Bank "A" issued a Standby L/C about 18 years back but failed to mention it is subject to UCP. The L/c is still valid and issuing bank want to incorporate the UCP clause in the L/C by way of amendment.
Do you think it is wise to do so for such L/C which was issued 18 years before ? Or leave it as is.
Shahed
Toronto
UCP Rules
UCP Rules
Sean,
Why to make a change when everything goes well as it is ?
If for 18 years you didn't face any problems,let it be as it is.
I presume has been issued in 1989
when Publication 400 was in force.
If you really want to change the rules in the middle of the game you may issue an amendment and make it subject either to ucp600 or to isp98.
Regards,
Bogdan.
Why to make a change when everything goes well as it is ?
If for 18 years you didn't face any problems,let it be as it is.
I presume has been issued in 1989
when Publication 400 was in force.
If you really want to change the rules in the middle of the game you may issue an amendment and make it subject either to ucp600 or to isp98.
Regards,
Bogdan.
UCP Rules
Issuance of an amendment subjecting the LC to the UCP (whatever version) or ISP is likely to give the beneficiary the option of applying the indicated rules or not. Regards, Jim Barnes