MT 760 Field Specifications

5. Field 40C: Applicable Rules

FORMAT

Option C

4!a[/35x]

(Type) (Narrative)

PRESENCE

Mandatory

DEFINITION

This field specifies the rules the guarantee is subject to.

CODES

Type must contain one of the following codes (Error code(s): T60):

URDG	The guarantee is subject to the ICC Uniform Rules for Demand Guarantees.
URCG	The guarantee is subject to the ICC Uniform Rules for Contract Guarantees.
NONE	The guarantee is not subject to any rules.
OTHR	The guarantee is subject to another set of rules, which must be specified in Narrative (2nd subfield).

NETWORK VALIDATED RULES

Subfield 2 of field 40C, i.e. "/"35x, is only allowed when subfield 1 of this field consists of 'OTHR' (Error code(s): D81).

USAGE RULES

Unless otherwise specified, the applicable version of the rules (Uniform Rules for Demand Guarantees / Uniform Rules for Contract Guarantees, International Chamber of Commerce, Paris, France) is the one which is in effect on the date of the issue.

If the code OTHR is used, the applicable rule should be mentioned in the narrative field.