International Standard
Banking Practice
for the Examination of Documents under UCP 600
International Standard Banking Practice for the Examination
of Documents under UCP 600
Copyright © 2013
International Chamber of Commerce (ICC) 
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ICC Publication No. 745E
ISBN: 978-92-842-0188-4

international standard banking practice

Contents

Introduction.. ........................................................................................ 9

Preliminary considerations. ...................................................... 13

Scope of the publication.. ........................................................................ 13
The credit and amendment application, the issuance 
of the credit and any amendment thereto.......................................... 13

General principles............................................................................ 15
Abbreviations. ............................................................................................ 15
Certificates, Certifications, Declarations 
and Statements.......................................................................................... 16
Copies of transport documents 
covered by UCP 600 articles 19-25....................................................... 16
Correction and alteration (“correction”). ............................................. 17
Courier receipt, post receipt and certificate 
of posting in respect of the sending of documents, 
notices and the like. .................................................................................. 18
Dates.. . . . . . . . . . . . . ............................................................................................... 18
Documents and the need for completion of a box, 
field or space.............................................................................................. 20
Documents for which the UCP 600 
transport articles do not apply............................................................... 21
Expressions not defined in UCP 600.. ................................................... 21
Issuer of documents. ................................................................................ 23
Language.. . . . . ............................................................................................... 23
Mathematical calculations....................................................................... 24
Misspellings or typing errors .. ................................................................ 24
Multiple pages and attachments or riders........................................... 24

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international standard banking practice

Non-documentary conditions and conflict of data........................... 25

Originals and copies . ............................................................................... 25
Shipping marks ......................................................................................... 26
Signatures.. . . . . . ............................................................................................. 27
Title of documents and combined documents. ................................. 28

Drafts and calculation of maturity date........................ 29

Basic requirement...................................................................................... 29
Tenor.. . . . . . . . . . . . . . . ............................................................................................. 29
Maturity date. ............................................................................................. 31
Banking days, grace days, delays in remittance. ............................... 32
Drawing and signing.. ............................................................................... 32
Amounts.. . . . . . . . ............................................................................................. 33
Endorsement.............................................................................................. 33
Correction and alteration (“correction”). ............................................. 33
Drafts drawn on the applicant.. .............................................................. 33

Invoices. . . . . . . ............................................................................................. 34
Title of invoice. ........................................................................................... 34
Issuer of an invoice.. .................................................................................. 34
Description of the goods, services or performance 
and other general issues related to invoices....................................... 34
Instalment drawings or shipments ....................................................... 37

TRANSPORT DOCUMENT COVERING AT LEAST

TWO DIFFERENT MODES OF TRANSPORT (“multimodal
or combined transport document”)..................................... 38
Application of UCP 600 article 19. ........................................................ 38
Issuance, carrier, identification of the carrier 
and signing of a multimodal transport document............................. 39
On board notation, date of shipment, 
place of receipt, dispatch, taking in charge, 
port of loading or airport of departure. ............................................... 40
Place of final destination, port of discharge 
or airport of destination........................................................................... 41
Original multimodal transport document............................................ 42

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 Contents

Consignee, order party, shipper and endorsement, 

and notify party. ........................................................................................ 42
Transhipment, partial shipment and determining 
the presentation period when multiple sets 
of multimodal transport documents are presented.......................... 43
Clean multimodal transport document................................................ 44
Goods description..................................................................................... 45
Indication of name and address of delivery agent 
at destination.............................................................................................. 45
Corrections and alterations (“corrections”).. ....................................... 45
Freight and additional costs. .................................................................. 45
Release of goods with more than one multimodal transport
document to be surrendered.. ................................................................ 46

Bill of lading. ...................................................................................... 47

Application of UCP 600 article 20. ........................................................ 47
Issuance, carrier, identification of the carrier 
and signing of a bill of lading.. ................................................................ 47
On board notation, date of shipment, pre-carriage, 
place of receipt and port of loading. .................................................... 48
Port of discharge....................................................................................... 51
Original bill of lading.. ............................................................................... 51
Consignee, order party, shipper and endorsement, 
and notify party. ........................................................................................ 52
Transhipment, partial shipment and determining 
the presentation period when multiple sets 
of bills of lading are presented............................................................... 53
Clean bill of lading..................................................................................... 54
Goods description..................................................................................... 54
Indication of name and address of delivery agent 
at port of discharge. ................................................................................. 54
Corrections and alterations (“corrections”).. ....................................... 54
Freight and additional costs. .................................................................. 55
Release of goods with more than one bill of lading 
to be surrendered...................................................................................... 55

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international standard banking practice

Non-negotiable sea waybill ...................................................... 56

Application of UCP 600 article 21. ........................................................ 56
Issuance, carrier, identification of the carrier 
and signing of a non-negotiable sea waybill....................................... 56
On board notation, date of shipment, pre-carriage, 
place of receipt and port of loading. .................................................... 57
Port of discharge....................................................................................... 60
Original non-negotiable sea waybill...................................................... 61
Consignee, order party, shipper, and notify party............................. 61
Transhipment, partial shipment and determining 
the presentation period when multiple sets 
of non-negotiable sea waybills are presented.................................... 62
Clean non-negotiable sea waybill.......................................................... 63
Goods description.. ................................................................................... 63
Indication of name and address of delivery agent 
at port of discharge. ................................................................................. 63
Corrections and alterations (“corrections”)......................................... 64
Freight and additional costs. .................................................................. 64

Charter party bill of lading.. ................................................... 65

Application of UCP 600 article 22. ........................................................ 65
Signing of a charter party bill of lading................................................ 65
On board notation, date of shipment, pre-carriage, 
place of receipt and port of loading. .................................................... 66
Port of discharge....................................................................................... 68
Original charter party bill of lading. ...................................................... 69
Consignee, order party, shipper and endorsement, 
and notify party. ........................................................................................ 69
Partial shipment and determining the presentation 
period when multiple sets of charter party 
bills of lading are presented.................................................................... 70
Clean charter party bill of lading............................................................ 71
Goods description.. ................................................................................... 72
Corrections and alterations (“corrections”)......................................... 72
Freight and additional costs. .................................................................. 72

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 Contents

Release of goods with more than one charter party 

bill of lading to be surrendered.............................................................. 73
Charter party contracts............................................................................ 73

Air transport document. ............................................................. 74

Application of UCP 600 article 23. ........................................................ 74
Issuance, carrier, identification of the carrier 
and signing of an air transport document........................................... 74
Goods accepted for carriage, date of shipment 
and requirement for an actual date of shipment. .............................. 75
Airports of departure and destination.................................................. 76
Original of an air transport document.................................................. 76
Consignee, order party and notify party. ............................................ 76
Transhipment, partial shipment and determining 
the presentation period when multiple air transport 
documents are presented. ...................................................................... 77
Clean air transport document. ............................................................... 78
Goods description..................................................................................... 78
Corrections and alterations (“corrections”).. ....................................... 79
Freight and additional costs. .................................................................. 79

Road, rail or inland water­way

transport documents.................................................................... 80
Application of UCP 600 article 24. ........................................................ 80
Carrier, identification of the carrier and signing 
of a road, rail or inland waterway transport document.................... 80
Place of shipment and place of destination........................................ 81
Original and duplicate of a road, rail or inland 
waterway transport document............................................................... 81
Consignee, order party and notify party. ............................................ 82
Transhipment, partial shipment and determining 
the presentation period when multiple road, rail or inland
waterway transport documents are presented.................................. 83
Clean road, rail or inland waterway transport document. ............... 84
Goods description..................................................................................... 84
Corrections and alterations (“corrections”)......................................... 85
Freight and additional costs. .................................................................. 85

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international standard banking practice

Insurance document and coverage.. .................................... 86

Application of UCP 600 article 28. ........................................................ 86
Issuer, signing and original of an insurance document..................... 86
Dates... . . . . . . . . . . . . . ............................................................................................. 87
Amount of cover and percentage. ........................................................ 88
Risks to be covered................................................................................... 89
Insured party and endorsement. ........................................................... 89
General terms and conditions 
of an insurance document....................................................................... 90
Insurance premium.................................................................................... 90

Certificate of origin. ...................................................................... 91

Basic requirement and fulfilling its function........................................ 91
Issuer of a certificate of origin................................................................ 91
Content of a certificate of origin............................................................ 92

Packing list, note or slip (“packing list”). .......................... 93

Basic requirement and fulfilling its function........................................ 93
Issuer of a packing list.............................................................................. 93
Content of a packing list.......................................................................... 93

Weight list, note or slip (“weight list”). ............................. 94

Basic requirement and fulfilling its function........................................ 94
Issuer of a weight list................................................................................ 94
Content of a weight list.. .......................................................................... 94

Beneficiary’s certificate. ............................................................. 95

Basic requirement and fulfilling its function........................................ 95
Signing of a beneficiary’s certificate..................................................... 95
Content of a beneficiary’s certificate.................................................... 95

Analysis, inspection, health, phytosanitary,

quantity, quality and other certificates
(“certificate”). ..................................................................................... 96
Basic requirement and fulfilling its function........................................ 96
Issuer of a certificate................................................................................. 96
Contents of a certificate. ......................................................................... 97

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Introduction

International Standard Banking Practice (ISBP) first approved by

the ICC Banking Commission in 2002 (Publication 645) and
updated in 2007 (Publication 681), has developed into an
invaluable aid to banks, corporates, logistics specialists and
insurance companies alike, on a global basis. Participants in ICC
seminars and workshops continue to indicate that rejection rates
have decreased over the past 11 years, and it would be appropriate
to acknowledge that a major contributing factor is the application
of the practices detailed in ISBP.
At the time ISBP Publication 645 was approved by the Banking
Commission it was stated by a number of national committees that
its application had no relationship with UCP 500, mainly due to
UCP 500 having been implemented some 8 years previous. With
the approval of UCP 600 in October 2006, it became necessary to
provide an updated version of the ISBP. It is emphasized that this
was an updated version as opposed to a revision of ICC Publication
645. This publication is the first revision of Publication 645.
As a means of overcoming the concerns expressed for Publication
645, and to create a relationship between the UCP and ISBP, the
introduction to UCP 600, states: “During the revision process,
notice was taken of the considerable work that had been
completed in creating the International Standard Banking Practice
for the Examination of Documents under Documentary Credits
(ISBP), ICC Publication 645. This publication has evolved into a
necessary companion to the UCP for determining compliance of
documents with the terms of letters of credit. It is the expectation
of the Drafting Group and the Banking Commission that the
application of the principles contained in the ISBP, including
subsequent revisions thereof, will continue during the time UCP
600 is in force. At the time UCP 600 is implemented, there will be
an updated version of the ISBP to bring its contents in line with
the substance and style of the new rules.”
The comments appearing in the introduction to UCP 600 have
equal value today with this revision of the ISBP. A number of the
practices that are described herein have not changed, materially
or at all, since their inclusion in Publication 645.

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international standard banking practice

The international standard banking practices documented in this

publication are consistent with UCP 600 and the Opinions and
Decisions of the ICC Banking Commission, with the exception of
Opinions R751 and R766 for which ICC will make a separate
announcement.
It is important to note that this document does not amend UCP
600. It explains how practices articulated in UCP 600 are to be
applied by documentary credit practitioners. This publication and
the UCP should be read in their entirety and not in isolation. To
emphasize this point, paragraph i. of Preliminary Considerations
reads “This publication is to be read in conjunction with UCP 600
and not in isolation.” It is, of course, recognized that the law in
some countries may compel a different practice than those
stated here.
No single publication can anticipate all the terms or the
documents that may be used in connection with documentary
credits or their interpretation under UCP 600 and the standard
practice it reflects. However, the Drafting Group have reviewed
and revised this publication to conform to UCP 600.
It should be noted that any term in a documentary credit that
modifies or excludes the applicability of a provision of UCP 600
may have an impact on international standard banking practice.
Paragraph ii. of Preliminary Considerations emphasizes this point
“The practices described in this publication highlight how the
articles of UCP 600 are to be interpreted and applied, to the
extent that the terms and conditions of the credit, or any
amendment thereto, do not expressly modify or exclude an
applicable article in UCP 600.” This principle is implicit throughout
this publication. Where examples are given, these are solely for the
purpose of illustration and are not exhaustive.
In a similar vein, ISBP cannot anticipate situations created by
poorly or inappropriately drafted credits and the Drafting Group
have been diligent in not condoning such issues. The need for care
at the application and issuance stage under Preliminary
Considerations and the paragraphs covering “Expressions not
defined in UCP 600” have been extended and refined.
This publication reflects international standard banking practice
for all parties to a documentary credit. Since applicants’
obligations, rights and remedies depend upon their undertaking
with the issuing bank, the performance of the underlying
transaction and the timeliness of any objection under applicable
law and practice, applicants should not assume that they may rely
on these provisions in order to excuse their obligations to
reimburse the issuing bank.

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 Introduction

The incorporation of this publication into the terms of a

documentary credit is deemed inappropriate, as the requirement
to follow agreed practices is implicit in UCP 600.
The Drafting Group that brought this important text to fruition
deserves special mention. Their names are listed below:
R.V. Balasubramani, Director – Senior Advisor, Center of
Excellence & Quality Management, Global Trade Finance, BNP
Paribas, India
Graham Christiansen, Regional Manager Business Risk, Global
Trade and Receivables Finance, Europe, HSBC Bank plc, UK
Carlo Di Ninni, Consultant to ICC Italy, former Consultant to Italian
Bankers Association, Italy
Wolfgang Heiter, (retired), Deutsche Bank, Germany
Ed Jongenelen, Managing Director, Energy, Commodities &
Transportation Services, ABN AMRO, The Netherlands
Iqbal Ibrahim Karmally, Senior Vice President, Head of Trade
Finance, Sharjah Islamic Bank, UAE
David Meynell, Owner, TradeLC Advisory, Ex-Deutsche Bank, UK
Rene Mueller, Director, Credit Suisse AG, Switzerland
Kim Sindberg, Trade Finance Consultant, Sindberg Consult,
Denmark
Charnell C. Williams, CDCS, Director, Citi Global Trade Services
Product Manager, USA
Zhongmin Zha, Deputy General Manager, Branch Manager of
Beijing Branch, Head of China Wholesale Banking, CITIC Bank
International (China) Limited, China
The Drafting Group’s appreciation is also due for the support,
input and guidance provided by the ISBP Consulting Group
throughout this revision process and that operated under 
the chairmanship of John Turnbull (UK) and King Tak Fung 
(Hong Kong).

Gary Collyer
Chair, ISBP Drafting Group, 
Managing Director, Collyer Consulting LLP, UK
April 2013

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international standard banking practice

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Preliminary
considerations

Scope of the publication

i. This publication is to be read in conjunction with UCP 600 and
not in isolation.
ii. The practices described in this publication highlight how the
articles of UCP 600 are to be interpreted and applied, to the
extent that the terms and conditions of the credit, or any
amendment thereto, do not expressly modify or exclude an
applicable article in UCP 600.

The credit and amendment application, the issuance

of the credit and any amendment thereto
iii. The terms and conditions of a credit and any amendment
thereto are independent of the underlying sale or other
contract even if the credit or amendment expressly refers to
that sale or other contract. When agreeing the terms of the
sale or other contract, the parties thereto should be aware of
the ensuing implications for the completion of the credit or
amendment application.
iv. Many of the problems that arise at the document examination
stage could be avoided or resolved by the respective parties
through careful attention to detail in the credit or amendment
application and issuance of the credit or any amendment
thereto. The applicant and beneficiary should carefully consider
the documents required for presentation, by whom they are to
be issued, their data content and the time frame in which they
are to be presented.
v. The applicant bears the risk of any ambiguity in its instructions
to issue or amend a credit. An issuing bank may, unless the
applicant expressly instructs to the contrary, supplement 
or develop those instructions in a manner necessary or
desirable to permit the use of the credit or any amendment
thereto. An issuing bank should ensure that any credit or
amendment it issues is not ambiguous or conflicting in its
terms and conditions.

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international standard banking practice

vi. The applicant and issuing bank should be fully aware of the
content of UCP 600 and recognize that articles such as 3, 14,
19, 20, 21, 23, 24, 28 (i), 30 and 31 define terms in a manner that
may produce unexpected results. For example, a credit
requiring presentation of a bill of lading and containing a
prohibition against transhipment will, in most cases, have to
exclude UCP 600 sub-article 20 (c) to make the prohibition
against transhipment effective.
vii. A credit or any amendment thereto should not require
presentation of a document that is to be issued, signed or
countersigned by the applicant. If, nevertheless, a credit or
amendment is issued including such a requirement, the
beneficiary should consider the appropriateness of such a
requirement and determine its ability to comply with it, or seek
a suitable amendment.

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General principles

Abbreviations

A1 Generally accepted abbreviations, such as, but not

limited to, “Int’l” instead of “International”, “Co.” instead
of “Company”, “kgs” or “kos” instead of “kilograms” or
“kilos”, “Ind.” instead of “Industry”, “Ltd” instead of
“Limited”, “mfr” instead of “manufacturer” or “mt”
instead of “metric tons” may be used in documents in
substitution for a word or vice versa. A credit that
includes an abbreviation in its text allows a document to
show the same abbreviation or any other abbreviation
that has the same meaning, or to show the complete
spelling of the word or vice versa.

A2 a. Virgules (i.e., slash marks “/”) may result in different

meanings and should not be used as a substitute for a
word. If, nevertheless, a virgule is used and no context
is apparent, this will allow the use of one or more of
the options. For example, a condition in a credit
stating “Red/Black/Blue” with no further clarification
will mean only Red or only Black or only Blue or any
combination of them.
b. The use of a comma when indicating a range of data
in a credit such as ports of loading or discharge or
countries of origin, may result in different meanings
and should not be used as a substitute for a word. If,
nevertheless, a comma is used and no context is
apparent, this will allow the use of one or more of the
options. For example, when a credit allows partial
shipment and indicates the port of loading
information as “Hamburg, Rotterdam, Antwerp” with
no further clarification, this will mean only Hamburg
or only Rotterdam or only Antwerp or any
combination of them.

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international standard banking practice

Certificates, Certifications, Declarations

and Statements

A3 When a certificate, certification, declaration or statement

is required by a credit, it is to be signed.

A4 Whether a certificate, certification, declaration or

statement needs to be dated will depend on the type of
certificate, certification, declaration or statement that
has been requested, its required wording and the
wording that appears within the document.
For example, when a credit requires the presentation of
a certificate issued by the carrier or its agent stating that
the vessel is no more than 25 years old, the certificate
may evidence compliance by indicating:
a. the date or year the vessel was built, and such date or
year is no more than 25 years prior to the date of
shipment or the year in which shipment was effected,
in which case a date of issuance is not necessary, or
b. the wording as stated in the credit, in which case
a date of issuance is required, thereby certifying that
as of that date the vessel was not more than 
25 years old.

