Unless otherwise specified, the documentary credit is issued subject to the Uniform Customs and Practice for documentary credits, International Chamber of Commerce, Paris, France, which are in effect on the date of issue. The advising bank, ie, the Receiver of the message, must inform the beneficiary or another advising bank when the credit is subject to the ICC UCP. It is recommended though to always mention explicitly the adherence to UCP in field 47A Additional Conditions.
If the documentary credit is issued subject to the Supplement of the Uniform Customs and Practice for Documentary Credits for Electronic Presentation (eUCP), the credit must indicate this and specify the applicable version of the eUCP. If no eUCP version is indicated, the credit is subject to the version in effect on the date the credit is issued.
Unless otherwise specified, reimbursements under the documentary credit issued are, if applicable, subject to the Uniform Rules for Bank-to-Bank Reimbursements under documentary credits, International Chamber of Commerce, Paris, France, which are in effect on the date of issue.
The advising bank, ie, the Receiver of the message, should, where applicable, inform the nominated bank when the reimbursement is subject to ICC URR. In case of a freely negotiable credit this should be done by informing the beneficiary.
When the documentary credit message exceeds the maximum input message length, additional documentary credit information should be transmitted via one or more MT 711s. Up to three MT 711s may be sent in addition to the MT 710.
Unless otherwise specified, a documentary credit advised to the beneficiary or another advising bank based on a SWIFT message constitutes an operative credit instrument.
For freely negotiable documentary credits, if the Receiver does not further transmit the credit by another MT 710, it must add sentences to the effect that:
The advice to the beneficiary must be presented at each negotiation.
The negotiating bank must note each negotiation on that advice.
For freely negotiable documentary credits, if the Receiver does not further transmit the credit by another MT 710, it must add sentences to the effect that:
The advice to the beneficiary must be presented at each negotiation.
The negotiating bank must note each negotiation on that advice.
To avoid misunderstandings, where possible, banks are to use Bank Identifier Codes rather than expressions such as 'ourselves', 'yourselves', 'us', 'you', etc.
If this message is used to advise a non-bank issued documentary credit, field 50B must be present.
The advising bank must advise a documentary credit, including all its details, in a way that is clear and unambiguous to the beneficiary.
If this message is used to advise a non-bank issued letter of credit, the sender of this message is responsible for informing the receiver of the message about the non-bank status of the issuer. The sender should specify in free text form in field 52D, Issuing Bank, that the issuer is a non-bank and mention the name and address of the non-bank issuer in field 47A, Additional Conditions.
