UCP600 Article 5
Posted: Sat Nov 25, 2006 12:00 am
UCP600 Article 5 states "Banks deal with documents and not with goods, services or performance to which the documents may relate".
UCP500 Article 4 states "In Credit operations all parties concerned deal with documents, and not with goods, services and/or other performances to which the documents may relate".
It seems UCP600 implies parties other than banks deal with documents, goods, services ...Nowadays there are quite a number of non-bank inssued LC (Private Label LC) all subject to UCP. Base on the new Articles, as they are not banks, so they could deal with both documents and goods even they subject to UCP600?
UCP500 Article 4 states "In Credit operations all parties concerned deal with documents, and not with goods, services and/or other performances to which the documents may relate".
It seems UCP600 implies parties other than banks deal with documents, goods, services ...Nowadays there are quite a number of non-bank inssued LC (Private Label LC) all subject to UCP. Base on the new Articles, as they are not banks, so they could deal with both documents and goods even they subject to UCP600?