A5 When a certification, declaration or statement is to

appear in a document which is to be signed and dated,
it does not require a separate signature or date when
the certification, declaration or statement appears to
have been given by the same entity that issued and
signed the document.

Copies of transport documents covered by UCP 600

articles 19-25

A6 a. When a credit requires the presentation of a copy of a

transport document covered by UCP 600 articles
19-25, the relevant article is not applicable, as these
articles only apply to original transport documents. A
copy of a transport document is to be examined only
to the extent expressly stated in the credit, otherwise
according to UCP 600 sub-article 14 (f).
b. Any data shown on a copy of a transport document,
when read in context with the credit, the document
itself and international standard banking practice,
need not be identical to, but must not conflict with,
data in that document, any other stipulated
document or the credit.

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 General principles

c. Copies of transport documents covered by UCP 600

articles 19-25 are not subject to the default
presentation period of 21 calendar days stated in UCP
600 sub-article 14 (c) or any presentation period
stated in the credit, unless the credit explicitly states
the basis for determining such presentation period.
Otherwise, a presentation may be made at any time,
but in any event no later than the expiry date 
of the credit.

Correction and alteration (“correction”)

A7 a. i. Any correction of data in a document issued by

the beneficiary, with the exception of drafts (see
paragraph B16), need not be authenticated.
ii. When a document issued by the beneficiary has
been legalized, visaed, certified, etc., any
correction of data is to be authenticated by at
least one of the entities that legalized, visaed or
certified, etc., the document. Such authentication
is to indicate the name of the entity authenticating
the correction either by use of a stamp
incorporating its name, or by the addition of the
name of the authenticating entity accompanied by
its signature or initials.
b. i. Any correction of data in a document, other than
in a document issued by the beneficiary, is to
appear to have been authenticated by the issuer
or an entity acting as agent, proxy or for [or on
behalf of] the issuer. Such authentication is to
indicate the name of the entity authenticating the
correction either by use of a stamp incorporating
its name, or by the addition of the name of the
authenticating entity accompanied by its signature
or initials. In the case of authentication by an agent
or proxy, the capacity of acting as agent or proxy
for [or on behalf of] the issuer is to be stated.
ii. When a document other than one issued by the
beneficiary has been legalized, visaed, certified,
etc., any correction of data is, in addition to the
requirements of paragraph A7 (b) (i), to be
authenticated by at least one of the entities that
legalized, visaed or certified, etc., the document.
Such authentication is to indicate the name of the
entity authenticating the correction either by use
of a stamp incorporating its name, or by the
addition of the name of the authenticating entity
accompanied by its signature or initials.

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international standard banking practice

c. Any correction of data in a copy document need not

be authenticated.

A8 When a document other than one issued by the

beneficiary contains more than one correction, either
each correction is to be authenticated separately, or one
authentication is to indicate that it applies to all the
corrections. For example, when a document issued by
XXX shows three corrections numbered 1, 2 and 3, one
statement such as “Correction numbers 1, 2 and 3
authenticated by XXX” or similar, together with the
signature or initials of XXX, will satisfy the requirement
for authentication.

A9 The use of multiple type styles, font sizes or handwriting

within the same document does not, by itself, signify 
a correction.

Courier receipt, post receipt and certificate of posting

in respect of the sending of documents, notices
and the like

A10 When a credit requires the presentation of a document

as evidence of sending documents, notices and the like
to a named or described entity, in the form of a courier
receipt, post receipt or certificate of posting, such
document is to be examined only to the extent expressly
stated in the credit, otherwise according to UCP 600
sub-article 14 (f) and not under UCP 600 article 25.

Dates

A11 a. Even when a credit does not expressly so require:

i. drafts are to indicate a date of issuance;
ii insurance documents are to indicate a date of
issuance or effectiveness of the insurance
coverage as reflected in paragraphs K10 (b) and
K11; and
iii original transport documents, subject to
examination under UCP 600 articles 19-25, are to
indicate a date of issuance, a dated on board
notation, a date of shipment, a date of receipt for
shipment, a date of dispatch or carriage, a date of
taking in charge or a date of pick up or receipt, 
as applicable.

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 General principles

b. A requirement that a document, other than a draft,

insurance document or original transport document,
be dated will be satisfied by the indication of a date
of issuance or by reference in the document to the
date of another document forming part of the same
presentation (for example, by the wording “date as
per bill of lading number xxx” appearing on a
certificate issued by a carrier or its agent) or a date
appearing on a stipulated document indicating the
occurrence of an event (for example, by the date of
inspection being indicated on an inspection certificate
that otherwise does not contain a date of issuance).

A12 a. A document, such as, but not limited to, a certificate

of analysis, inspection certificate or fumigation
certificate, may indicate a date of issuance later than
the date of shipment.
b. When a credit requires a document to evidence a
pre-shipment event (for example, “pre-shipment
inspection certificate”), the document, either by its
title, content or date of issuance, is to indicate that
the event (for example, inspection) took place on or
prior to the date of shipment.
c. When a credit requires a document such as, but not
limited to, an “inspection certificate”, this does not
constitute a requirement that the document is to
evidence a pre-shipment event, and it need not be
dated prior to the date of shipment.

A13 A document indicating a date of issuance and a later

date of signing is deemed to have been issued on the
date of signing.

A14 a. When a credit uses phrases to signify time on either

side of a date or an event, the following shall apply:
i “not later than 2 days after (date or event)” means
a latest date. If an advice or document is not to be
dated prior to a specified date or event, the credit
should so state.
ii “at least 2 days before (date or event)” means that
an act or event is to take place not later than 2
days before that date or event. There is no limit as
to how early it may take place.

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international standard banking practice

b. i. For the purpose of calculation of a period of time,

the term “within” when used in connection with a
date or event excludes that date or the event date
in the calculation of the period. For example,
“within 2 days of (date or event)” means a period
of 5 days commencing 2 days prior to that date or
event until 2 days after that date or event.
ii. The term “within” when followed by a date or a
reference to a determinable date or event includes
that date or event date. For example, “presentation
to be made within 14 May” or “presentation is to
be made within credit validity (or credit expiry)”
where the expiry date of the credit is 14 May,
means 14 May is the last day upon which
presentation is allowed, provided that 14 May is 
a banking day.

A15 The words “from” and “after” when used to determine a

maturity date or period for presentation following the
date of shipment, the date of an event or the date of a
document, exclude that date in the calculation of the
period. For example, 10 days after the date of shipment
or 10 days from the date of shipment, where the date of
shipment was 4 May, will be 14 May.

A16 Provided that the date intended can be determined

from the document or from other documents included
in the presentation, dates may be expressed in any
format. For example, the 14th of May 2013 could be
expressed as 14 May 13, 14.05.2013, 14.05.13, 2013.05.14,
05.14.13, 130514, etc. To avoid any risk of ambiguity, it is
recommended that the month be stated in words.

Documents and the need for completion of a box,

field or space

A17 The fact that a document has a box, field or space for
data to be inserted does not necessarily mean that such
box, field or space is to be completed. For example, data
are not required in the box titled “Accounting
Information” or “Handling Information” commonly found
on an air waybill. Also see paragraph A37 in respect of
the requirements for a signature to appear in any box,
field or space.

20 | INTERNATIONAL CHAMBER OF COMMERCE (ICC)

 General principles

Documents for which the UCP 600 transport articles

do not apply

A18 a. Documents commonly used in relation to the trans­

portation of goods, such as but not limited to, Delivery
Note, Delivery Order, Cargo Receipt, Forwarder’s
Certificate of Receipt, Forwarder’s Certificate of
Shipment, Forwarder’s Certificate of Transport,
Forwarder’s Cargo Receipt and Mate’s Receipt are not
transport documents as defined in UCP 600 articles
19-25. These documents are to be examined only to
the extent expressly stated in the credit, otherwise
according to UCP 600 sub-article 14 (f).
b. i. For documents referred to in paragraph A18 (a), a
condition of a credit that presentation is to occur
within a certain number of days after the date of
shipment will be disregarded, and presentation
may be made at any time, but in any event no later
than the expiry date of the credit.
ii. The default presentation period of 21 calendar
days stated in UCP 600 sub-article 14 (c) only
applies to a presentation including one or more
original transport documents covered by UCP 600
articles 19-25.
c. For a presentation period to apply to a document
referred to in paragraph A18 (a), the credit should
specify that presentation is to be made within a
certain number of days after the issuance date of the
respective document, or a date that is to be
mentioned in the document (for example, when a
credit requires the presentation of a document titled
cargo receipt, “documents to be presented no later
than 10 days after the date of the cargo receipt”).

Expressions not defined in UCP 600

A19 The expressions “shipping documents”, “stale

documents acceptable”, “third party documents
acceptable”, “third party documents not acceptable”,
“exporting country”, “shipping company” and
“documents acceptable as presented” should not be
used in a credit, as they are not defined in UCP 600. If,
nevertheless, they are used, and their meaning is not
defined in the credit, they shall have the following
meaning under international standard banking practice:

INTERNATIONAL CHAMBER OF COMMERCE (ICC) | 21

international standard banking practice

a. “shipping documents” – all documents required by

the credit, except drafts, teletransmission reports and
courier receipts, postal receipts or certificates of
posting evidencing the sending of documents.
b. “stale documents acceptable” – documents may be
presented later than 21 calendar days after the date of
shipment as long as they are presented no later than
the expiry date of the credit. This will also apply when
the credit specifies a period for presentation together
with the condition ”stale documents acceptable”.
c. “third party documents acceptable” – all documents
for which the credit or UCP 600 do not indicate an
issuer, except drafts, may be issued by a named
person or entity other than the beneficiary.
d. “third party documents not acceptable” – has no
meaning and is to be disregarded.
e. “exporting country” – one of the following: the
country where the beneficiary is domiciled, the
country of origin of the goods, the country of receipt
by the carrier or the country from which shipment or
dispatch is made.
f. “shipping company” - when used in the context of the
issuer of a certificate, certification or declaration
relating to a transport document – any one of the
following: carrier, master or, when a charter party bill
of lading is presented, the master, owner or charterer,
or any entity identified as an agent of any one of the
aforementioned, regardless of whether it issued or
signed the presented transport document.
g. “documents acceptable as presented” – a
presentation may consist of one or more of the
stipulated documents provided they are presented
within the expiry date of the credit and the drawing
amount is within that which is available under the
credit. The documents will not otherwise be examined
for compliance under the credit or UCP 600,
including whether they are presented in the required
number of originals or copies.

22 | INTERNATIONAL CHAMBER OF COMMERCE (ICC)

 General principles

Issuer of documents

A20 When a credit requires a document to be issued by a

named person or entity, this condition is satisfied when
the document appears to be issued by the named
person or entity by use of its letterhead, or when there is
no letterhead, when the document appears to have
been completed or signed by, or for [or on behalf of],
the named person or entity.

Language

A21 a. When a credit stipulates the language of the

documents to be presented, the data required by the
credit or UCP 600 are to be in that language.
b. When a credit is silent with respect to the language of
the documents to be presented, the documents may
be issued in any language.
c. i. When a credit allows two or more acceptable
languages, a confirming bank or a nominated bank
acting on its nomination may restrict the number
of acceptable languages as a condition of its
engagement in the credit, and in such a case the
data contained in the documents are only to be in
the acceptable language or languages.
ii. When a credit allows a document to contain data
in two or more acceptable languages and a
confirming bank or a nominated bank acting on its
nomination does not restrict the language or the
number of acceptable languages as a condition of
its engagement in the credit, it is required to
examine the data in all of the acceptable
languages appearing in the documents.
d. Banks do not examine data that have been inserted in
a language that is additional to that required or
allowed in the credit.
e. Notwithstanding paragraphs A21 (a) and (d), the
name of a person or entity, any stamps, legalization,
endorsements or similar, and the pre-printed text
shown on a document, such as, but not limited to,
field headings, may be in a language other than that
required in the credit.

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international standard banking practice

Mathematical calculations

A22 When the presented documents indicate mathematical

calculations, banks only determine that the stated total
in respect of criteria such as amount, quantity, weight or
number of packages, does not conflict with the credit or
any other stipulated document.

Misspellings or typing errors

A23 A misspelling or typing error that does not affect the

meaning of a word or the sentence in which it occurs
does not make a document discrepant. For example, a
description of the goods shown as “mashine” instead of
“machine”, “fountan pen” instead of “fountain pen” or
“modle” instead of “model” would not be regarded as a
conflict of data under UCP 600 sub-article 14 (d).
However, a description shown as, for example, “model
123” instead of “model 321” will be regarded as a conflict
of data under that sub-article.

Multiple pages and attachments or riders

A24 When a document consists of more than one page, it

must be possible to determine that the pages are part of
the same document. Unless a document provides
otherwise, pages which are physically bound together,
sequentially numbered or contain internal cross
references, however named or titled, will meet this
requirement and are to be examined as one document,
even if some of the pages are regarded as an
attachment or rider.

A25 When a signature or endorsement is required to be on a

document consisting of more than one page, and the
credit or the document itself does not indicate where a
signature or endorsement is to appear, the signature or
endorsement may appear anywhere on that document.

24 | INTERNATIONAL CHAMBER OF COMMERCE (ICC)

 General principles

Non-documentary conditions and conflict of data

A26 When a credit contains a condition without stipulating a

document to indicate compliance therewith (“non-
documentary condition”), compliance with such
condition need not be evidenced on any stipulated
document. However, data contained in a stipulated
document are not to be in conflict with the non-
documentary condition. For example, when a credit
indicates “packing in wooden cases” without indicating
that such data is to appear on any stipulated document,
a statement in any stipulated document indicating a
different type of packing is considered to be a conflict
of data.

Originals and copies

A27 A document bearing an apparently original signature,

mark, stamp or label of the issuer will be considered to
be an original unless it states that it is a copy. Banks do
not determine whether such a signature, mark, stamp or
label of the issuer has been applied in a manual or
facsimile form and, as such, any document bearing such
method of authentication will satisfy the requirements of
UCP 600 article 17.

A28 Documents issued in more than one original may be

marked “Original”, “Duplicate”, “Triplicate”, “First
Original”, “Second Original”, etc. None of these markings
will disqualify a document as an original.

A29 a. The number of originals to be presented is to be at

least the number required by the credit or UCP 600.
b. When a transport document or insurance document
indicates how many originals have been issued, the
number of originals stated on the document is to be
presented, except as stated in paragraphs H12 
and J7 (c).
c. When a credit requires presentation of less than a full
set of original transport documents, (for example,
“2/3 original bills of lading”), but does not provide any
disposal instructions for the remaining original bill of
lading, a presentation may include 3/3 original bills of
lading.
d. When a credit requires, for example, presentation of:
i. “Invoice”, “One Invoice”, “Invoice in 1 copy” or
“Invoice – 1 copy”, it will be understood to be a
requirement for an original invoice.

INTERNATIONAL CHAMBER OF COMMERCE (ICC) | 25

international standard banking practice

ii. “Invoice in 4 copies” or “Invoice in 4 fold” will be

satisfied by the presentation of at least one
original invoice and any remaining number as
copies.
iii. “photocopy of invoice” or “copy of invoice” will be
satisfied by the presentation of either a
photocopy, copy or, when not prohibited, an
original invoice.
iv. “photocopy of a signed invoice” will be satisfied by
the presentation of either a photocopy or copy of
the original invoice that was apparently signed or,
when not prohibited, a signed original invoice.

A30 a. When a credit prohibits the presentation of an original

document by stating, for example, “photocopy of
invoice – original document not acceptable in lieu of
photocopy” or the like, only a photocopy of an invoice
or an invoice marked copy is to be presented.
b. When a credit requires the presentation of a copy of a
transport document and indicates a disposal
instruction for all originals of that document, a
presentation is not to include any original of such
document.

A31 a. Original documents are to be signed when required

by the credit, the document itself (except as stated in
paragraph A37) or UCP 600.
b. Copies of documents need not be signed nor dated.

Shipping marks

A32 When a credit specifies the details of a shipping mark,

documents mentioning the shipping mark are to show
those details. The data in a shipping mark indicated on a
document need not be in the same sequence as those
shown in the credit or in any other stipulated document.

A33 A shipping mark indicated on a document may show

data in excess of what would normally be considered a
“shipping mark”, or which is specified in the credit as a
“shipping mark”, by the addition of information such as,
but not limited to, the type of goods, warnings
concerning the handling of fragile goods or net and
gross weight of the goods.

A34 a. Transport documents covering containerized goods

often only show a container number, with or without
a seal number, under the heading “Shipping mark” or
similar. Other documents that show a more detailed
marking will not be in conflict for that reason.

26 | INTERNATIONAL CHAMBER OF COMMERCE (ICC)

 General principles

b. The fact that some documents show additional

information as mentioned in paragraphs A33 and 
A34 (a), while others do not, will not be regarded as a
conflict of data under UCP 600 sub-article 14 (d).

Signatures

A35 a. A signature, as referred to in paragraph A31 (a), need

not be handwritten. Documents may also be signed
with a facsimile signature (for example, a pre-printed
or scanned signature), perforated signature, stamp,
symbol (for example, a chop) or any mechanical or
electronic method of authentication.
b. A requirement for a document to be “signed and
stamped” or a similar requirement is satisfied by a
signature in the form described in paragraph A35 (a)
and the name of the signing entity typed, stamped,
handwritten, pre-printed or scanned on the
document, etc.
c. A statement on a document such as “This document
has been electronically authenticated” or “This
document has been produced by electronic means
and requires no signature” or words of similar effect
does not, by itself, represent an electronic method of
authentication in accordance with the signature
requirements of UCP 600 article 3.
d. A statement on a document indicating that
authentication may be verified or obtained through a
specific reference to a website (URL) constitutes a
form of electronic method of authentication in
accordance with the signature requirements of UCP
600 article 3. Banks will not access such websites to
verify or obtain authentication.

A36 a. A signature on the letterhead paper of a named

person or entity is considered to be the signature of
that named person or entity unless otherwise stated.
The named person or entity need not be repeated
next to the signature.
b. When a signatory indicates it is signing for [or on
behalf of] a branch of the issuer, the signature will be
considered to be that of the issuer.

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international standard banking practice

A37 The fact that a document has a box, field or space for a
signature does not in itself mean that such box, field or
space is to be completed with a signature. For example,
a signature is not required in the space titled “Signature
of shipper or their agent” commonly found on an air
waybill or “Signature of shipper” on a road transport
document. Also see paragraph A17 in respect of the
requirements for data to appear in a box, field or space.

