I received last week the following e-mail message:
“ICC Events is pleased to announce its upcoming event on
The UCP 600
where the UCP Drafting Group will take you through the UCP revision article-by-article
Thursday 26 October 2006, Paris”
Are the ICC saying the text of UCP600 will definitely be approved at the October meeting ‘come what may’?
UCP600
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KimChristensen
- Posts: 404
- Joined: Fri Apr 05, 2019 5:21 pm
UCP600
Dear Jeremy
He he nice one
The time schedule is actually explained very “balanced” and (as I see it) fair on page 2 in the latest – (just published) DCI (UCP Update – A possible scenario for approval) … probably on these pages soon …
Best regards
Kim
He he nice one
The time schedule is actually explained very “balanced” and (as I see it) fair on page 2 in the latest – (just published) DCI (UCP Update – A possible scenario for approval) … probably on these pages soon …
Best regards
Kim
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RolandLeupi
- Posts: 115
- Joined: Fri Apr 05, 2019 5:26 pm
UCP600
Jeremy,
I received the same message today. I hardly believe that the indicated date will be the definite acceptance of the revised / new rules
Let's be surprised
Roland
I received the same message today. I hardly believe that the indicated date will be the definite acceptance of the revised / new rules
Let's be surprised
Roland
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RolandLeupi
- Posts: 115
- Joined: Fri Apr 05, 2019 5:26 pm
UCP600
.........the indicated date will NOT........
sorry
sorry
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JudithAutié
- Posts: 195
- Joined: Fri Apr 05, 2019 5:20 pm
UCP600
Jeremy
As we say on the other side of the pond "bet you dollars to donuts" that the UCP600 will do or die at the October meeting. And frankly, I don't think it would be any too soon -- after all, whatever the project, at one point a decision has to be taken and I, for one, think that the process has been going on for far too long. You can never get every person to agree to everything, and I think that we have had quite a long time to make our opinions known. So lets get going and get on with business.
Hardliner me? maybe, but perfection is not of this world, so we'll have to learn to live with the new rules.
See you in Vienna?
Judith
As we say on the other side of the pond "bet you dollars to donuts" that the UCP600 will do or die at the October meeting. And frankly, I don't think it would be any too soon -- after all, whatever the project, at one point a decision has to be taken and I, for one, think that the process has been going on for far too long. You can never get every person to agree to everything, and I think that we have had quite a long time to make our opinions known. So lets get going and get on with business.
Hardliner me? maybe, but perfection is not of this world, so we'll have to learn to live with the new rules.
See you in Vienna?
Judith
UCP600
Judith,
Not necessarily (regarding having to live with the rules). I believe it is reasonably arguable that there was not a mandate to revise the UCP and that if there was the mandate has been significantly exceeded, giving rise to substantial costs for banks, if no one else, that could have been easily avoided. It is quite possible that banks / applicants / beneficiaries may decide that they far prefer UCP500 and seek to continue to use it after the introduction of UCP600. I could well understand such an approach.
Jeremy
[edited 4/25/2006 11:44:43 AM]
Not necessarily (regarding having to live with the rules). I believe it is reasonably arguable that there was not a mandate to revise the UCP and that if there was the mandate has been significantly exceeded, giving rise to substantial costs for banks, if no one else, that could have been easily avoided. It is quite possible that banks / applicants / beneficiaries may decide that they far prefer UCP500 and seek to continue to use it after the introduction of UCP600. I could well understand such an approach.
Jeremy
[edited 4/25/2006 11:44:43 AM]
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JudithAutié
- Posts: 195
- Joined: Fri Apr 05, 2019 5:20 pm
UCP600
Jeremy
I'll still bet you dollars to donuts that the UCP 600 will end up adopted at the Oct meeting.
I sincerely doubt that, if and when adopted, banks will refuse to use them and continue to insist on using the 500 version. What I do think will happen is that any articles that the bank (or their national committees) object to will give rise to credits bearing "special conditions" excluding the clauses, such as Algerian credits which exclude Art 18c & d or Egyptian credits excluding parts of Art.23 etc.
This is, in my opinion, unfortunate since it detracts from the universality of the UCP, but probably unavoidable, due to specific regulations/laws of various countries.
Judith
P.S. Even if the 600 are not adopted in October, nothing to prevent a discussion by the drafting committee on each article as it stands and eventually the points which were still arguable.
I'll still bet you dollars to donuts that the UCP 600 will end up adopted at the Oct meeting.
I sincerely doubt that, if and when adopted, banks will refuse to use them and continue to insist on using the 500 version. What I do think will happen is that any articles that the bank (or their national committees) object to will give rise to credits bearing "special conditions" excluding the clauses, such as Algerian credits which exclude Art 18c & d or Egyptian credits excluding parts of Art.23 etc.
This is, in my opinion, unfortunate since it detracts from the universality of the UCP, but probably unavoidable, due to specific regulations/laws of various countries.
Judith
P.S. Even if the 600 are not adopted in October, nothing to prevent a discussion by the drafting committee on each article as it stands and eventually the points which were still arguable.
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KimChristensen
- Posts: 404
- Joined: Fri Apr 05, 2019 5:21 pm
UCP600
Dear Jeremy,
I surely hope that your “black predictions” do not come through If the rules are approved in October, I hope that the banks will decide to use them. Working with two sets of UCP’s will certainly not be ideal for anyone – say least the buyers and the sellers.
Talking about buyers and sellers – you mention that e.g. the applicants/beneficiaries may decide that they prefer UCP 500. Given the knowledge I have of applicants/beneficiaries in this part of the world, I am pretty sure they will follow the advise from their bankers … so my point is that it is for the bankers to decide whether or not the UCP 600 will be successful.
Best regards
Kim
I surely hope that your “black predictions” do not come through
If the rules are approved in October, I hope that the banks will decide to use them. Working with two sets of UCP’s will certainly not be ideal for anyone – say least the buyers and the sellers.Talking about buyers and sellers – you mention that e.g. the applicants/beneficiaries may decide that they prefer UCP 500. Given the knowledge I have of applicants/beneficiaries in this part of the world, I am pretty sure they will follow the advise from their bankers … so my point is that it is for the bankers to decide whether or not the UCP 600 will be successful.
Best regards
Kim