Just found time to review the <<Banking>> Commission documents from the 10 – 11 May meeting in Paris. Pleased to see the latest attempt to get Article 14dii <<overriders>> (Document 470/TA.559) has -quite rightly- failed.
I also notice that the meeting minutes state, regarding the revised draft Article 1 for UCP600:
<<Another issue concerned the words <<unless otherwise expressly stated, the articles will apply>>. Some national committees believed the scope of this statement should be restricted.>>
In a purely personal capacity:
When are these people going to understand that there is nothing, absolutely nothing, in principle that can be done to prevent the varying of the standard (or in contemporary bastardized English: <<default>>) contractual terms and conditions, in any manner the relevant party(ies) see(s) fit, that simply are the UCP? (In other words, even if the UCP did seek to restrict these <<override>> rights, it would still be legally ineffective.)
Of course, if the UCP is revised actually to reflect what is fast becoming <<banking practice>> the Article 14dii problem at least should go away.
[edited 7/20/2004 1:12:51 PM]