Any rules the credit is subject to must be indicated in field 40E of the MT 720 this message relates to.
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 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 47B 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 721s. Up to three MT 721s may be sent in addition to the MT 720.
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, the Receiver 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.
The transferring bank must transfer the documentary credit, including all its details, in a way that is clear and unambiguous to the beneficiary.