A38 When a document includes wording such as “This

document is not valid unless countersigned [or signed]
by (name of the person or entity)” or words of similar
effect, the applicable box, field or space is to contain a
signature and the name of the person or entity that is
countersigning the document.

Title of documents and combined documents

A39 Documents may be titled as called for in the credit, bear

a similar title or be untitled. The content of a document
must appear to fulfil the function of the required
document. For example, a requirement for a “Packing
List” will be satisfied by a document containing packing
details whether it is titled “Packing List”, “Packing Note”,
“Packing and Weight List”, etc., or bears no title.

A40 Documents required by a credit are to be presented as

separate documents. However, and as an example, a
requirement for an original packing list and an original
weight list will also be satisfied by the presentation of
two original combined packing and weight lists,
provided that such documents state both packing and
weight details.

A41 A document required by a credit that is to cover more

than one function may be presented as a single
document or separate documents that appear to fulfil
each function. For example, a requirement for a
Certificate of Quality and Quantity will be satisfied by
the presentation of a single document or by a separate
Certificate of Quality and Certificate of Quantity
provided that each document appears to fulfil its
function and is presented in the number of originals and
copies as required by the credit.

28 | INTERNATIONAL CHAMBER OF COMMERCE (ICC)

Drafts and calculation
of maturity date

Basic requirement

B1 a. A draft, when required, is to be drawn on the bank

stated in the credit.
b. Banks only examine a draft to the extent described in
paragraphs B2-B17.

Tenor

B2 a. The tenor stated on a draft is to be in accordance

with the terms of the credit.
b. When a credit requires a draft to be drawn at a tenor
other than sight or a certain period after sight, it must
be possible to establish the maturity date from the
data in the draft itself.
For example, when a credit calls for drafts at a tenor
60 days after the bill of lading date, and when the
date of the bill of lading is 14 May 2013, the tenor is to
be indicated on the draft in one of the following ways:
i. “60 days after bill of lading date 14 May 2013”, or
ii. “60 days after 14 May 2013”, or
iii. “60 days after bill of lading date” and elsewhere
on the face of the draft state “bill of lading date 14
May 2013”, or
iv. “60 days date” on a draft dated the same day as
the date of the bill of lading, or
v. “13 July 2013”, i.e., 60 days after the bill of lading
date.
c. When the tenor refers to, for example, 60 days after
the bill of lading date, the on board date is deemed to
be the bill of lading date even when the on board
date is prior to or later than the date of issuance of
the bill of lading.

INTERNATIONAL CHAMBER OF COMMERCE (ICC) | 29

international standard banking practice

d. The words “from” and “after” when used to determine

maturity dates of drafts signify that the calculation of
the maturity date commences the day following the
date of the document, shipment or the date of an
event stipulated in the credit, for example, 10 days
after or from 4 May is 14 May.
e. i. When a credit requires a bill of lading and drafts
are to be drawn, for example, at 60 days after or
from the bill of lading date and a bill of lading is
presented evidencing unloading and reloading of
the goods from one vessel to another, and
showing more than one dated on board notation
and indicating that each shipment was effected
from a port within a permitted geographical area
or range of ports, the earliest of these dates is to
be used for the calculation of the maturity date.
For example, a credit requires shipment from any
European port, and the bill of lading evidences on
board vessel “A” from Dublin on 14 May, with
transhipment effected on board vessel “B” from
Rotterdam on 16 May. The draft should reflect 60
days after the earliest on board date in a European
port, i.e., 14 May.
ii. When a credit requires a bill of lading and drafts
are to be drawn, for example, at 60 days after or
from the bill of lading date, and a bill of lading is
presented evidencing shipment of goods on the
same vessel from more than one port within a
permitted geographical area or range of ports,
and shows more than one dated on board
notation, the latest of these dates is to be used for
the calculation of the maturity date. For example,
a credit requires shipment from any European
port, and the bill of lading evidences part of the
goods loaded on board vessel “A” from Dublin on
14 May and the remainder on board the same
vessel from Rotterdam on 16 May. The draft should
reflect 60 days after the latest on board date, i.e.,
16 May.
iii. When a credit requires a bill of lading and drafts
are to be drawn, for example, at 60 days after or
from the bill of lading date, and more than one set
of bills of lading is presented under one draft, the
on board date of the latest bill of lading will be
used for the calculation of the maturity date.

30 | INTERNATIONAL CHAMBER OF COMMERCE (ICC)

 Drafts and calculation of maturity date

B3 While the examples in paragraphs B2 (e) (i-iii) refer to

bill of lading dates, the same principles apply to any
basis for determining a maturity date.

Maturity date

B4 When a draft states a maturity date by using an actual

date, that date is to reflect the terms of the credit.

B5 For drafts drawn, for example, “at 60 days sight”, the

maturity date is established as follows:
a. in the case of a complying presentation, the maturity
date will be 60 days after the day of presentation to
the bank on which the draft is drawn, i.e., the issuing
bank, confirming bank or a nominated bank that
agrees to act on its nomination (“drawee bank”).
b. in the case of a non-complying presentation:
i. when such drawee bank has not provided a notice
of refusal, the maturity date will be 60 days after
the day of presentation to it;
ii. when the drawee bank is the issuing bank and it
has provided a notice of refusal at the latest 60
days after the date the issuing bank accepts the
waiver of the applicant;
iii. when the drawee bank is a bank other than the
issuing bank and it has provided a notice of
refusal, at the latest 60 days after the date of the
acceptance advice of the issuing bank. When such
drawee bank does not agree to act on the
acceptance advice of the issuing bank, the
undertaking to honour on the due date is that of
the issuing bank.
c. The drawee bank is to advise or confirm the maturity
date to the presenter.

B6 The method of calculation of tenor and maturity dates,

as shown above, also applies to a credit available by
deferred payment or, in some cases, negotiation, i.e.,
when there is no requirement for a draft to be presented
by the beneficiary.

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international standard banking practice

Banking days, grace days, delays in remittance

B7 Payment is to be made in immediately available funds

on the due date at the place where the draft or
documents are payable, provided that such due date is a
banking day in that place. When the due date is a
non-banking day, payment is due on the first banking
day following the due date. Delays in the remittance of
funds, for example grace days, the time it takes to remit
funds, etc., are not to be in addition to the stated or
agreed due date as defined by the draft or documents.

Drawing and signing

B8 a. A draft is to be drawn and signed by the beneficiary

and to indicate a date of issuance.
b. When the beneficiary or second beneficiary has
changed its name, and the credit mentions the former
name, a draft may be drawn in the name of the new
entity provided that it indicates “formerly known as
(name of the beneficiary or second beneficiary)” or
words of similar effect.

B9 When a credit indicates the drawee of a draft by only

stating the SWIFT address of a bank, the draft may
show the drawee with the same details or the full name
of the bank.

B10 When a credit is available by negotiation with a

nominated bank or any bank, the draft is to be drawn on
a bank other than the nominated bank.

B11 When a credit is available by acceptance with any bank,

the draft is to be drawn on the bank that agrees to
accept the draft and is thereby willing to act on its
nomination.

B12 When a credit is available by acceptance with:

a. a nominated bank or any bank, and the draft is to be
drawn on that nominated bank (which is not a
confirming bank), and it decides not to act on its
nomination, the beneficiary may choose to:
i. draw the draft on the confirming bank, if any, or
request that the presentation be forwarded to the
confirming bank in the form as presented;
ii. present the documents to another bank that
agrees to accept a draft drawn on it and thereby
act on its nomination (applicable only when the
credit is available with any bank); or

32 | INTERNATIONAL CHAMBER OF COMMERCE (ICC)

 Drafts and calculation of maturity date

iii. request that the presentation be forwarded to the

issuing bank in the form as presented with or
without a draft drawn on the issuing bank.
b. a confirming bank, and the draft is to be drawn on
that confirming bank and the presentation is non-
complying, and it decides not to reinstate its
confirmation, the beneficiary may request that the
presentation be forwarded to the issuing bank in the
form as presented, with or without a draft drawn on
the issuing bank.

Amounts

B13 A draft is to be drawn for the amount demanded under

the presentation.

B14 The amount in words is to accurately reflect the amount

in figures when both are shown, and indicate the
currency as stated in the credit. When the amount in
words and figures are in conflict, the amount in words is
to be examined as the amount demanded.

Endorsement

B15 A draft is to be endorsed, if necessary.

Correction and alteration (“correction”)

B16 Any correction of data on a draft is to appear to have

been authenticated with the addition of the signature or
initials of the beneficiary.

B17 When no correction of data is allowed in a draft, an

issuing bank should have included a suitable stipulation
in its credit.

Drafts drawn on the applicant

B18 a. A credit must not be issued available by a draft drawn

on the applicant.
b. However, when a credit requires the presentation of a
draft drawn on the applicant as one of the required
documents, it is to be examined only to the extent
expressly stated in the credit, otherwise according to
UCP 600 sub-article 14 (f).

INTERNATIONAL CHAMBER OF COMMERCE (ICC) | 33

 Invoices

Title of invoice

C1 a. When a credit requires presentation of an “invoice”

without further description, this will be satisfied by
the presentation of any type of invoice (commercial
invoice, customs invoice, tax invoice, final invoice,
consular invoice, etc.). However, an invoice is not to be
identified as “provisional”, “pro-forma” or the like.
b. When a credit requires presentation of a “commercial
invoice”, this will also be satisfied by the presentation
of a document titled “invoice”, even when such
document contains a statement that it has been
issued for tax purposes.

Issuer of an invoice

C2 a. An invoice is to appear to have been issued by the

beneficiary or, in the case of a transferred credit, the
second beneficiary.
b. When the beneficiary or second beneficiary has
changed its name and the credit mentions the former
name, an invoice may be issued in the name of the
new entity provided that it indicates “formerly known
as (name of the beneficiary or second beneficiary)” or
words of similar effect.

Description of the goods, services or performance

and other general issues related to invoices

C3 The description of the goods, services or performance

shown on the invoice is to correspond with the
description shown in the credit. There is no requirement
for a mirror image. For example, details of the goods
may be stated in a number of areas within the invoice
which, when read together, represent a description of
the goods corresponding to that in the credit.

34 | INTERNATIONAL CHAMBER OF COMMERCE (ICC)

 Invoices

C4 The description of goods, services or performance on an

invoice is to reflect what has actually been shipped,
delivered or provided. For example, when the goods
description in the credit indicates a requirement for
shipment of “10 trucks and 5 tractors”, and only 4 trucks
have been shipped, an invoice may indicate shipment of
only 4 trucks provided that the credit did not prohibit
partial shipment. An invoice indicating what has actually
been shipped (4 trucks) may also contain the
description of the goods stated in the credit, i.e., 10
trucks and 5 tractors.

C5 An invoice showing a description of the goods, services

or performance that corresponds with that in the credit
may also indicate additional data in respect of the
goods, services or performance provided that they do
not appear to refer to a different nature, classification or
category of the goods, services or performance.
For example, when a credit requires shipment of “Suede
Shoes”, but the invoice describes the goods as “Imitation
Suede Shoes”, or when the credit requires “Hydraulic
Drilling Rig”, but the invoice describes the goods as
“Second Hand Hydraulic Drilling Rig”, these descriptions
would represent a change in nature, classification or
category of the goods.

C6 An invoice is to indicate:
a. the value of the goods shipped or delivered, or
services or performance provided.
b. unit price(s), when stated in the credit.
c. the same currency as that shown in the credit.
d. any discount or deduction required by the credit.

C7 An invoice may indicate a deduction covering advance

payment, discount, etc., that is not stated in the credit.

C8 When a trade term is stated as part of the goods

description in the credit, an invoice is to indicate that
trade term, and when the source of the trade term is
stated, the same source is to be indicated. For example,
a trade term indicated in a credit as “CIF Singapore
Incoterms 2010” is not to be indicated on an invoice as
“CIF Singapore” or “CIF Singapore Incoterms”. However,
when a trade term is stated in the credit as “CIF
Singapore” or “CIF Singapore Incoterms”, it may also be
indicated on an invoice as “CIF Singapore Incoterms
2010” or any other revision.

INTERNATIONAL CHAMBER OF COMMERCE (ICC) | 35

international standard banking practice

C9 Additional charges and costs, such as those related to

documentation, freight or insurance costs, are to be
included within the value shown against the stated trade
term on the invoice.

C10 An invoice need not be signed or dated.

C11 Any total quantity of goods and their weight or
measurement shown on the invoice is not to conflict
with the same data appearing on other documents.

C12 An invoice is not to indicate:

a. over-shipment (except as provided in UCP 600
sub-article 30 (b)), or
b. goods, services or performance not called for in the
credit. This applies even when the invoice includes
additional quantities of goods, services or
performance as required by the credit or samples and
advertising material and are stated to be free of
charge.

C13 The quantity of goods required in the credit may be

indicated on an invoice within a tolerance of +/-5%. A
variance of up to +5% in the quantity of the goods does
not allow the amount demanded under the presentation
to exceed the amount of the credit. The tolerance of
+/-5% in the quantity of the goods will not apply when:
a. a credit states that the quantity is not to be exceeded
or reduced; or
b. a credit states the quantity in terms of a stipulated
number of packing units or individual items.

C14 When no quantity of goods is stated in the credit, and

partial shipments are prohibited, an invoice issued for an
amount up to 5% less than the credit amount will be
considered to cover the full quantity and not a partial
shipment.

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 Invoices

Instalment drawings or shipments

C15 a. i. When a drawing or shipment by instalments within

given periods is stipulated in the credit, and any
instalment is not drawn or shipped within the
period allowed for that instalment, the credit
ceases to be available for that and any subsequent
instalment. Given periods are a sequence of dates
or timelines that determine a start and end date
for each instalment. For example, a credit requiring
shipment of 100 cars in March and 100 cars in
April is an example of two periods of time that
start on 1 March and 1 April and end on 31 March
and 30 April respectively.
ii. When partial drawings or shipments are allowed,
any number of drawings or shipments is permitted
within each instalment.
b. When a credit indicates a drawing or shipment
schedule by only indicating a number of latest dates,
and not given periods (as referred to in paragraph 
C15 (a) (i):
i. this is not an instalment schedule as envisaged by
UCP 600, and article 32 will not apply. The
presentation is to otherwise comply with any
instructions in respect of the drawing or shipment
schedule and UCP 600 article 31;
ii. when partial drawings or shipments are allowed,
any number of drawings or shipments is permitted
on or before each latest date for a drawing or
shipment to occur.

INTERNATIONAL CHAMBER OF COMMERCE (ICC) | 37

 Transport document covering
at least two different modes
of transport (“multimodal or
combined transport document”)

Application of UCP 600 article 19

D1 a. A requirement in a credit for the presentation of a

transport document, however named, covering
movement of goods utilizing at least two different
modes of transport means that UCP 600 article 19 
is to be applied in the examination of that document.
b. i. A multimodal or combined transport document is
not to indicate that shipment or dispatch has been
effected by only one mode of transport, but it may
be silent regarding some or all of the modes of
transport utilized.
ii. A multimodal or combined transport document is
not to contain any indication of a charter party as
described in paragraphs G2 (a) and (b).
c. When a credit requires the presentation of a transport
document other than a multimodal or combined
transport document, and it is clear from the routing 
of the goods stated in the credit that more than one
mode of transport is to be utilized, for example, when 
an inland place of receipt or final destination are
indicated, or the port of loading or discharge field is
completed but with a place which is in fact an inland
place and not a port, UCP 600 article 19 is to be 
applied in the examination of that document.

D2 Indocument”
all places where the term “multimodal transport
is used within this publication, it also includes
the term “combined transport document”. The transport
document presented need not be titled “Multimodal
transport document” or “Combined transport document”
or words of similar effect even when the credit so names
the required document.

38 | INTERNATIONAL CHAMBER OF COMMERCE (ICC)

 Multimodal or Combined Transport Document

Issuance, carrier, identification of the carrier

and signing of a multimodal transport document

D3 a. A multimodal transport document may be issued by

any entity other than a carrier or master (captain)
provided it meets the requirements of UCP 600
article 19.
b. When a credit indicates “Freight Forwarder’s Multi­
modal Transport Document is acceptable” or “House
Multimodal Transport Document is acceptable” or
words of similar effect, a multimodal transport
document may be signed by the issuing entity
without it being necessary to indicate the capacity in
which it has been signed or the name of the carrier.

D4 A stipulation in a credit that “Freight Forwarder’s

Multimodal Transport Documents are not acceptable” or
“House Multimodal Transport Documents are not
acceptable” or words of similar effect has no meaning in
the context of the title, format, content or signing of a
multimodal transport document unless the credit
provides specific requirements detailing how the
multimodal transport document is to be issued and
signed. In the absence of these requirements, such a
stipulation is to be disregarded, and the multimodal
transport document presented is to be examined
according to the requirements of UCP 600 article 19.

D5 a. A multimodal transport document is to be signed in

the form described in UCP 600 sub-article 19 (a) (i)
and to indicate the name of the carrier, identified as
the carrier.
b. When a multimodal transport document is signed by
a named branch of the carrier, the signature is
considered to have been made by the carrier.
c. When an agent signs a multimodal transport
document for [or on behalf of] the carrier, the agent
is to be named and, in addition, to indicate that it is
signing as “agent for (name), the carrier” or as “agent
on behalf of (name), the carrier” or words of similar
effect. When the carrier is identified elsewhere in the
document as the “carrier”, the named agent may sign,
for example, as “agent for [or on behalf of] the
carrier” without naming the carrier again.
d. When the master (captain) signs a multimodal
transport document, the signature of the master
(captain) is to be identified as the “master”
(“captain”). The name of the master (captain) need
not be stated.

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international standard banking practice

e. When an agent signs a multimodal transport

document for [or on behalf of] the master (captain),
the agent is to be named and, in addition, to indicate
that it is signing as “agent for the master (or captain)”
or as “agent on behalf of the master (or captain)” or
words of similar effect. The name of the master
(captain) need not be stated.

On board notation, date of shipment, place of receipt,

dispatch, taking in charge, port of loading or airport
of departure

D6 The issuance date of a multimodal transport document

will be deemed to be the date of receipt, dispatch,
taking in charge or shipment on board and the date of
shipment, unless it bears a separate dated notation
evidencing receipt, dispatch, taking in charge or
shipment on board from the place, port or airport stated
in the credit. In the latter event, such date will be
deemed to be the date of shipment whether that date is
before or after the issuance date of the multimodal
transport document. A separate dated notation may
also be indicated in a designated field or box.

