Uniform Customs and Practice of Documentary Credits (1983)
(hereinafter called the UCP) issued by the International Chamber of
Commerce, - relied upon by the Negotiating Bank ... detail - we propose to
deal with the articles in UCP (1983 revision) and their relevance.
The following are the facts :
The plaintiff-(buyers) at Pune
Page 5 of 21
Revision), I.C.C. publication ("UCP 600, for short"). In para 40 of
the plaint, plaintiff has alleged that ... based on
the written contract evidenced by the letters of credit incorporating
UCP 600, duly acknowledged by the defendant.
11. Article 3 of the UCP
defendant No.4 further submits that as per the provisions
of UCP 600 particularly Article 4(a) and 5 , the defendant No.4 under ... 2009 Page 8 of 39
of the UCP 600.
23. It is further submitted that the defendant No.4 is under
obligation to negotiate
Uniform Customs and Practice
for Documentary Credits (hereinafter referred to as „UCP 500‟). I
may mention that though the plea of territorial jurisdiction was
CR76 ... Bank."
8. According to Mr. Dhawan, Article 3(b) of the UCP 500
concretizes the rule that credits are separate transactions from
the sales
being the rules contained in
Uniform Customs and Practice for Documentary Credits (UCP-600). By
virtue of these LCs which were irrevocable in nature ... presentation as required by Article
16 (d) of the UCP-600 and thus MBB considered it a deemed acceptance of
the documents in respect
arise.
13. Learned counsel relied on the provisions of the UCP (Unified
Customs and Practise) relating to commercial credits, and argued that the
opening ... issued by OBC contains a specific
stipulation that it is governed by UCP 400 (i.e the 1983 edition). The UCP
is attempt to globalize
following Articles of the Uniform Customs and Practice for documentary credits (UCP) 300, which have been relied upon by learned counsel for the parties ... buyer. This is also clear from Articles 3 and 4 of UCP (1983 Revision). In case of an irrevocable bank guarantee or letter of credit
issued by the International Chamber of Commerce (hereinafter referred to as "UCP") except as otherwise stated therein, i.e., the letter of credit ... defendants made a vain bid to lean against art 33 of the UCP which runs as follows :
"When other documents are required such
provisions Uniform Customs and Practice
for Documentary Credits, 2007 ('UCP-600'). Mr. Sengh contends that
the admission of the appellant that they ... bound by the terms of
UCP-600 in relation to the present LCs, does not tantamount to the
admission of liability. It is further submitted
Commercial Bank (supra) was given
when the earlier Uniform Customs and Practice (UCP 500 or even possibly
the earlier edition existing in the year ... existing, but UCP 500 has
been thereafter replaced by UCP 600, and which is admittedly the document
which is to be considered between the parties
