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The publication International Standard Banking Practice for the Examination of Documents under UCP 600.
Paragraph C1 to C15
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.
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) When a credit is issued in USD, and the invoice currency is shown as a “$” sign,
without further qualification, the invoice will fulfil the requirement of UCP 600 subarticle
18 (a) (iii) of being made out in the same currency as the credit, unless data
in the invoice itself, such as the domicile of the beneficiary is in a country whose
currency is denominated in dollars and/or is commonly referred to with a “$” sign,
or another presented document implies that the “$” sign may refer to a currency
other than USD.
C8) An invoice may indicate a deduction covering advance payment, discount, etc., that is not stated in the credit.
C9) 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.
C10) 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.
C11) An invoice need not be signed or dated.
C12) 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.
C13) 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.
C14) 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.
C15) 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.
Instalment drawings or shipments
C16) 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 C16) (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.