D7 When a credit requires shipment to commence from a

port, i.e., when the first leg of the journey, as required by
the credit, is by sea, a multimodal transport document is
to indicate a dated on board notation, and in this event
paragraph E6 (b-d) will also apply.

D8 Inrequires
a multimodal transport document, when a credit
shipment to commence from a port, the named
port of loading should appear in the port of loading
field. However, it may also be stated in the field headed
“Place of receipt” or words of similar effect, provided
there is a dated on board notation evidencing that the
goods were shipped on board a named vessel at the
port stated under “Place of receipt” or words of similar
effect.

D9 A multimodal transport document is to indicate the

place of receipt, dispatch, taking in charge, port of
loading or airport of departure stated in the credit.
When a credit indicates the place of receipt, dispatch,
taking in charge, port of loading or airport of departure
by also stating the country in which the place, port or
airport is located, the name of the country need not be
stated.

40 | INTERNATIONAL CHAMBER OF COMMERCE (ICC)

 Multimodal or Combined Transport Document

D10 When a credit indicates a geographical area or range of

places of receipt, dispatch, taking in charge, ports of
loading or airports of departure (for example, “Any
European Country” or “Hamburg, Rotterdam, Antwerp
Port”), a multimodal transport document is to indicate
the actual place of receipt, dispatch, taking in charge,
port of loading or airport of departure, which is to be
within that geographical area or range of places. A
multimodal transport document need not indicate the
geographical area.

D11 Terms such as “Shipped in apparent good order”, “Laden

on board”, “Clean on board” or other phrases that
incorporate “shipped” or “on board” have the same
effect as the words “Shipped on board”.

Place of final destination, port of discharge

or airport of destination

D12 a. In a multimodal transport document, when a credit

requires shipment to be effected to a port, the named
port of discharge should appear in the port of
discharge field.
b. However, the named port of discharge may be stated
in the field headed “Place of final destination” or
words of similar effect provided there is a notation
evidencing that the port of discharge is that stated
under “Place of final destination” or words of similar
effect. For example, when a credit requires shipment
to be effected to Felixstowe, but Felixstowe is shown
as the place of final destination instead of the port of
discharge, this may be evidenced by a notation
stating “Port of discharge Felixstowe”.

D13 A multimodal transport document is to indicate the

place of final destination, port of discharge or airport of
destination stated in the credit. When a credit indicates
the place of final destination, port of discharge or airport
of destination by also stating the country in which the
place, port or airport is located, the name of the country
need not be stated.

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international standard banking practice

D14 When a credit indicates a geographical area or range of

places of final destination, ports of discharge or airports
of destination (for example, “Any European Country” or
“Hamburg, Rotterdam, Antwerp Port”), a multimodal
transport document is to indicate the actual place of
final destination, port of discharge or airport of
destination, which is to be within that geographical area
or range of places. A multimodal transport document
need not indicate the geographical area.

Original multimodal transport document

D15 a. A multimodal transport document is to indicate the

number of originals that have been issued.
b. Multimodal transport documents marked “First
Original”, “Second Original”, “Third Original”, or
“Original”, “Duplicate”, “Triplicate” or similar
expressions are all originals.

Consignee, order party, shipper and endorsement,

and notify party

D16 When a credit requires a multimodal transport

document to evidence that goods are consigned to a
named entity, for example, “consigned to (named
entity)” (i.e., a “straight” multimodal transport document
or consignment) rather than “to order” or “to order of
(named entity)”, it is not to contain the expressions “to
order” or “to order of” preceding the named entity, or
the expression “or order” following the named entity,
whether typed or pre-printed.

D17 a. When a multimodal transport document is issued “to

order” or “to order of the shipper”, it is to be
endorsed by the shipper. An endorsement may be
made by a named entity other than the shipper,
provided the endorsement is made for [or on behalf
of] the shipper.
b. When a credit requires a multimodal transport
document to evidence that goods are consigned “to
order of (named entity)”, it is not to indicate that the
goods are straight consigned to that named entity.

D18 a. When a credit stipulates the details of one or more

notify parties, a multimodal transport document may
also indicate the details of one or more additional
notify parties.

42 | INTERNATIONAL CHAMBER OF COMMERCE (ICC)

 Multimodal or Combined Transport Document

b. i. When a credit does not stipulate the details of a

notify party, a multimodal transport document
may indicate the details of any notify party and in
any manner (except as stated in paragraph 
D18 (b) (ii)).
ii. When a credit does not stipulate the details of a
notify party, but the details of the applicant
appear as notify party on a multimodal transport
document, and these details include the
applicant’s address and contact details, they are
not to conflict with those stated in the credit.

D19 When a credit requires a multimodal transport

document to evidence goods consigned to or to the
order of “issuing bank” or “applicant” or notify
“applicant” or “issuing bank”, a multimodal transport
document is to indicate the name of the issuing bank or
applicant, as applicable, but need not indicate their
respective addresses or any contact details that may be
stated in the credit.

D20 When the address and contact details of the applicant

appear as part of the consignee or notify party details,
they are not to conflict with those stated in the credit.

Transhipment, partial shipment and determining

the presentation period when multiple sets
of multimodal transport documents are presented

D21 InTranshipment
multimodal transport transhipment will occur.
is the unloading and reloading of goods
from one means of conveyance to another means of
conveyance (whether or not in different modes of
transport) during the carriage of those goods from the
place of receipt, dispatch or taking in charge, port of
loading or airport of departure to the place of final
destination, port of discharge or airport of destination
stated in the credit.

D22 Shipment on more than one means of conveyance

(more than one truck [lorry], vessel, aircraft, etc.) is a
partial shipment, even when such means of conveyance
leaves on the same day for the same destination.

D23 a. When a credit prohibits partial shipment, and more

than one set of original multimodal transport
documents are presented covering receipt, dispatch,
taking in charge or shipment from one or more points
of origin (as specifically allowed, or within a
geographical area or range of places stated in the

INTERNATIONAL CHAMBER OF COMMERCE (ICC) | 43

international standard banking practice

credit), each set is to indicate that it covers the

carriage of goods on the same means of conveyance
and same journey and that the goods are destined for
the same destination.
b. When a credit prohibits partial shipment, and more
than one set of original multimodal transport
documents are presented in accordance with
paragraph D23 (a) and incorporate different dates of
receipt, dispatch, taking in charge, or shipment, the
latest of these dates is to be used for the calculation
of any presentation period and must fall on or before
the latest date of receipt, dispatch, taking in charge or
shipment stated in the credit.
c. When partial shipment is allowed, and more than one
set of original multimodal transport documents are
presented as part of a single presentation made under
one covering schedule or letter and incorporate
­differ­ent dates of receipt, dispatch, taking in charge or
ship­ment, on different means of conveyance, the
earliest of these dates is to be used for the calculation
of any presentation period, and each of these dates
must fall on or before the latest date of receipt, dispatch,
taking in charge or shipment stated in the credit.

Clean multimodal transport document

D24 A multimodal transport document is not to include a

clause or clauses that expressly declare a defective
condition of the goods or their packaging.
For example:
a. A clause on a multimodal transport document such
as “packaging is not sufficient for the sea journey” or
words of similar effect is an example of a clause
expressly declaring a defective condition of the
packaging.
b. A clause on a multimodal transport document such
as “packaging may not be sufficient for the sea
journey” or words of similar effect does not expressly
declare a defective condition of the packaging.

D25 a. It is not necessary for the word “clean” to appear on a

multimodal transport document even when the credit
requires a multimodal transport document to be
marked “clean on board” or “clean”.
b. Deletion of the word “clean” on a multimodal
transport document does not expressly declare a
defective condition of the goods or their packaging.

44 | INTERNATIONAL CHAMBER OF COMMERCE (ICC)

 Multimodal or Combined Transport Document

Goods description

D26 A goods description indicated on a multimodal

transport document may be in general terms not in
conflict with the goods description in the credit.

Indication of name and address of delivery agent

at destination

D27 When a credit requires a multimodal transport

document to indicate the name, address and contact
details of a delivery agent or words of similar effect, at
or for the place of final destination or port of discharge,
the address need not be one that is located at the place
of destination or port of discharge or within the same
country as that of the place of destination or port of
discharge.

Corrections and alterations (“corrections”)

D28 Any correction of data on a multimodal transport

document is to be authenticated. Such authentication is
to appear to have been made by the carrier, master
(captain) or any one of their named agents, who may be
different from the agent that may have issued or signed
a multimodal transport document, provided they are
identified as an agent of the carrier or master (captain).

D29 Non-negotiable copies of a multimodal transport

document need not include authentication of any
corrections that may have been made on the original.

Freight and additional costs

D30 A statement appearing on a multimodal transport

document indicating the payment of freight need not be
identical to that stated in the credit, but is not to conflict
with data in that document, any other stipulated
document or the credit. For example, when a credit
requires a multimodal transport document to be marked
“freight payable at destination”, it may be marked
“freight collect”.

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international standard banking practice

D31 a. When a credit states that costs additional to freight

are not acceptable, a multimodal transport document
is not to indicate that costs additional to the freight
have been or will be incurred.
b. An indication of costs additional to freight may be
made by express reference to additional costs or by
the use of trade terms which refer to costs associated
with the loading or unloading of goods, such as, but
not limited to, Free In (FI), Free Out (FO), Free In and
Out (FIO) and Free In and Out Stowed (FIOS).
c. Reference in a multimodal transport document to
costs which may be levied, for example, as a result of
a delay in unloading the goods, or after the goods
have been unloaded (demurrage costs) or costs
covering the late return of containers (detention
costs) is not an indication of costs additional to
freight.

Release of goods with more than one multimodal

transport document to be surrendered

D32 A multimodal transport document is not to expressly

state that goods covered by that multimodal transport
document will only be released upon its surrender
together with one or more other multimodal transport
documents, unless all of the referenced multimodal
transport documents form part of the same
presentation under the same credit.
For example, “Container XXXX is covered by B/L No.
YYY and ZZZ, and can only be released to a single
merchant upon presentation of all multimodal transport
documents of that merchant” is considered to be an
express statement that one or more other multimodal
transport documents, related to the referenced
container or packing unit, must be surrendered prior to
the goods being released.

46 | INTERNATIONAL CHAMBER OF COMMERCE (ICC)

Bill of lading

Application of UCP 600 article 20

E1 a. A requirement in a credit for the presentation of a

transport document, however named, only covering a
port-to-port shipment, i.e., a credit that contains no
reference to a place of receipt or taking in charge or
place of final destination means that UCP 600 article
20 is to be applied in the examination of that
document.
b. A bill of lading is not to contain any indication
of a charter party as described in paragraphs 
G2 (a) and (b).

E2 A bill of lading need not be titled “marine bill of lading”,

“ocean bill of lading”, “port-to-port bill of lading” or
words of similar effect even when the credit so names
the required document.

Issuance, carrier, identification of the carrier

and signing of a bill of lading

E3 a. A bill of lading may be issued by any entity other than

a carrier or master (captain), provided it meets the
requirements of UCP 600 article 20.
b. When a credit indicates “Freight Forwarder’s Bill of
Lading is acceptable” or “House Bill of Lading is
acceptable” or words of similar effect, a bill of lading
may be signed by the issuing entity without it being
necessary to indicate the capacity in which it has
been signed or the name of the carrier.

E4 A stipulation in a credit that “Freight Forwarder’s Bills of

Lading are not acceptable” or “House Bills of Lading are
not acceptable” or words of similar effect has no
meaning in the context of the title, format, content or
signing of a bill of lading unless the credit provides
specific requirements detailing how the bill of lading is
to be issued and signed. In the absence of these

INTERNATIONAL CHAMBER OF COMMERCE (ICC) | 47

international standard banking practice

requirements, such a stipulation is to be disregarded,

and the bill of lading presented is to be examined
according to the requirements of UCP 600 article 20.

E5 a. A bill of lading is to be signed in the form described in

UCP 600 sub-article 20 (a) (i) and to indicate the
name of the carrier, identified as the carrier.
b. When a bill of lading is signed by a named branch of
the carrier, the signature is considered to have been
made by the carrier.
c. When an agent signs a bill of lading for [or on behalf
of] the carrier, the agent is to be named and, in
addition, to indicate that it is signing as “agent for
(name), the carrier” or as “agent on behalf of (name),
the carrier” or words of similar effect. When the
carrier is identified elsewhere in the document as the
“carrier”, the named agent may sign, for example, as
“agent for [or on behalf of] the carrier” without
naming the carrier again.
d. When the master (captain) signs a bill of lading, the
signature of the master (captain) is to be identified as
the “master” (“captain”). The name of the master
(captain) need not be stated.
e. When an agent signs a bill of lading for [or on behalf
of] the master (captain), the agent is to be named
and, in addition, to indicate that it is signing as “agent
for the master (or captain)”, or as “agent on behalf of
the master (or captain)” or words of similar effect.
The name of the master (captain) need not be stated.

On board notation, date of shipment, pre-carriage,

place of receipt and port of loading

E6 a. When a pre-printed “Shipped on board” bill of lading

is presented, its issuance date will be deemed to be
the date of shipment unless it bears a separate dated
on board notation. In the latter event, such date will
be deemed to be the date of shipment whether that
date is before or after the issuance date of the bill of
lading. The on board date may also be indicated in a
designated field or box.
b. Notwithstanding that a credit may require a bill of
lading to evidence a port-to-port shipment:

48 | INTERNATIONAL CHAMBER OF COMMERCE (ICC)

 Bill of lading

i. when a bill of lading indicates a place of receipt

that is the same as the port of loading, for
example, place of receipt Rotterdam CY and the
port of loading Rotterdam, and there is no
indication of a means of pre-carriage (either in the
pre-carriage field or the place of receipt field); or
ii. when a bill of lading indicates a place of receipt
different from the port of loading, for example,
place of receipt Amsterdam and port of loading
Rotterdam, and there is no indication of a means
of pre-carriage (either in the pre-carriage field or
the place of receipt field), then:
(a) when a bill of lading is pre-printed “shipped on
board”, the date of issue will be deemed to be the
date of shipment, and no further on board
notation is required.
(b) when a bill of lading is pre-printed “received for
shipment”, a dated on board notation is required,
and the date appearing in the notation will be
deemed to be the date of shipment. The on board
date may also be indicated in a designated field or
box.
c. Notwithstanding that a credit may require a bill of
lading to evidence a port-to-port shipment, when a
bill of lading:
i. indicates a place of receipt different from the port
of loading, for example, place of receipt
Amsterdam and port of loading Rotterdam, and
there is an indication of a means of pre-carriage
(either in the pre-carriage field or the place of
receipt field), regardless of whether it is pre-
printed “shipped on board” or “received for
shipment”, it is to bear a dated on board notation
which also indicates the name of the vessel and
the port of loading stated in the credit. Such
notation may also appear in a designated field or
box. The date appearing in the on board notation
or designated field or box will be deemed to be
the date of shipment.
ii. indicates a means of pre-carriage (either in the
pre-carriage field or the place of receipt field), no
matter if no place of receipt is stated or whether it
is pre-printed “shipped on board” or “received for
shipment”, it is to bear a dated on board notation
which also indicates the name of the vessel and
the port of loading stated in the credit. Such

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international standard banking practice

notation may also appear in a designated field or

box. The date appearing in the on board notation
or designated field or box will be deemed to be
the date of shipment.
d. When a bill of lading indicates wording such as
“When the place of receipt box has been completed,
any notation on this bill of lading of “on board”,
“loaded on board” or words of similar effect shall be
deemed to be on board the means of transportation
performing the carriage from the place of receipt to
the port of loading” or words of similar effect, and if,
in addition, the place of receipt box is completed, a
bill of lading is to bear a dated on board notation. The
dated on board notation is also to indicate the name
of the vessel and the port of loading stated in the
credit. Such notation may also appear in a designated
field or box. The date appearing in the on board
notation or designated field or box will be deemed to
be the date of shipment.
e. The named port of loading, as required by the credit,
should appear in the port of loading field on a bill of
lading. However, it may also be stated in the field
headed “Place of receipt” or words of similar effect,
provided there is a dated on board notation
evidencing that the goods were shipped on board a
named vessel at the port stated under “Place of
receipt” or words of similar effect.
f. A bill of lading is to indicate the port of loading stated
in the credit. When a credit indicates the port of
loading by also stating the country in which the port is
located, the name of the country need not be stated.
g. When a credit indicates a geographical area or range
of ports of loading (for example, “Any European Port”
or “Hamburg, Rotterdam, Antwerp Port”), a bill of
lading is to indicate the actual port of loading, which
is to be within that geographical area or range of
ports. A bill of lading need not indicate the
geographical area.
h. When a bill of lading indicates more than one port of
loading, it is to evidence an on board notation with
the relevant on board date for each port of loading,
regardless of whether it is pre-printed “received for
shipment” or “shipped on board”. For example, when
a bill of lading indicates that shipment has been
effected from Brisbane and Adelaide, a dated on
board notation is required for both Brisbane and
Adelaide.

50 | INTERNATIONAL CHAMBER OF COMMERCE (ICC)

 Bill of lading

E7 Terms such as “Shipped in apparent good order”, “Laden

on board”, “Clean on board” or other phrases that
incorporate “shipped” or “on board” have the same
effect as the words “Shipped on board”.

Port of discharge

E8 a. The named port of discharge, as required by the

credit, should appear in the port of discharge field
within a bill of lading.
b. However, the named port of discharge may be stated
in the field headed “Place of final destination” or
words of similar effect provided there is a notation
evidencing that the port of discharge is that stated
under “Place of final destination” or words of similar
effect. For example, when a credit requires shipment
to be effected to Felixstowe, but Felixstowe is shown
as the place of final destination instead of the port of
discharge, this may be evidenced by a notation
stating “Port of discharge Felixstowe”.

E9 A bill of lading is to indicate the port of discharge stated

in the credit. When a credit indicates the port of
discharge by also stating the country in which the port
is located, the name of the country need not be stated.

E10 When a credit indicates a geographical area or range of

ports of discharge (for example, “Any European Port” or
“Hamburg, Rotterdam, Antwerp Port”), a bill of lading is
to indicate the actual port of discharge, which is to be
within that geographical area or range of ports. A bill of
lading need not indicate the geographical area.

Original bill of lading

E11 a. A bill of lading is to indicate the number of originals

that have been issued.
b. Bills of lading marked “First Original”, “Second
Original”, “Third Original”, or “Original”, “Duplicate”,
“Triplicate” or similar expressions are all originals.

