies if it indicates that it was
declared, averred, warranted, attested, sworn under oath, affirmed,
certified, or the like.
c. If a standby provides for a statement to be witnessed by
another person without specifying form or content, the witnessed
statement complies if it appears to contain a signature of a person
other than the beneficiary with an indication that the person is
acting as a witness.
d. If a standby provides for a statement to be counter-signed,
legalized, visaed, or the like by a person other than the
beneficiary acting in a governmental, judicial, corporate, or other
representative capacity without specifying form or content, the
statement complies if it contains the signature of a person other
than the beneficiary and includes an indication of that person's
representative capacity and the organization on whose behalf the
person has acted.
4.13 No Responsibility to Identify Beneficiary
Except to the extent that a standby requires presentation of an
electronic record:
a. a person honouring a presentation has no obligation to the
applicant to ascertain the identity of any person making a
presentation or any assignee of proceeds;
b. payment to a named beneficiary, transferee, an acknowledged
assignee, successor by operation of law, to an account or account
number stated in the standby or in a cover instruction from the
beneficiary or nominated person fulfills the obligation under the
standby to effect payment.
4.14 Name of Acquired or Merged Issuer or Confirmer
If the issuer or confirmer is reorganized, merged, or changes
its name, any required reference by name to the issuer or confirmer
in the documents presented may be to it or its successor.
4.15 Original, Copy, and Multiple Documents
a. A presented document must be an original.
b. Presentation of an electronic record, where an electronic
presentation is permitted or required is deemed to be an "original".
с. i. A presented document is deemed to be an "original" unless
it appears on its face to have been reproduced from an original.
ii. A document which appears to have been reproduced from an
original is deemed to be an original if the signature or
authentication appears to be original.
d. A standby that requires presentation of a "copy" permits
presentation of either an original or copy unless the standby states
that only a copy be presented or otherwise addresses the disposition
of all originals.
e. If multiples of the same document are requested, only one
must be an original unless:
i. "duplicate originals" or "multiple originals" are requested
in which case all must be originals; or
ii. "two copies", "two-fold", or the like are requested in
which case either originals or copies may be presented.
Standby Document Types
4.16 Demand for Payment
a. A demand for payment need not be separate from the
beneficiary's statement or other required document.
b. If a separate demand is required, it must contain:
i. a demand for payment from the beneficiary directed to the
issuer or nominated person;
ii. a date indicating when the demand was issued;
iii. the amount demanded; and
iv. the beneficiary's signature.
c. A demand may be in the form of a draft or other instruction,
order, or request to pay. If a standby requires presentation of a
"draft" or "bill of exchange", that draft or bill of exchange need
not be in negotiable form unless the standby so states.
4.17 Statement of Default or Other Drawing Event
If a standby requires a statement, certificate, or other
recital of a default or other drawing event and does not specify
content, the document complies if it contains:
a. representation to the effect that payment is due because a
drawing event described in the standby has occurred;
b. a date indicating when it was issued; and
c. the beneficiary's signature.
4.18 Negotiable Documents
If a standby requires presentation of a document that is
transferable by endorsement and delivery without stating whether,
how, or to whom endorsement must be made, then the document may be
presented without endorsement, or, if endorsed, the endorsement may
be in blank and, in any event, the document may be issued or
negotiated with or without recourse.
4.19 Legal or Judicial Documents
If a standby requires presentation of a government-issued
document, a court order, an arbitration award, or the like, a
document or a copy is deemed to comply if it appears to be:
i. issued by a government agency, court, tribunal, or the like;
ii. suitably titled or named;
iii. signed;
iv. dated; and
v. originally certified or authenticated by an official of a
government agency, court, tribunal, or the like.
4.20 Other Documents
a. If a standby requires a document other than one whose
content is specified in these Rules without specifying the issuer,
data content, or wording, a document complies if it appears to be
appropriately titled or to serve the function of that type of
document under standard standby practice.
b. A document presented under a standby is to be examined in
the context of standby practice under these Rules even if the
document is of a type (such as a commercial invoice, transport
documents, insurance documents or the like) for which the Uniform
Customs and Practice for Documentary Credits contains detailed
rules.
4.21 Request to Issue Separate Undertaking
If a standby requests that the beneficiary of the standby issue
its own separate undertaking to another (whether or not the standby
recites the text of that undertaking):
a. the beneficiary receives no rights other than its rights to
draw under the standby even if the issuer pays a fee to the
beneficiary for issuing the separate undertaking;
b. neither the separate undertaking nor any documents presented
under it need be presented to the issuer; and
c. if originals or copies of the separate undertaking or
documents presented under it are received by the issuer although not
required to be presented as a condition to honour of the standby:
i. the issuer need not examine, and, in any event, shall
disregard their compliance or consistency with the standby, with the
beneficiary's demand under the standby, or with the beneficiary's
separate undertaking; and
ii. the issuer may without responsibility return them to the
presenter or forward them to the applicant with the presentation.
RULE 5
NOTICE, PRECLUSION, AND DISPOSITION OF DOCUMENTS
5.01 Timely Notice of Dishonour
a. Notice of dishonour must be given within a time after
presentation of documents which is not unreasonable.
i. Notice given within three business days is deemed to be not
unreasonable and beyond seven business days is deemed to be
unreasonable.
ii. Whether the time within which notice is given is
unreasonable does not depend upon an imminent deadline for
presentation.
iii. The time for calculating when notice of dishonour must be
given begins on the business day following the business day of
presentation.
iv. Unless a standby otherwise expressly states a shortened
time within which notice of dishonour must be given, the issuer has
no obligation to accelerate its examination of a presentation.
b. i. The means by which a notice of dishonour is to be given
is by telecommunication, if available, and, if not, by another
available means which allows for prompt notice.
ii. If notice of dishonour is received within the time
permitted for giving the notice, then it is deemed to have been
given by prompt means.
c. Notice of dishonour must be given to the person from whom
the documents were received (whether the beneficiary, nominated
person, or person other than a delivery person) except as otherwise
requested by the presenter.
5.02 Statement of Grounds for Dishonour
A notice of dishonour shall state all discrepancies upon which
dishonour is based.
5.03 Failure to Give Timely Notice of Dishonour
a. Failure to give notice of a discrepancy in a notice of
dishonour within the time and by the means specified in the standby
or these rules precludes assertion of that discrepancy in any
document containing the discrepancy that is retained or represented,
but does not preclude assertion of that discrepancy in any different
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