Documents Delayed, Beneficiary Learns Hard Way Article 35 Does Not Apply

UCP600 interpretation challenges arise as banks often misconstrue article purposes. Beneficiaries risk losing payment guarantees due to misinterpretation during credit-complying presentations

UCP article 35 delayed documents

When it comes to interpretation of UCP600 articles, one of the biggest issues is banks’ misunderstanding of the key purpose of various articles and beneficiaries putting themselves in positions where they lose their payment guarantee on their failure to make a credit-complying presentation due to misinterpretation.

In this regard, one of the most common dangers for a beneficiary is needlessly losing the protections provided under UCP600 Article 35 which is one of the backbone articles of these practice rules.

A very useful case study for illustrating one of the basic protections UCP600 provides is addressed in ICC Official Opinion TA926rev (2022).

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