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international standard banking practice

Consignee, order party, shipper and endorsement,

and notify party

E12 When a credit requires a bill of lading to evidence that

goods are consigned to a named entity, for example,
“consigned to (named entity)” (i.e., a “straight” bill of
lading or consignment) rather than “to order” or “to
order of (named entity)”, it is not to contain the
expressions “to order” or “to order of” preceding the
named entity, or the expression “or order” following the
named entity, whether typed or pre-printed.

E13 a. When a bill of lading is issued “to order” or “to order

of the shipper”, it is to be endorsed by the shipper. An
endorsement may be made by a named entity other
than the shipper, provided the endorsement is made
for [or on behalf of] the shipper.
b. When a credit requires a bill of lading to evidence that
goods are consigned “to order of (named entity)”, it is
not to indicate that the goods are straight consigned
to that named entity.

E14 a. When a credit stipulates the details of one or more

notify parties, a bill of lading may also indicate the
details of one or more additional notify parties.
b. i. When a credit does not stipulate the details of a
notify party, a bill of lading may indicate the details
of any notify party and in any manner (except as
stated in paragraph E14 (b) (ii)).
ii. When a credit does not stipulate the details of a
notify party, but the details of the applicant
appear as notify party on a bill of lading, and these
details include the applicant’s address and contact
details, they are not to conflict with those stated in
the credit.

E15 When a credit requires a bill of lading to evidence goods

consigned to or to the order of “issuing bank” or
“applicant“ or notify “applicant” or “issuing bank”, a bill
of lading is to indicate the name of the issuing bank or
applicant, as applicable, but need not indicate their
respective addresses or any contact details that may be
stated in the credit.

E16 When the address and contact details of the applicant

appear as part of the consignee or notify party details,
they are not to conflict with those stated in the credit.

52 | INTERNATIONAL CHAMBER OF COMMERCE (ICC)

 Bill of lading

Transhipment, partial shipment and determining

the presentation period when multiple sets of bills
of lading are presented

E17 Transhipment is the unloading and reloading of goods

from one vessel to another during the carriage of those
goods from the port of loading to the port of discharge
stated in the credit. When a bill of lading does not
indicate unloading and reloading between these two
ports, it is not transhipment in the context of the credit
and UCP 600 sub-articles 20 (b) and (c).

E18 Shipment on more than one vessel is a partial shipment,

even if each vessel leaves on the same day for the same
destination.

E19 a. When a credit prohibits partial shipment, and more

than one set of original bills of lading are presented
covering shipment from one or more ports of loading
(as specifically allowed, or within a geographical area
or range of ports stated in the credit), each set is to
indicate that it covers the shipment of goods on the
same vessel and same journey and that the goods are
destined for the same port of discharge.
b. When a credit prohibits partial shipment, and more
than one set of original bills of lading are presented in
accordance with paragraph E19 (a) and incorporate
different dates of shipment, the latest of these dates
is to be used for the calculation of any presentation
period and must fall on or before the latest shipment
date stated in the credit.
c. When partial shipment is allowed, and more than one
set of original bills of lading are presented as part of a
single presentation made under one covering
schedule or letter and incorporate different dates of
shipment, on different vessels or the same vessel for a
different journey, the earliest of these dates is to be
used for the calculation of any presentation period,
and each of these dates must fall on or before the
latest shipment date stated in the credit.

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international standard banking practice

Clean bill of lading

E20 A bill of lading is not to include a clause or clauses that

expressly declare a defective condition of the goods or
their packaging.
For example:
a. A clause on a bill of lading such as “packaging is not
sufficient for the sea journey” or words of similar
effect is an example of a clause expressly declaring a
defective condition of the packaging.
b. A clause on a bill of lading such as “packaging may
not be sufficient for the sea journey” or words of
similar effect does not expressly declare a defective
condition of the packaging.

E21 a. It is not necessary for the word “clean” to appear on a

bill of lading even when the credit requires a bill of
lading to be marked “clean on board” or “clean”.
b. Deletion of the word “clean” on a bill of lading does
not expressly declare a defective condition of the
goods or their packaging.

Goods description

E22 A goods description indicated on a bill of lading may be

in general terms not in conflict with the goods
description in the credit.

Indication of name and address of delivery agent

at port of discharge

E23 When a credit requires a bill of lading to indicate the

name, address and contact details of a delivery agent or
words of similar effect, at or for the port of discharge,
the address need not be one that is located at the port
of discharge or within the same country as that of the
port of discharge.

Corrections and alterations (“corrections”)

E24 Any correction of data on a bill of lading is to be

authenticated. Such authentication is to appear to have
been made by the carrier, master (captain) or any one of
their named agents, who may be different from the
agent that may have issued or signed a bill of lading,
provided they are identified as an agent of the carrier or
the master (captain).

54 | INTERNATIONAL CHAMBER OF COMMERCE (ICC)

 Bill of lading

E25 Non-negotiable copies of a bill of lading need not

include authentication of any corrections that may have
been made on the original.

Freight and additional costs

E26 A statement appearing on a bill of lading indicating the

payment of freight need not be identical to that stated
in the credit, but is not to conflict with data in that
document, any other stipulated document or the credit.
For example, when a credit requires a bill of lading to be
marked “freight payable at destination”, it may be
marked “freight collect”.

E27 a. When a credit states that costs additional to freight

are not acceptable, a bill of lading is not to indicate
that costs additional to the freight have been or will
be incurred.
b. An indication of costs additional to freight may be
made by express reference to additional costs or by
the use of trade terms which refer to costs associated
with the loading or unloading of goods, such as, but
not limited to, Free In (FI), Free Out (FO), Free In and
Out (FIO) and Free In and Out Stowed (FIOS).
c. Reference in a bill of lading to costs which may be
levied, for example, as a result of a delay in unloading
the goods, or after the goods have been unloaded
(demurrage costs) or costs covering the late return of
containers (detention costs) is not an indication of
costs additional to freight.

Release of goods with more than one bill of lading

to be surrendered

E28 A bill of lading is not to expressly state that goods

covered by that bill of lading will only be released upon
its surrender together with one or more other bills of
lading, unless all of the referenced bills of lading form
part of the same presentation under the same credit.
For example, “Container XXXX is covered by B/L No.
YYY and ZZZ and can only be released to a single
merchant upon presentation of all bills of lading of that
merchant” is considered to be an express statement that
one or more other bills of lading, related to the
referenced container or packing unit, must be
surrendered prior to the goods being released.

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 Non-negotiable
sea waybill

Application of UCP 600 article 21

F1 a. A requirement in a credit for the presentation of a

non-negotiable sea waybill, covering a port-to-port
shipment only, i.e., a credit that contains no reference
to a place of receipt or taking in charge or place of
final destination means that UCP 600 article 21 is to
be applied in the examination of that document.
b. A non-negotiable sea waybill is not to contain any
indication of a charter party as described in
paragraphs G2 (a) and (b).

Issuance, carrier, identification of the carrier

and signing of a non-negotiable sea waybill

F2 a. A non-negotiable sea waybill may be issued by any

entity other than a carrier or master (captain)
provided it meets the requirements of UCP 600
article 21.
b. When a credit indicates “Freight Forwarder’s non-
negotiable sea waybill is acceptable” or “House
non-negotiable sea waybill is acceptable” or words of
similar effect, a non-negotiable sea waybill may be
signed by the issuing entity without it being
necessary to indicate the capacity in which it has
been signed or the name of the carrier.

F3 A stipulation in a credit that “Freight Forwarder’s

non-negotiable sea waybill is not acceptable” or “House
non-negotiable sea waybill is not acceptable” or words
of similar effect has no meaning in the context of the
title, format, content or signing of a non-negotiable sea
waybill unless the credit provides specific requirements
detailing how the non-negotiable sea waybill is to be
issued and signed. In the absence of these requirements,
such a stipulation is to be disregarded, and the non-
negotiable sea waybill presented is to be examined
according to the requirements of UCP 600 article 21.

56 | INTERNATIONAL CHAMBER OF COMMERCE (ICC)

 Non-negotiable sea waybill

F4 a. A non-negotiable sea waybill is to be signed in the

form described in UCP 600 sub-article 21 (a) (i) 
and to indicate the name of the carrier, identified as
the carrier.
b. When a non-negotiable sea waybill is signed by a
named branch of the carrier, the signature is
considered to have been made by the carrier.
c. When an agent signs a non-negotiable sea waybill for
[or on behalf of] the carrier, the agent is to be named
and, in addition, to indicate that it is signing as “agent
for (name), the carrier” or as “agent on behalf of
(name), the carrier” or words of similar effect. When
the carrier is identified elsewhere in the document as
the “carrier”, the named agent may sign, for example,
as “agent for [or on behalf of] the carrier” without
naming the carrier again.
d. When the master (captain) signs a non-negotiable
sea waybill, the signature of the master (captain) is to
be identified as the “master” (“captain”). The name of
the master (captain) need not be stated.
e. When an agent signs a non-negotiable sea waybill for
[or on behalf of] the master (captain), the agent is to
be named and, in addition, to indicate that it is signing
as “agent for the master (or captain)”, or as “agent on
behalf of the master (or captain)” or words of similar
effect. The name of the master (captain) need not be
stated.

On board notation, date of shipment, pre-carriage,

place of receipt and port of loading

F5 a. When a pre-printed “Shipped on board” non-

negotiable sea waybill is presented, its issuance date
will be deemed to be the date of shipment unless it
bears a separate dated on board notation. In the latter
event, such date will be deemed to be the date of
shipment whether that date is before or after the
issuance date of the non-negotiable sea waybill. The
on board date may also be indicated in a designated
field or box.
b. Notwithstanding that a credit may require a non-
negotiable sea waybill to evidence a port-to-port
shipment:

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international standard banking practice

i. when a non-negotiable sea waybill indicates a

place of receipt that is the same as the port of
loading, for example, place of receipt Rotterdam
CY and the port of loading Rotterdam, and there is
no indication of a means of pre-carriage (either in
the pre-carriage field or the place of receipt field);
or
ii. when a non-negotiable sea waybill indicates a
place of receipt different from the port of loading,
for example, place of receipt Amsterdam and port
of loading Rotterdam, and there is no indication of
a means of pre-carriage (either in the pre-carriage
field or the place of receipt field), then:
(a) when a non-negotiable sea waybill is pre-printed
“shipped on board”, the date of issue will be
deemed to be the date of shipment, and no
further on board notation is required.
(b) when a non-negotiable sea waybill is pre-printed
“received for shipment”, a dated on board notation
is required, and the date appearing in the notation
will be deemed to be the date of shipment. The on
board date may also be indicated in a designated
field or box.
c. Notwithstanding that a credit may require a non-
negotiable sea waybill to evidence a port-to-port
shipment, when a non-negotiable sea waybill:
i. indicates a place of receipt different from the port
of loading, for example, place of receipt
Amsterdam and port of loading Rotterdam, and
there is an indication of a means of pre-carriage
(either in the pre-carriage field or the place of
receipt field), regardless of whether it is pre-
printed “shipped on board” or “received for
shipment”, it is to bear a dated on board notation
which also indicates the name of the vessel and
the port of loading stated in the credit. Such
notation may also appear in a designated field or
box. The date appearing in the on board notation
or designated field or box will be deemed to be
the date of shipment.

58 | INTERNATIONAL CHAMBER OF COMMERCE (ICC)

 Non-negotiable sea waybill

ii. indicates a means of pre-carriage (either in the

pre-carriage field or the place of receipt field), no
matter if no place of receipt is stated or whether it
is pre-printed “shipped on board” or “received for
shipment”, it is to bear a dated on board notation
which also indicates the name of the vessel and
the port of loading stated in the credit. Such
notation may also appear in a designated field or
box. The date appearing in the on board notation
or designated field or box will be deemed to be
the date of shipment.
d. When a non-negotiable sea waybill indicates wording
such as “When the place of receipt box has been
completed, any notation on this non-negotiable sea
waybill of “on board”, “loaded on board” or words of
similar effect shall be deemed to be on board the
means of transportation performing the carriage from
the place of receipt to the port of loading” or words
of similar effect, and if, in addition, the place of receipt
box is completed, a non-negotiable sea waybill is to
bear a dated on board notation. The dated on board
notation is also to indicate the name of the vessel and
the port of loading stated in the credit. Such notation
may also appear in a designated field or box. The
date appearing in the on board notation or
designated field or box will be deemed to be the date
of shipment.
e. The named port of loading, as required by the credit,
should appear in the port of loading field on a
non-negotiable sea waybill. However, it may also be
stated in the field headed “Place of receipt” or words
of similar effect, provided there is a dated on board
notation evidencing that the goods were shipped on
board a named vessel at the port stated under “Place
of receipt” or words of similar effect.
f. A non-negotiable sea waybill is to indicate the port of
loading stated in the credit. When a credit indicates
the port of loading by also stating the country in
which the port is located, the name of the country
need not be stated.
g. When a credit indicates a geographical area or range
of ports of loading (for example, “Any European Port”
or “Hamburg, Rotterdam, Antwerp Port”), a non-
negotiable sea waybill is to indicate the actual port of
loading, which is to be within that geographical area
or range of ports. A non-negotiable sea waybill need
not indicate the geographical area.

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international standard banking practice

h. When a non-negotiable sea waybill indicates more

than one port of loading, it is to evidence an on board
notation with the relevant on board date for each
port of loading, regardless of whether it is pre-printed
“received for shipment” or “shipped on board”. For
example, when a non-negotiable sea waybill indicates
that shipment has been effected from Brisbane and
Adelaide, a dated on board notation is required for
both Brisbane and Adelaide.

F6 Terms such as “Shipped in apparent good order”, “Laden

on board”, “Clean on board” or other phrases that
incorporate “shipped” or “on board” have the same
effect as the words “Shipped on board”.

Port of discharge

F7 a. The named port of discharge, as required by the

credit, should appear in the port of discharge field
within a non-negotiable sea waybill.
b. However, the named port of discharge may be stated
in the field headed “Place of final destination” or
words of similar effect provided there is a notation
evidencing that the port of discharge is that stated
under “Place of final destination” or words of similar
effect. For example, when a credit requires shipment
to be effected to Felixstowe, but Felixstowe is shown
as the place of final destination instead of the port of
discharge, this may be evidenced by a notation
stating “Port of discharge Felixstowe”.

F8 A non-negotiable sea waybill is to indicate the port of

discharge stated in the credit. When a credit indicates
the port of discharge by also stating the country in
which the port is located, the name of the country need
not be stated.

F9 When a credit indicates a geographical area or range of

ports of discharge (for example “Any European Port” or
“Hamburg, Rotterdam, Antwerp Port”), a non-negotiable
sea waybill is to indicate the actual port of discharge,
which is to be within that geographical area or range of
ports. A non-negotiable sea waybill need not indicate
the geographical area.

60 | INTERNATIONAL CHAMBER OF COMMERCE (ICC)

 Non-negotiable sea waybill

Original non-negotiable sea waybill

F10 a. A non-negotiable sea waybill is to indicate the

number of originals that have been issued.
b. Non-negotiable sea waybills marked “First Original”,
“Second Original”, “Third Original”, or “Original”,
“Duplicate”, “Triplicate” or similar expressions are all
originals.

Consignee, order party, shipper, and notify party

F11 a. When a credit requires a non-negotiable sea waybill

to evidence that goods are consigned to a named
entity, for example, “consigned to (named entity)”, it
is not to contain the expressions “to order” or “to
order of” preceding the named entity, or the
expression “or order” following the named entity,
whether typed or pre-printed.
b. When a credit requires a non-negotiable sea waybill
to evidence that goods are consigned “to order 
of (named entity)”, it may indicate that the goods 
are consigned to that entity, without mentioning 
“to order of”.
c. When a credit requires a non-negotiable sea waybill
to evidence that goods are consigned “to order”
without naming the entity to whose order the goods
are to be consigned, it is to indicate that the goods
are consigned to either the issuing bank or the
applicant, without the need to mention the words “to
order”.

F12 a. When a credit stipulates the details of one or more

notify parties, a non-negotiable sea waybill may also
indicate the details of one or more additional notify
parties.
b. i. When a credit does not stipulate the details of a
notify party, a non-negotiable sea waybill may
indicate the details of any notify party and in any
manner (except as stated in paragraph F12 (b) (ii)).
ii. When a credit does not stipulate the details of a
notify party, but the details of the applicant
appear as notify party on a non-negotiable sea
waybill, and these details include the applicant’s
address and contact details, they are not to
conflict with those stated in the credit.

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international standard banking practice

F13 When a credit requires a non-negotiable sea waybill to

evidence goods consigned to “issuing bank” or
“applicant“ or notify “applicant” or “issuing bank”, a
non-negotiable sea waybill is to indicate the name of the
issuing bank or applicant, as applicable, but need not
indicate their respective addresses or any contact details
that may be stated in the credit.

F14 When the address and contact details of the applicant

appear as part of the consignee or notify party details,
they are not to conflict with those stated in the credit.

Transhipment, partial shipment and determining

the presentation period when multiple sets
of non-negotiable sea waybills are presented

F15 Transhipment is the unloading and reloading of goods

from one vessel to another during the carriage of those
goods from the port of loading to the port of discharge
stated in the credit. When a non-negotiable sea waybill
does not indicate unloading and reloading between
these two ports, it is not transhipment in the context of
the credit and UCP 600 sub-articles 21 (b) and (c).

F16 Shipment on more than one vessel is a partial shipment,

even if each vessel leaves on the same day for the same
destination.

F17 a. When a credit prohibits partial shipment, and more

than one set of original non-negotiable sea waybills
are presented covering shipment from one or more
ports of loading (as specifically allowed, or within a
geographical area or range of ports stated in the
credit), each set is to indicate that it covers the
shipment of goods on the same vessel and same
journey and that the goods are destined for the same
port of discharge.
b. When a credit prohibits partial shipment, and more
than one set of original non-negotiable sea waybills
are presented in accordance with paragraph F17 (a)
and incorporate different dates of shipment, the latest
of these dates is to be used for the calculation of any
presentation period and must fall on or before the
latest shipment date stated in the credit.
c. When partial shipment is allowed, and more than one
set of original non-negotiable sea waybills are
presented as part of a single presentation made
under one covering schedule or letter and incorporate
different dates of shipment, on different vessels or the

62 | INTERNATIONAL CHAMBER OF COMMERCE (ICC)

 Non-negotiable sea waybill

same vessel for a different journey, the earliest of

these dates is to be used for the calculation of any
presentation period, and each of these dates must 
fall on or before the latest shipment date stated 
in the credit.

Clean non-negotiable sea waybill

F18 A non-negotiable sea waybill is not to include a clause

or clauses that expressly declare a defective condition of
the goods or their packaging.
For example:
a. A clause on a non-negotiable sea waybill such as
“packaging is not sufficient for the sea journey” or
words of similar effect is an example of a clause
expressly declaring a defective condition of the
packaging.
b. A clause on a non-negotiable sea waybill such as
“packaging may not be sufficient for the sea journey”
or words of similar effect does not expressly declare a
defective condition of the packaging.

F19 a. It is not necessary for the word “clean” to appear on a

non-negotiable sea waybill even when the credit
requires a non-negotiable sea waybill to be marked
“clean on board” or “clean”.
b. Deletion of the word “clean” on a non-negotiable sea
waybill does not expressly declare a defective
condition of the goods or their packaging.

Goods description

F20 A goods description indicated on a non-negotiable sea

waybill may be in general terms not in conflict with the
goods description in the credit.

Indication of name and address of delivery agent

at port of discharge

F21 When a credit requires a non-negotiable sea waybill to

indicate the name, address and contact details of a
delivery agent or words of similar effect, at or for the
port of discharge, the address need not be one that is
located at the port of discharge or within the same
country as that of the port of discharge.

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international standard banking practice

Corrections and alterations (“corrections”)

F22 Any correction of data on a non-negotiable sea waybill

is to be authenticated. Such authentication is to appear
to have been made by the carrier, master (captain) or
any one of their named agents, who may be different
from the agent that may have issued or signed a
non-negotiable sea waybill, provided they are identified
as an agent of the carrier or the master (captain).

F23 Copies of a non-negotiable sea waybill need not include

authentication of any corrections that may have been
made on the original.

Freight and additional costs

F24 A statement appearing on a non-negotiable sea waybill

indicating the payment of freight need not be identical
to that stated in the credit, but is not to conflict with
data in that document, any other stipulated document
or the credit. For example, when a credit requires a
non-negotiable sea waybill to be marked “freight
payable at destination”, it may be marked “freight
collect”.

F25 a. When a credit states that costs additional to freight

are not acceptable, a non-negotiable sea waybill is
not to indicate that costs additional to the freight
have been or will be incurred.
b. An indication of costs additional to freight may be
made by express reference to additional costs or by
the use of trade terms which refer to costs associated
with the loading or unloading of goods, such as, but
not limited to, Free In (FI), Free Out (FO), Free In and
Out (FIO) and Free In and Out Stowed (FIOS).
c. Reference in a non-negotiable sea waybill to costs
which may be levied, for example, as a result of a
delay in unloading the goods, or after the goods have
been unloaded (demurrage costs) or costs covering
the late return of containers (detention costs) is not
an indication of costs additional to freight.

64 | INTERNATIONAL CHAMBER OF COMMERCE (ICC)

Charter party bill of lading

Application of UCP 600 article 22

G1 When there is a requirement in a credit for the

presentation of a charter party bill of lading, or when a
credit allows presentation of a charter party bill of lading
and a charter party bill of lading is presented, UCP 600
article 22 is to be applied in the examination of that
document.

G2 a. A transport document, however named, containing

any indication that it is subject to, or any reference to,
a charter party is deemed to be a charter party bill of
lading.
b. A transport document, however named, indicating
expressions such as “freight payable as per charter
party dated (with or without mentioning a date)”, or
“freight payable as per charter party”, will be an
indication that it is subject to a charter party.

G3 A transport document, however named, containing a

code name or form name usually associated with a
charter party bill of lading, for example, ”Congenbill” or
”Tanker Bill of Lading” without any further indication or
reference to a charter party, is not by itself an indication
of, or reference to, a charter party.

Signing of a charter party bill of lading

G4 a. A charter party bill of lading is to be signed in the

form described in UCP 600 sub-article 22 (a) (i).
b. When the master (captain), owner or charterer signs
a charter party bill of lading, the signature of the
master (captain), owner or charterer is to be
identified as “master” (“captain”), “owner” or
“charterer”.
c. When an agent signs a charter party bill of lading for
[or on behalf of] the master (captain), owner or
charterer, the agent is to be named and, in addition,

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international standard banking practice

to indicate that it is signing as agent for [or on behalf

of] the master (captain), owner or charterer as the
case may be.
i. When a charter party bill of lading is signed by an
agent for [or on behalf of] the master (captain),
the name of the master (captain) need not be
stated.
ii. When a charter party bill of lading is signed by an
agent for [or on behalf of] the owner or charterer,
the name of the owner or charterer is to be stated.

On board notation, date of shipment, pre-carriage,

place of receipt and port of loading

G5 a. When a pre-printed “Shipped on board” charter party

bill of lading is presented, its issuance date will be
deemed to be the date of shipment unless it bears a
separate dated on board notation. In the latter event,
such date will be deemed to be the date of shipment
whether that date is before or after the issuance date
of the charter party bill of lading. The on board date
may also be indicated in a designated field or box.
b. Notwithstanding that a credit may require a charter
party bill of lading to evidence a port-to-port
shipment:
i. when a charter party bill of lading indicates a
place of receipt that is the same as the port of
loading, for example, place of receipt Rotterdam
CY and the port of loading Rotterdam, and there is
no indication of a means of pre-carriage (either in
the pre-carriage field or the place of receipt field);
or
ii. when a charter party bill of lading indicates a
place of receipt different from the port of loading,
for example, place of receipt Amsterdam and port
of loading Rotterdam, and there is no indication of
a means of pre-carriage (either in the pre-carriage
field or the place of receipt field), then:
(a) when a charter party bill of lading is pre-printed
“shipped on board”, the date of issue will be
deemed to be the date of shipment, and no
further on board notation is required.

66 | INTERNATIONAL CHAMBER OF COMMERCE (ICC)

 Charter party bill of lading

(b) when a charter party bill of lading is pre-printed

“received for shipment”, a dated on board notation
is required, and the date appearing in the notation
will be deemed to be the date of shipment. The on
board date may also be indicated in a designated
field or box.
c. Notwithstanding that a credit may require a charter
party bill of lading to evidence a port-to-port
shipment, when a charter party bill of lading:
i. indicates a place of receipt different from the port
of loading, for example, place of receipt
Amsterdam and port of loading Rotterdam, and
there is an indication of a means of pre-carriage
(either in the pre-carriage field or the place of
receipt field), regardless of whether it is pre-
printed “shipped on board” or “received for
shipment”, it is to bear a dated on board notation
which also indicates the name of the vessel and
the port of loading stated in the credit. Such
notation may also appear in a designated field or
box. The date appearing in the on board notation
or designated field or box will be deemed to be
the date of shipment.
ii. indicates a means of pre-carriage (either in the
pre-carriage field or the place of receipt field), no
matter if no place of receipt is stated, or whether it
is pre-printed “shipped on board” or “received for
shipment”, it is to bear a dated on board notation
which also indicates the name of the vessel and
the port of loading stated in the credit. Such
notation may also appear in a designated field or
box. The date appearing in the on board notation
or designated field or box will be deemed to be
the date of shipment.
d. When a charter party bill of lading shows wording
such as “When the place of receipt box has been
completed, any notation on this charter party bill of
lading of “on board”, “loaded on board” or words of
similar effect shall be deemed to be on board the
means of transportation performing the carriage from
the place of receipt to the port of loading” or words
of similar effect, and if, in addition, the place of receipt
box is completed, a charter party bill of lading is to
bear a dated on board notation. The dated on board
notation is also to indicate the name of the vessel and
the port of loading stated in the credit. Such notation
may also appear in a designated field or box. The

INTERNATIONAL CHAMBER OF COMMERCE (ICC) | 67

international standard banking practice

date appearing in the on board notation or

designated field or box will be deemed to be the date
of shipment.
e. The named port of loading, as required by the credit,
should appear in the port of loading field on a charter
party bill of lading. However, it may also be stated in
the field headed “Place of receipt” or words of similar
effect, provided there is a dated on board notation
evidencing that the goods were shipped on board a
named vessel at the port stated under “Place of
receipt” or words of similar effect.
f. A charter party bill of lading is to indicate the port of
loading stated in the credit. When a credit indicates
the port of loading by also stating the country in
which the port is located, the name of the country
need not be stated.
g. When a credit indicates a geographical area or range
of ports of loading (for example, “Any European Port”
or “Hamburg, Rotterdam, Antwerp Port”), a charter
party bill of lading is to indicate the actual port or
ports of loading, which are to be within that
geographical area or range of ports. A charter party
bill of lading need not indicate the geographical area.
h. When a charter party bill of lading indicates more
than one port of loading, it is to evidence an on board
notation with the relevant on board date for each
port of loading, regardless of whether it is pre-printed
“received for shipment” or “shipped on board”. For
example, when a charter party bill of lading indicates
that shipment has been effected from Brisbane and
Adelaide, a dated on board notation is required for
both Brisbane and Adelaide.

G6 Terms such as “Shipped in apparent good order”, “Laden

on board”, “Clean on board” or other phrases that
incorporate “shipped” or “on board” have the same
effect as the words “Shipped on board”.

Port of discharge

G7 a. The named port of discharge, as required by the

credit, should appear in the port of discharge field
within a charter party bill of lading.
b. However, the named port of discharge may be stated
in the field headed “Place of final destination” or
words of similar effect provided there is a notation
evidencing that the port of discharge is that stated
under “Place of final destination” or words of similar

68 | INTERNATIONAL CHAMBER OF COMMERCE (ICC)

 Charter party bill of lading

effect. For example, when a credit requires shipment

to be effected to Felixstowe, but Felixstowe is shown
as the place of final destination instead of the port of
discharge, this may be evidenced by a notation
stating “Port of discharge Felixstowe”.

G8 A charter party bill of lading is to indicate the port of

discharge stated in the credit. When a credit indicates
the port of discharge by also stating the country in
which the port is located, the name of the country need
not be stated.

G9 When a credit indicates a geographical area or range of

ports of discharge (for example, “Any European Port” or
“Hamburg, Rotterdam, Antwerp Port”), a charter party
bill of lading may indicate the actual port of discharge,
which is to be within that geographical area or range of
ports, or it may show the geographical area or range of
ports as the port of discharge.

Original charter party bill of lading

G10 a. A charter party bill of lading is to indicate the number

of originals that have been issued.
b. Charter party bills of lading marked “First Original”,
“Second Original”, “Third Original”, or “Original”,
“Duplicate”, “Triplicate” or similar expressions are 
all originals.

Consignee, order party, shipper and endorsement,

and notify party

G11 When a credit requires a charter party bill of lading to

evidence that goods are consigned to a named entity,
for example, “consigned to (named entity)” (i.e., a
“straight” charter party bill of lading or consignment)
rather than “to order” or “to order of (named entity)”, it
is not to contain the expressions “to order” or “to order
of” preceding the named entity or the expression “or
order” following the named entity, whether typed or
pre-printed.

G12 a. When a charter party bill of lading is issued “to order”

or “to order of the shipper”, it is to be endorsed by
the shipper. An endorsement may be made by a
named entity other than the shipper, provided the
endorsement is made for [or on behalf of] the
shipper.
b. When a credit requires a charter party bill of lading to
evidence that goods are consigned “to order of

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international standard banking practice

(named entity)”, it is not to indicate that the goods

are straight consigned to that named entity.

G13 a. When a credit stipulates the details of one or more

notify parties, a charter party bill of lading may also
indicate the details of one or more additional notify
parties.
b. i. When a credit does not stipulate the details
of a notify party, a charter party bill of lading may
indicate the details of any notify party and in any
manner (except as stated in paragraph 
G13 (b) (ii)).
ii. When a credit does not stipulate the details of a
notify party, but the details of the applicant
appear as notify party on a charter party bill of
lading, and these details include the applicant’s
address and contact details, they are not to
conflict with those stated in the credit.

G14 When a credit requires a charter party bill of lading to

evidence goods consigned to or to the order of “issuing
bank” or “applicant” or notify “applicant” or “issuing
bank”, a charter party bill of lading is to indicate the
name of the issuing bank or applicant, as applicable, but
need not indicate their respective addresses or contact
details that may be stated in the credit.

G15 When the address and contact details of the applicant

appear as part of the consignee or notify party details,
they are not to conflict with those stated in the credit.

Partial shipment and determining the presentation

period when multiple sets of charter party bills
of lading are presented

G16 Shipment on more than one vessel is a partial shipment,

even if each vessel leaves on the same day for the same
destination.

G17 a. When a credit prohibits partial shipment, and more

than one set of original charter party bills of lading
are presented covering shipment from one or more
ports of loading (as specifically allowed, or within a
geographical area or range of ports stated in the
credit), each set is to indicate that it covers the
shipment of goods on the same vessel and same
journey and that the goods are destined for the same
port of discharge, geographical area or range of
ports.

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 Charter party bill of lading

b. When a credit prohibits partial shipment, and more

than one set of original charter party bills of lading
are presented in accordance with paragraph G17 (a)
and incorporate different dates of shipment, or one
set of original charter party bills of lading is presented
indicating different dates of shipment, the latest of
these dates is to be used for the calculation of any
presentation period and must fall on or before the
latest shipment date stated in the credit.
c. When partial shipment is allowed, and more than one
set of original charter party bills of lading are present­
ed as part of a single presentation made under one
covering schedule or letter and incorporate different
dates of shipment, on different vessels or the same
vessel for a different journey, the earliest of these
dates is to be used for the calculation of any present­
a­tion period, and each of these dates must fall on or
before the latest shipment date stated in the credit.

Clean charter party bill of lading

G18 A charter party bill of lading is not to include a clause or

clauses that expressly declare a defective condition of
the goods or their packaging.
For example:
a. A clause on a charter party bill of lading such as
“packaging is not sufficient for the sea journey” or
words of similar effect is an example of a clause
expressly declaring a defective condition of the
packaging.
b. A clause on a charter party bill of lading such as
“packaging may not be sufficient for the sea journey”
or words of similar effect does not expressly declare a
defective condition of the packaging.

G19 a. It is not necessary for the word “clean” to appear on a

charter party bill of lading even when the credit
requires a charter party bill of lading to be marked
“clean on board” or “clean”.
b. Deletion of the word “clean” on a charter party bill of
lading does not expressly declare a defective
condition of the goods or their packaging.

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international standard banking practice

Goods description

G20 A goods description indicated on a charter party bill of

lading may be in general terms not in conflict with the
goods description in the credit.

G21 A charter party bill of lading may indicate that the

goods are part of a larger consignment loaded onto the
named vessel by reference to “without segregation”,
“commingled” or words of similar effect.

Corrections and alterations (“corrections”)

G22 Any correction of data on a charter party bill of lading is

to be authenticated. Such authentication is to appear to
have been made by the master (captain), owner,
charterer or any one of their named agents, who may be
different from the agent that may have issued or signed
a charter party bill of lading, provided they are identified
as an agent of the master (captain), owner or charterer.

G23 Non-negotiable copies of a charter party bill of lading

need not include authentication of any corrections that
may have been made on the original.

Freight and additional costs

G24 A statement appearing on a charter party bill of lading

indicating the payment of freight need not be identical
to that stated in the credit but is not to conflict with
data in that document, any other stipulated document
or the credit. For example, when a credit requires a
charter party bill of lading to be marked “freight payable
at destination”, it may be marked “freight collect”.

G25 a. When a credit states that costs additional to freight

are not acceptable, a charter party bill of lading is not
to indicate that costs additional to the freight have
been or will be incurred.
b. An indication of costs additional to freight may be
made by express reference to additional costs or by
the use of trade terms which refer to costs associated
with the loading or unloading of goods, such as, but
not limited to, Free In (FI), Free Out (FO), Free In and
Out (FIO) and Free In and Out Stowed (FIOS).
c. Reference in a charter party bill of lading to costs
which may be levied, for example, as a result of a
delay in unloading the goods or after the goods have
been unloaded (demurrage costs) is not an indication
of costs additional to freight.

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 Charter party bill of lading

Release of goods with more than one charter party bill

of lading to be surrendered

G26 A charter party bill of lading is not to expressly state

that goods covered by that charter party bill of lading
will only be released upon its surrender together with
one or more other charter party bills of lading, unless all
of the referenced charter party bills of lading form part
of the same presentation under the same credit.
For example, “[Cargo XXXX] is covered by B/L No. YYY
and ZZZ, and can only be released to a single merchant
upon presentation of all charter party bills of lading of
that merchant” is considered to be an express statement
that one or more other charter party bills of lading,
related to the referenced cargo, must be surrendered
prior to the goods being released.

Charter party contracts

G27 Unless UCP 600 sub-article 22 (b) is specifically

excluded and the credit specifically indicates the data
that are to be examined and to what extent, banks do
not examine any content of a charter party contract,
even when such contract is required as a stipulated
document under the credit.

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 Air transport document

Application of UCP 600 article 23

H1 A requirement in a credit for the presentation of an air

transport document, however named, covering an
airport-to-airport shipment means that UCP 600 article
23 is to be applied in the examination of that document.

H2 An air transport document need not be titled “air

waybill”, “air consignment note” or words of similar
effect even when the credit so names the required
document.

Issuance, carrier, identification of the carrier

and signing of an air transport document

H3 a. An air transport document may be issued by any

entity other than a carrier provided it meets the
requirements of UCP 600 article 23.
b. When a credit indicates “Freight Forwarder’s air
waybill is acceptable” or “House air waybill is
acceptable” or words of similar effect, an air transport
document may be signed by the issuing entity
without it being necessary to indicate the capacity in
which it has been signed or the name of the carrier.

H4 A stipulation in a credit that “Freight Forwarder’s air

waybill is not acceptable” or “House air waybill is not
acceptable” or words of similar effect has no meaning in
the context of the title, format, content or signing of an
air transport document unless the credit provides
specific requirements detailing how the air transport
document is to be issued and signed. In the absence of
these requirements, such a stipulation is to be
disregarded, and the air transport document presented
is to be examined according to the requirements of UCP
600 article 23.

74 | INTERNATIONAL CHAMBER OF COMMERCE (ICC)

 Air transport document

H5 a. An air transport document is to be signed in the form

described in UCP 600 sub-article 23 (a) (i) and to
indicate the name of the carrier, identified as the
carrier.
b. When an air transport document is signed by a
named branch of the carrier, the signature is
considered to have been made by the carrier.
c. The carrier is to be identified by its name instead of
an IATA airline code, for example, British Airways
instead of BA, Lufthansa instead of LH.

H6 When an agent signs an air transport document “for [or

on behalf of] the carrier”, the agent is to be named and,
in addition, to indicate that it is signing as “agent for
(name), the carrier” or as “agent on behalf of (name),
the carrier” or words of similar effect. When the carrier is
identified elsewhere in the document as the “carrier”, the
named agent may sign, for example, as “agent for [or on
behalf of] the carrier” without naming the carrier again.

Goods accepted for carriage, date of shipment

and requirement for an actual date of shipment

H7 An air transport document is to indicate that the goods

have been accepted for carriage or words of similar
effect.

H8 a. An air transport document is to indicate a date of

issuance. This date will be deemed to be the date of
shipment unless an air transport document contains a
specific notation of the actual date of shipment. In the
latter event, the date stated in the notation will be
deemed to be the date of shipment whether that date
is before or after the issuance date of the air transport
document.
b. In the absence of a specific notation containing the
actual date of shipment, any other information
appearing on an air transport document relative to
this information (including, for example, in a box
labeled “For Carrier Use Only”, “Required Flight Date”
or “Routing and Destination”) is to be disregarded in
the determination of the date of shipment.

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international standard banking practice

Airports of departure and destination

H9 An air transport document is to indicate the airport of

departure and airport of destination stated in the credit.
When a credit indicates either of these airports by also
stating the country in which the airport is located, the
name of the country need not be stated.

H10 The airport of departure and airport of destination may

also be indicated by the use of IATA codes instead of
evidencing the airport name in full (for example, LAX
instead of Los Angeles).

H11 When a credit indicates a geographical area or range

of airports of departure or destination (for example,
“Any Chinese Airport” or “Shanghai, Beijing, Guangzhou
airport”), an air transport document is to indicate the
actual airport of departure or destination, which is to be
within that geographical area or range of airports. 
An air transport document need not indicate the
geographical area.

Original of an air transport document

H12 An air transport document is to appear to be the original

for consignor or shipper. When a credit requires a full set
of originals, this is satisfied by the presentation of an air
transport document indicating that it is the original for
consignor or shipper.

Consignee, order party and notify party

H13 a. When a credit requires an air transport document to

evidence that goods are consigned “to order of
(named entity)”, it may indicate that the goods are
consigned to that entity, without mentioning “to order
of”.
b. When a credit requires an air transport document to
evidence that goods are consigned “to order” without
naming the entity to whose order the goods are to be
consigned, it is to indicate that the goods are
consigned to either the issuing bank or the applicant,
without the need to mention the words “to order”.

H14 a. When a credit stipulates the details of one or more

notify parties, an air transport document may also
indicate the details of one or more additional notify
parties.

76 | INTERNATIONAL CHAMBER OF COMMERCE (ICC)

 Air transport document

b. i. When a credit does not stipulate the details of a

notify party, an air transport document may
indicate the details of any notify party and in any
manner (except as stated in paragraph H14 (b) (ii)).
ii. When a credit does not stipulate the details of a
notify party, but the details of the applicant
appear as notify party on an air transport
document, and these details include the
applicant’s address and contact details, they are
not to conflict with those stated in the credit.

H15 When a credit requires an air transport document to

evidence goods consigned to “issuing bank” or
“applicant” or notify “applicant” or “issuing bank”, an air
transport document is to indicate the name of the
issuing bank or applicant, as applicable, but need not
indicate their respective addresses or any contact details
that may be stated in the credit.

H16 When the address and contact details of the applicant

appear as part of the consignee or notify party details,
they are not to conflict with those stated in the credit.

Transhipment, partial shipment and determining

the presentation period when multiple air transport
documents are presented

H17 Transhipment is the unloading and reloading of goods

from one aircraft to another during the carriage of those
goods from the airport of departure to the airport of
destination stated in the credit. When an air transport
document does not indicate unloading and reloading
between these two airports, it is not transhipment in the
context of the credit and UCP 600 sub-articles 23 (b)
and (c).

H18 Dispatch on more than one aircraft is a partial shipment,

even if each aircraft leaves on the same day for the same
destination.

H19 a. When a credit prohibits partial shipment, and more

than one air transport documents are presented
covering dispatch from one or more airports of
departure (as specifically allowed, or within a
geographical area or range of airports stated in the
credit), each air transport document is to indicate
that it covers the dispatch of goods on the same
aircraft and same flight and that the goods are
destined for the same airport of destination.

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international standard banking practice

b. When a credit prohibits partial shipment, and more

than one air transport documents are presented in
accordance with paragraph H19 (a) and incorporate
different dates of dispatch, the latest of these dates is
to be used for the calculation of any presentation
period and must fall on or before the latest shipment
date stated in the credit.
c. When partial shipment is allowed, and more than one
air transport documents are presented as part of a
single presentation made under one covering
schedule or letter and incorporate different dates of
dispatch or different flights, the earliest of these dates
is to be used for the calculation of any presentation
period, and each of these dates must fall on or before
the latest shipment date stated in the credit.

Clean air transport document

H20 An air transport document is not to include a clause or

clauses that expressly declare a defective condition of
the goods or their packaging.
For example:
a. A clause on an air transport document such as
“packaging is not sufficient for the air journey” or
words of similar effect is an example of a clause
expressly declaring a defective condition of the
packaging.
b. A clause on an air transport document such as
“packaging may not be sufficient for the air journey”
or words of similar effect does not expressly declare a
defective condition of the packaging.

H21 a. It is not necessary for the word “clean” to appear on

an air transport document even when the credit
requires an air transport document to be marked
“clean”.
b. Deletion of the word “clean” on an air transport
document does not expressly declare a defective
condition of the goods or their packaging.

Goods description

H22 A goods description indicated on an air transport

document may be in general terms not in conflict with
the goods description in the credit.

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 Air transport document

Corrections and alterations (“corrections”)

H23 Any correction of data on an air transport document is

to be authenticated. Such authentication is to appear to
have been made by the carrier or any one of its named
agents, who may be different from the agent that may
have issued or signed the air transport document,
provided they are identified as an agent of the carrier.

H24 Copies of an air transport document need not include

authentication of any corrections that may have been
made on the original.

Freight and additional costs

H25 A statement appearing on an air transport document

indicating the payment of freight need not be identical
to that stated in the credit, but is not to conflict with
data in that document, any other stipulated document
or the credit. For example, when a credit requires an air
transport document to be marked “freight collect”, it
may be marked “freight payable at destination”.

H26 An air transport document may contain separate boxes,

which by their pre-printed headings indicate that they
are for freight charges “prepaid” and for freight charges
“collect”.
a. When a credit requires an air transport document to
show that freight has been prepaid, this will also be
fulfilled by an indication of the freight charges under
the heading “Freight Charges Prepaid” or words of
similar effect.
b. When a credit requires an air transport document to
show that freight is to be collected or paid at
destination, this will also be fulfilled by an indication
of the freight charges under the heading “Freight
Charges Collect” or words of similar effect.

H27 a. When a credit states that costs additional to freight

are not acceptable, an air transport document is not
to indicate that costs additional to the freight have
been or will be incurred.
b. Reference in an air transport document to costs
which may be levied, for example, as a result of a
delay in unloading the goods or after the goods have
been unloaded, is not an indication of costs additional
to freight.

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 Road, Rail or Inland
Water­way transport
documents

Application of UCP 600 article 24

J1 A requirement in a credit for the presentation of a

transport document covering movement of goods by
either road or rail or inland waterway means that UCP
600 article 24 is to be applied in the examination of that
document.

Carrier, identification of the carrier and signing

of a road, rail or inland waterway transport document

J2 a. A road, rail or inland waterway transport document is

to be signed in the form described in UCP 600
sub-article 24 (a) (i) and to indicate the name of the
carrier, identified as the carrier (except as stated in
paragraph J4 (b)).
b. When a road, rail or inland waterway transport
document is signed by a named branch of the carrier,
the signature is considered to have been made by 
the carrier.
c. The term “carrier” includes terms such as “issuing
carrier”, “actual carrier”, “succeeding carrier” and
“contracting carrier”.

J3 Any signature, stamp or notation of receipt of the goods

is to appear to indicate that it has been made by:
a the carrier, identified as the carrier; or
b. a named agent acting or signing for [or on behalf of]
the carrier and indicating the name of the carrier,
identified as the carrier, on whose behalf that agent is
acting or signing; or
c. a railway company or railway station of departure.

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 Road, Rail or Inland Water­way transport documents

J4 a. The term “carrier” need not appear on the signature

line provided the transport document appears to be
signed by the carrier or a named agent for [or on
behalf of] the carrier, and the carrier is otherwise
identified elsewhere in the transport document as the
“carrier”.
b. A rail transport document may bear a date stamp by
the railway company or railway station of departure
without indicating the name of the carrier or a named
agent signing for [or on behalf of] the carrier.

Place of shipment and place of destination

J5 A road, rail or inland waterway transport document is to

indicate the place of shipment and place of destination
stated in the credit. When a credit indicates either of
these places by also stating the country in which the
place is located, the name of the country need not be
stated.

J6 When a credit indicates a geographical area or range of

places of shipment or destination (for example, “China”
or “Shanghai, Beijing or Guangzhou”), a road, rail or
inland waterway transport document is to indicate the
actual place of shipment or destination, which is to be
within that geographical area or range of places. A road,
rail or inland waterway transport document need not
indicate the geographical area.

Original and duplicate of a road, rail or inland

waterway transport document

J7 a. A rail or inland waterway transport document is to be

considered as an original whether or not it is so
marked.
b. A road transport document is to indicate that it is the
original for consignor or shipper (copy for sender) or
bear no marking indicating for whom the document
has been prepared.
c. Presentation of the original for consignor or shipper
(copy for sender) of a road transport document or
duplicate rail transport document shall suffice even
when the credit requires presentation of a full set of
the relevant transport documents.
d. A duplicate (often a carbon copy) of a rail transport
document, authenticated by the signature or stamp
of the railway company or the railway station of
departure, is considered to be an original.

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international standard banking practice

Consignee, order party and notify party

J8 a. When a credit requires a road or rail transport

document to evidence that goods are consigned “to
order of (named entity)”, it may indicate that the
goods are consigned to that entity, without
mentioning “to order of”.
b. When a credit requires a road or rail transport
document to evidence that goods are consigned “to
order” without naming the entity to whose order the
goods are to be consigned, it is to indicate that the
goods are consigned either to the issuing bank or the
applicant, without the need to mention the words “to
order”.
c. When a credit requires an inland waterway transport
document, paragraphs J8 (a) and (b) will apply
except when the document is issued in the form of a
bill of lading. In such event, the consignee field is 
to be completed according to the requirements 
of the credit.

J9 a. When a credit stipulates the details of one or more

notify parties, a road, rail or inland waterway transport
document may also indicate the details of one or
more additional notify parties.
b. i. When a credit does not stipulate the details of a
notify party, a road, rail or inland waterway
transport document may indicate the details of
any notify party and in any manner (except as
stated in paragraph J9 (b) (ii)).
ii. When a credit does not stipulate the details of a
notify party, but the details of the applicant
appear as notify party on a road, rail or inland
waterway transport document, and these details
include the applicant’s address and contact
details, they are not to conflict with those stated in
the credit.

J10 When a credit requires a road, rail or inland waterway

transport document to evidence goods consigned to or
to the order of “issuing bank” or “applicant” or notify
“applicant” or “issuing bank”, a road, rail or inland
waterway transport document is to indicate the name of
the issuing bank or applicant, as applicable, but need
not indicate their respective addresses or any contact
details that may be stated in the credit. A road or rail
transport document need not also indicate “to order of”,
as stated in paragraph J8 (b).

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 Road, Rail or Inland Water­way transport documents

J11 When the address and contact details of the applicant

appear as part of the consignee or notify party details,
they are not to conflict with those stated in the credit.

Transhipment, partial shipment and determining

the presentation period when multiple road, rail or
inland waterway transport documents are presented

J12 Transhipment is the unloading and reloading of goods

from one means of conveyance to another within the
same mode of transport (truck [lorry], train, barge, etc.,)
during the carriage of those goods from the place of
shipment, dispatch or carriage to the place of
destination stated in the credit. When a road, rail or
inland waterway transport document does not indicate
unloading and reloading between these two places, it is
not transhipment in the context of the credit and UCP
600 sub-articles 24 (d) and (e).

J13 Shipment on more than one means of conveyance

(more than one truck [lorry], train, barge, etc.,) is a
partial shipment, even when such means of conveyance
leaves on the same day for the same destination.

J14 a. When a credit prohibits partial shipment, and more

than one road, rail or inland waterway transport
documents are presented covering shipment from
one or more places of shipment, dispatch or carriage
(as specifically allowed, or within a geographical area
or range of places stated in the credit), each road, rail
or inland waterway transport document is to indicate
that it covers the shipment, dispatch or carriage of
goods on the same means of conveyance and same
journey and that the goods are destined for the same
place of destination.
b. When a credit prohibits partial shipment, and more
than one road, rail or inland waterway transport
documents are presented in accordance with
paragraph J14 (a) and incorporate different dates 
of shipment, the latest of these dates is to be used 
for the calculation of any presentation period, and
must fall on or before the latest shipment date stated
in the credit.
c. When partial shipment is allowed, and more than one
road, rail or inland waterway transport documents are
presented as part of a single presentation made
under one covering schedule or letter and incorporate
different dates of shipment, on different means of
conveyance or the same means of conveyance for a

INTERNATIONAL CHAMBER OF COMMERCE (ICC) | 83

international standard banking practice

different journey, the earliest of these dates is to be

used for the calculation of any presentation period
and each of these dates must fall on or before the
latest shipment date stated in the credit.

Clean road, rail or inland waterway transport

document

J15 A road, rail or inland waterway transport document is

not to include a clause or clauses that expressly declare
a defective condition of the goods or their packaging.
For example:
a. A clause on a road, rail or inland waterway transport
document such as “packaging is not sufficient for the
journey” or words of similar effect is an example of a
clause expressly declaring a defective condition of the
packaging.
b. A clause on a road, rail or inland waterway transport
document such as “packaging may not be sufficient
for the journey” or words of similar effect does not
expressly declare a defective condition of the
packaging.

J16 a. It is not necessary for the word “clean” to appear on a

road, rail or inland waterway transport document
even when the credit requires a road, rail or inland
waterway transport document to be marked “clean”
or “clean on board”.
b. Deletion of the word “clean” on a road, rail or inland
waterway transport document does not expressly
declare a defective condition of the goods or their
packaging.

Goods description

J17 A goods description indicated on a road, rail or inland

waterway transport document may be in general terms
not in conflict with the goods description in the credit.

Corrections and alterations (“corrections”)

J18 Any correction of data on a road, rail or inland waterway

transport document is to be authenticated. Such
authentication is to appear to have been made by the
carrier or any one of its named agents, who may be
different from the agent that may have issued or signed
the transport document, provided they are identified as
an agent of the carrier.

84 | INTERNATIONAL CHAMBER OF COMMERCE (ICC)

 Road, Rail or Inland Water­way transport documents

J19 Copies of a road, rail or inland waterway transport

document need not include any authentication of any
corrections that may have been made on the original.

Freight

J20 a. A statement appearing on a road, rail or inland

waterway transport document indicating the
payment of freight need not be identical to that
stated in the credit, but is not to conflict with data in
that document, any other stipulated document or the
credit. For example, when a credit requires a road, rail
or inland waterway transport document to be marked
“freight collect”, it may be marked “freight payable at
destination”.
b. When a credit requires a road, rail or inland waterway
transport document to indicate that freight has been
prepaid or freight is to be collected at destination, this
will also be fulfilled by the completion of boxes
marked “Franco” (freight prepaid) or “Non-Franco”
(freight to be collected).

INTERNATIONAL CHAMBER OF COMMERCE (ICC) | 85

 Insurance document
and coverage

Application of UCP 600 article 28

K1 A requirement in a credit for the presentation of an

insurance document, such as an insurance policy,
insurance certificate or declaration under an open cover,
means that UCP 600 article 28 is to be applied in the
examination of that document.

Issuer, signing and original of an insurance document

K2 a. An insurance document is to appear to have been

issued and signed by an insurance company or
underwriter or their agent or proxy. For example, an
insurance document issued and signed by “AA
Insurance Ltd” appears to have been issued by an
insurance company.
b. When an issuer is identified as “insurer”, the insurance
document need not indicate that it is an insurance
company or underwriter.

K3 An insurance document may also be issued on an

insurance broker’s stationery, provided the insurance
document has been signed by an insurance company or
underwriter or their agent or proxy. An insurance broker
may sign an insurance document as agent or proxy for
[or on behalf of] a named insurance company or named
underwriter.

K4 An insurance document signed by an agent or proxy is

to indicate the name of the insurance company or
underwriter for [or on behalf of] which the agent or
proxy is signing, unless the insurance company or
underwriter name has been identified elsewhere in the
document. For example, when “AA Insurance Ltd” has
been identified as the insurer, the document may be
signed “John Doe (by proxy) on behalf of the insurer” or
“John Doe (by proxy) on behalf of AA Insurance Ltd”.

86 | INTERNATIONAL CHAMBER OF COMMERCE (ICC)

 Insurance document and coverage

K5 When an insurance document requires a

countersignature by the issuer, the assured or a named
entity, it must be countersigned.

K6 An insurance document may show only the trading

name of the insurance company in the signing field,
provided it is identified as the insurance company
elsewhere on the document, for example, when an
insurance document is issued and signed “AA” in the
signing field but shows “AA Insurance Ltd” and its
address and contact information elsewhere in the
document.

K7 a. An insurance document that indicates that cover is

provided by more than one insurer may be signed by
a single agent or proxy on behalf of all insurers or be
signed by an insurer for [or on behalf of] all co-
insurers. An example of the latter will be when an
insurance document is issued and signed “AA
Insurance Ltd, leading insurer for [or on behalf of] the
co-insurers”.
b. Notwithstanding the provisions in paragraphs K2, K3
and K4, an insurance document which indicates that
cover is provided by more than one insurer need not
show the names of each insurer or the percentage of
cover of each insurer.

K8 When a credit requires the insurance document to be

issued in more than one original, or when the insurance
document indicates that it has been issued in more than
one original, all originals are to be presented and are to
appear to have been signed.

Dates

K9 An insurance document is not to indicate an expiry date

for the presentation of any claims thereunder.

K10 a. An insurance document is not to indicate that cover is

effective from a date later than the date of shipment.
b. When an insurance document indicates a date of
issuance later than the date of shipment (as defined
in UCP 600 articles 19-25), it is to clearly indicate by
addition or note that coverage is effective from a date
not later than the date of shipment.
c. An insurance document that indicates coverage has
been effected from “warehouse-to-warehouse” or
words of similar effect, and is dated after the date of
shipment, does not indicate that coverage was effect­
ive from a date not later than the date of shipment.

INTERNATIONAL CHAMBER OF COMMERCE (ICC) | 87

international standard banking practice

K11 Inissuance
the absence of any other date stated to be the
date or effective date of insurance coverage, a
countersignature date will be deemed to be evidence of
the effective date of the insurance coverage.

Amount of cover and percentage

K12 When a credit does not indicate an amount to be

insured, an insurance document is to be issued in the
currency of the credit and, as a minimum, for the
amount indicated under UCP 600 sub-article 28 (f) (ii).
There is no maximum percentage of insurance coverage.

K13 There is no requirement for insurance coverage to be

calculated to more than two decimal places.

K14 An insurance document may indicate that cover is

subject to a franchise or excess (deductible). However,
when a credit requires the insurance cover to be
irrespective of percentage, the insurance document is
not to contain a clause stating that the insurance cover
is subject to a franchise or an excess (deductible). An
insurance document need not state “irrespective of
percentage”.

K15 When it is apparent from the credit or from the

presentation that the amount demanded only represents
a certain part of the gross value of the goods (for
example, due to discounts, pre-payments or the like, or
because part of the value of the goods is to be paid at a
later date), the calculation of insurance cover is to be
based on the full gross value of the goods as shown on
the invoice or the credit and subject to the requirements
of UCP 600 sub-article 28 (f) (ii).

K16 Insurance covering the same risk for the same shipment
is to be covered under one document unless more than
one insurance document is presented indicating partial
cover, and each document clearly reflects, by
percentage or otherwise:
a. the value of each insurer’s cover;
b. that each insurer will bear its share of the liability
severally and without pre-conditions relating to any
other insurance cover that may have been effected
for that shipment; and
c. the respective coverage of the documents, when
totalled, equals at least the insured amount required
by the credit or UCP 600 sub-article 28 (f) (ii).

88 | INTERNATIONAL CHAMBER OF COMMERCE (ICC)

 Insurance document and coverage

Risks to be covered

K17 a. An insurance document is to cover the risks required

by the credit.
b. Even though a credit may be explicit with regard to
risks to be covered, there may be a reference to
exclusion clauses in the insurance document.

K18 When a credit requires “all risks” coverage, this is

satisfied by the presentation of an insurance document
evidencing any “all risks” clause or notation, whether or
not it bears the heading “all risks”, even when it is
indicated that certain risks are excluded. An insurance
document indicating that it covers Institute Cargo
Clauses (A) or Institute Cargo Clauses (Air), when
dispatch is effected by air satisfies a condition in a credit
calling for an “all risks” clause or notation.

Insured party and endorsement

K19 An insurance document is to be in the form required by

the credit and, where necessary, be endorsed by the
entity to whose order or in whose favour claims are
payable.

K20 a. A credit should not require an insurance document to

be issued “to bearer”, or “to order”. A credit should
indicate the name of an insured party.
b. When a credit requires an insurance document to be
issued ”to order of (named entity)” the document
need not indicate “to order” provided that the named
entity is shown as the insured party or claims are
payable to it, and assignment by endorsement is not
expressly prohibited.

K21 a. When a credit is silent as to the insured party, an

insurance document is not to evidence that claims are
payable to the order of, or in favour of, the beneficiary
or any entity other than the issuing bank or applicant,
unless it is endorsed by the beneficiary or that entity
in blank or in favour of the issuing bank or applicant.
b. An insurance document is to be issued or endorsed
so that the right to receive payment under it passes
upon, or prior to, the release of the documents.

INTERNATIONAL CHAMBER OF COMMERCE (ICC) | 89

international standard banking practice

General terms and conditions of an insurance

document

K22 Banks do not examine general terms and conditions

in an insurance document.

Insurance premium

K23 Any indication on an insurance document regarding

payment of an insurance premium is to be disregarded
unless the insurance document indicates that it is not
valid unless the premium has been paid and there is an
indication that the premium has not been paid.

90 | INTERNATIONAL CHAMBER OF COMMERCE (ICC)

Certificate of origin

Basic requirement and fulfilling its function

L1 When a credit requires the presentation of a certificate

of origin, this will be satisfied by the presentation of a
signed document that appears to relate to the invoiced
goods and certifies their origin.

L2 When a credit requires the presentation of a specific

form of certificate of origin such as a GSP Form A, only
a document in that specific form is to be presented.

Issuer of a certificate of origin

L3 a. A certificate of origin is to be issued by the entity

stated in the credit.
b. When a credit does not indicate the name of an
issuer, any entity may issue a certificate of origin.
c. i. When a credit requires the presentation of a
certificate of origin issued by the beneficiary, the
exporter or the manufacturer, this condition will
also be satisfied by the presentation of a
certificate of origin issued by a Chamber of
Commerce or the like, such as, but not limited to,
Chamber of Industry, Association of Industry,
Economic Chamber, Customs Authorities and
Department of Trade or the like, provided it
indicates the beneficiary, the exporter or the
manufacturer as the case may be.
ii. When a credit requires the presentation of a
certificate of origin issued by a Chamber of
Commerce, this condition will also be satisfied by
the presentation of a certificate of origin issued by
a Chamber of Industry, Association of Industry,
Economic Chamber, Customs Authorities and
Department of Trade or the like.

INTERNATIONAL CHAMBER OF COMMERCE (ICC) | 91

international standard banking practice

Content of a certificate of origin

L4 A certificate of origin is to appear to relate to the

invoiced goods, for example, by:
a. a goods description that corresponds to that in the
credit or a description shown in general terms not in
conflict with the goods description in the credit; or
b. referring to a goods description appearing in another
stipulated document or in a document that is
attached to, and forming an integral part of, the
certificate of origin.

L5 Consignee information, when shown, is not to conflict

with the consignee information in the transport
document. However, when a credit requires a transport
document to be issued “to order”, “to the order of
shipper”, “to order of issuing bank”, “to order of
nominated bank (or negotiating bank)” or “consigned to
issuing bank”, a certificate of origin may show the
consignee as any entity named in the credit except the
beneficiary. When a credit has been transferred, the first
beneficiary may be stated to be the consignee.

L6 A certificate of origin may indicate as the consignor or

exporter an entity other than the beneficiary of the
credit or the shipper as shown on any other stipulated
document.

L7 When a credit indicates the origin of the goods without

stipulating a requirement for the presentation of a
certificate of origin, any reference to the origin on a
stipulated document is not to conflict with the stated
origin. For example, when a credit indicates “origin of
the goods: Germany” without requiring the presentation
of a certificate of origin, a statement on any stipulated
document indicating a different origin of the goods is to
be considered a conflict of data.

L8 A certificate of origin may indicate a different invoice

number, invoice date and shipment routing to that
indicated on one or more other stipulated documents,
provided the exporter or consignor shown on the
certificate of origin is not the beneficiary.

92 | INTERNATIONAL CHAMBER OF COMMERCE (ICC)

Packing list, note or slip
(“packing list”)

Basic requirement and fulfilling its function

M1 When a credit requires the presentation of a packing list,

this will be satisfied by the presentation of a document
titled as called for in the credit, or bearing a similar title
or untitled, that fulfils its function by containing any
information as to the packing of the goods.

Issuer of a packing list

M2 A packing list is to be issued by the entity stated

in the credit.

M3 When a credit does not indicate the name of an issuer,

any entity may issue a packing list.

Content of a packing list

M4 When a credit indicates specific packing requirements,

without stipulating the document to indicate compliance
with these requirements, any data regarding the packing
of the goods mentioned on a packing list, if presented,
are not to conflict with those requirements.

M5 A packing list may indicate a different invoice number,

invoice date and shipment routing to that indicated on
one or more other stipulated documents, provided the
issuer of the packing list is not the beneficiary.

M6 Banks only examine total values, including, but not

limited to, total quantities, total weights, total
measurements or total packages, to ensure that the
applicable total does not conflict with a total shown in
the credit and on any other stipulated document.

international standard banking practice | 93

 Weight list, note or slip
(“weight list”)

Basic requirement and fulfilling its function

N1 When a credit requires the presentation of a weight list,

this will be satisfied by the presentation of a document
titled as called for in the credit, or bearing a similar title
or untitled, that fulfils its function by containing any
information as to the weight of the goods.

Issuer of a weight list

N2 A weight
credit.
list is to be issued by the entity stated in the

N3 When a credit does not indicate the name of an issuer,

any entity may issue a weight list.

Content of a weight list

N4 When a credit indicates specific weight requirements,

without stipulating the document to indicate compliance
with these requirements, any data regarding the weight
of the goods mentioned on a weight list, if presented,
are not to conflict with those requirements.

N5 A weight list may indicate a different invoice number,

invoice date and shipment routing to that indicated on
one or more other stipulated documents, provided the
issuer of the weight list is not the beneficiary.

N6 Banks only examine total values, including, but not

limited to, total quantities, total weights, total
measurements or total packages, to ensure that the
applicable total does not conflict with a total shown in
the credit and on any other stipulated document.

94 | INTERNATIONAL CHAMBER OF COMMERCE (ICC)

Beneficiary’s certificate

Basic requirement and fulfilling its function

P1 When a credit requires the presentation of a

beneficiary’s certificate, this will be satisfied by the
presentation of a signed document titled as called for in
the credit, or bearing a title reflecting the type of
certification that has been requested or untitled, that
fulfils its function by containing the data and
certification required by the credit.

Signing of a beneficiary’s certificate

P2 A beneficiary’s certificate is to be signed by, or for [or on

behalf of], the beneficiary.

Content of a beneficiary’s certificate

P3 Data mentioned on a beneficiary’s certificate are not to

conflict with the requirements of the credit.

P4 The data or certification mentioned on a beneficiary’s

certificate:
a. need not be identical to that required by the credit,
but are to clearly indicate that the requirement
prescribed by the credit has been fulfilled;
b. need not include a goods description or any other
reference to the credit or another stipulated
document.

INTERNATIONAL CHAMBER OF COMMERCE (ICC) | 95

 Analysis, Inspection,
Health, Phytosanitary,
Quantity, Quality and
other certificates
(“certificate”)
Basic requirement and fulfilling its function

Q1 When a credit requires the presentation of such a

certificate, this will be satisfied by the presentation of a
signed document titled as called for in the credit, or
bearing a similar title or untitled, that fulfils its function
by certifying the outcome of the required action, for
example, the results of the analysis, inspection, health,
phytosanitary, quantity or quality assessment.

Q2 When a credit requires the presentation of a certificate

that relates to an action required to take place on or
prior to the date of shipment, the certificate is to
indicate:
a. an issuance date that is no later than the date of
shipment; or
b. wording to the effect that the action took place prior
to, or on the date of, shipment, in which event, when
an issuance date is also indicated, it may be
subsequent to the shipment date but no later than
the date of presentation of the certificate; or
c. a title indicating the event, for example, “Pre-
shipment Inspection Certificate”.

Issuer of a certificate

Q3 A certificate
credit.
is to be issued by the entity stated in the

Q4 When a credit does not indicate the name of an issuer,

any entity including the beneficiary may issue a
certificate.

Q5 When a credit makes reference to an issuer of a

certificate in the context of its being “independent”,
“official”, “qualified” or words of similar effect, a
certificate may be issued by any entity except the
beneficiary.

96 | INTERNATIONAL CHAMBER OF COMMERCE (ICC)

 CERTIFICATE

Contents of a certificate

Q6 A certificate may indicate:

a. that only a sample of the required goods has been
tested, analyzed or inspected;
b. a quantity that is greater than that stated in the credit
or on any other stipulated document; or
c. more hold, compartment or tank numbers than that
stated on the bill of lading or charter party bill of
lading.

Q7 When a credit indicates specific requirements with

respect to analysis, inspection, health, phytosanitary,
quantity or quality assessment or the like, with or
without stipulating the document to indicate compliance
with these requirements, the data regarding the analysis,
inspection, health, phytosanitary, quantity or quality
assessment or the like mentioned on the certificate or
any other stipulated document are not to conflict with
those requirements.

Q8 When a credit is silent as to the specific content to

appear on a certificate, including, but not limited to, any
required standard for determining the results of the
analysis, inspection or quality assessment, the certificate
may include statements such as “not fit for human
consumption”, “chemical composition may not meet
required needs” or words of similar effect, provided such
statements do not conflict with the credit, any other
stipulated document or UCP 600.

Q9 Consignee information, when shown, is not to conflict

with the consignee information in the transport
document. However, when a credit requires a transport
document to be issued “to order”, “to the order of
shipper”, “to order of issuing bank”, “to order of
nominated bank (or negotiating bank)” or “consigned to
issuing bank”, a certificate may show the consignee as
any entity named in the credit except the beneficiary.
When a credit has been transferred, the first beneficiary
may be stated to be the consignee.

Q10 A certificate may indicate as the consignor or exporter

an entity other than the beneficiary of the credit or the
shipper as shown on any other stipulated document.

Q11 A certificate may indicate a different invoice number,

invoice date and shipment routing to that indicated on
one or more other stipulated documents, provided the
exporter or consignor shown on the certificate is not 
the beneficiary.

INTERNATIONAL CHAMBER OF COMMERCE (ICC) | 97

 ICC at a glance
International Chamber of Commerce (ICC) is the world business
organization, a representative body that speaks with authority on
behalf of enterprises from all sectors in every part of the world.

The fundamental mission of ICC is to promote open international

trade and investment and help business meet the challenges and
opportunities of globalization. Its conviction that trade is a
powerful force for peace and prosperity dates from the
organization’s origins early in the 20th century. The small group of
far-sighted business leaders who founded ICC called themselves
“the merchants of peace”.
ICC has three main activities: rule setting, dispute resolu­tion, and
policy advocacy. Because its member companies and associations
are themselves engaged in international business, ICC has
unrivalled authority in making rules that govern the conduct of
business across borders. Although these rules are voluntary, they
are observed in countless thousands of transactions every day and
have become part of the fabric of international trade.
ICC also provides essential services, foremost among them the ICC
International Court of Arbitration, the world’s leading arbitral
institution. Another service is the World Chambers Federation,
ICC’s worldwide network of chambers of commerce, fostering
interaction and exchange of chamber best practice. ICC also offers
specialized training and seminars and is an industry-leading
publisher of practical and educational reference tools for
international business, banking and arbitration.
Business leaders and experts drawn from the ICC membership
establish the business stance on broad issues of trade and
investment policy as well as on relevant technical subjects. These
include anti-corruption, banking, the digital economy, marketing
ethics, environment and energy, competition policy and
intellectual property, among others.
ICC works closely with the United Nations, the World Trade
Organization and intergovernmental forums including the G20.
ICC was founded in 1919. Today its global network comprises over
6 million companies, chambers of commerce and business
associations in more than 130 countries. National committees work
with ICC members in their countries to address their concerns and
convey to their governments the business views formulated by ICC.

98 | INTERNATIONAL CHAMBER OF COMMERCE (ICC)

ICC Banking Commission
at a glance
The world’s essential rule-making body for the banking industry
With 80 years of experience and more than 600 members 
in + 100 countries, the ICC Banking Commission – the largest
commission of ICC, the World Business Organisation – has rightly
gained a reputation as the most authoritative voice in the field 
of trade finance.
Rules
ICC Banking Commission produces universally accepted rules and
guidelines for international banking practice. ICC rules on
documentary credits, UCP 600, are the most successful privately
drafted rules for trade ever developed, serving as the basis of
USD2 trillion trade transactions a year.
Policy-making
ICC Banking Commission is helping policy makers and standard
setters to translate their vision into concrete programmes and
regulations to enhance business practices throughout the world.
Publications and market intelligence
Used by banking professionals and trade finance experts
worldwide, ICC Banking Commission publications and market
intelligence is the industry’s most reputable and reliable source of
guidance to bankers and practitioners in a broad range of fields.
Dispute resolution
The ICC Banking Commission and ICC International Centre for
Expertise administer the ICC Rules for Documentary Instruments
Dispute Resolution Expertise (DOCDEX) to facilitate the rapid
settlement of disputes arising in banking.
Education and certification
Over ten thousand people in over 100 countries have trained and
been certified in international trade finance using our suite of ICC
approved online training services and certification facilities.
Specialized training and events
In addition to its bi-annual summit gathering +300 international
delegates every six months, the ICC Banking Commission
organizes regular seminars and conferences around the world, in
partnerships with ICC National Committees and other sponsors.
Strategic partnerships
Well-established collaboration with leading policy makers and
trade association, including WTO (World Trade Organization), ADB
(Asian Development Bank), Berne Union, EBRD (European Bank
for Reconstruction and Development), IDB (Inter-American
Development Bank), IFC (International Finance Corporation), IMF
(International Monetary Fund), SWIFT, the World Bank and others.

INTERNATIONAL CHAMBER OF COMMERCE (ICC) | 99

 ICC Tools
for Trade Finance
The Law of Letters of Credit in China
Commentary and Materials on the Chinese Supreme People’s Court’s
Judicial Interpretations of Letters of Credit
By Jin Saibo
ICC Pub. No. 736E, €59
Written by a renowned expert, this publication contains detailed
comments, in-depth explanations and critical analyses that will
enable trade finance practitioners to better understand the L/C
system and related judicial interpretations in China. Invaluable for
anyone doing export/import transactions with China!

Uniform Rules for Bank Payment Obligations (URBPO)

Created by the ICC Banking Commission and SWIFT
ICC Pub. No. 750 E, €25
ICC’s URBPO are the first-ever drafted Uniform Rules for Bank
Payment Obligations, a 21st century standard in supply chain 
finance that governs BPO transactions worldwide. The ICC Banking
Commission has developed the Rules for Bank Payment Obligation
in partnership with financial messaging provider SWIFT to take 
into account the legitimate expectations of all relevant sectors.
Bankers, traders, lawyers and all trade practitioners who deal with
BPO will refer to these rules on a daily basis.

ICC Uniform Rules for Forfaiting — URF 800

Created by the ICC Banking Commission
and the International Forfaiting Association (IFA )
ICC Pub. No. 800E, €25
URF 800 provide a standard set of forfaiting rules that reflect a
broad consensus among bankers, users and all members of the
forfaiting community worldwide. Created by experts for experts,
these rules are a must-have reference for anyone involved in
international trade finance transactions.

Order online at www.iccbooks.com

ICC Trade Finance Suite — online training

The most comprehensive online training in documentary credits,
standby letters of credit, collections and demand guarantees
This e-learning course ensures that trade finance professionals 
have the requisite skills to issue, process and honour trade 
products in line with the provisions of the ICC Trade Rules 
(URC 522, UCP 600, URDG 758 and ISP98). Find out more 
at www.iccwbo.org/onlinetraining

100 | INTERNATIONAL CHAMBER OF COMMERCE (ICC)