The next mandatory field is field 40E (Applicable Rules) which must present in every LC issued. This field is customarily indicated by the issuing bank which corresponds to the type of the LC issued, either commercial LC or standby LC. This field must contain one of the following codes:
EUCP LATEST VERSION
EUCP LATEST VERSION
The documentary credit is subject to the version of the supplement of the ICC Uniform Customs and Practice for Documentary Credits for Electronic Presentations, International Chamber of Commerce, Paris, France, which is in effect on the date of issue.
EUCPURR LATEST VERSION
EUCPURR LATEST VERSION
The documentary credit is subject to the version of the supplement of the ICC Uniform Customs and Practice for Documentary Credits for Electronic presentations and the version of the Uniform Rules for Bank-to-Bank Reimbursements.
ISP LATEST VERSION
ISP LATEST VERSION
The standby letter of credit is subject to the version of the ICC International Standby Practices, International Chamber of Commerce, Paris, France, which is in effect on the date of issue.
OTHR
OTHR
The credit is subject to any other rules.
UCP LATEST VERSION
UCP LATEST VERSION
The documentary credit is subject to the version of the ICC uniform Customs and Practice for Documentary Credits, International Chamber of Commerce, Paris, France, which is in effect on the date of issue.
UCPURR LATEST VERSION
UCPURR LATEST VERSION
The documentary credit is subject to the version of the ICC Uniform Custom and Practice for Documentary Credits and the version of the Uniform Rules for Bank-to-Bank Reimbursements.
The incorporation of either of the codes mentioned above into the LC forms the text of the LC and therefore governs the LC primarily, but of course not solely. Such incorporation will also form a parol of evidence rules in the court of law. Courts and arbitration tribunals applies the UCP because it is the most universally followed set of customary documentary credit rules. However, it does not prevent a court from applying its country’s national law.
For the purpose of this example, which refers to commercial letter of credit, the appropriate code to be incorporated is UCPURR LATEST VERSION or to indicate the full narration only instead of the code.
The incorporation of either of the codes mentioned above into the LC forms the text of the LC and therefore governs the LC primarily, but of course not solely. Such incorporation will also form a parol of evidence rules in the court of law. Courts and arbitration tribunals applies the UCP because it is the most universally followed set of customary documentary credit rules. However, it does not prevent a court from applying its country’s national law.
For the purpose of this example, which refers to commercial letter of credit, the appropriate code to be incorporated is UCPURR LATEST VERSION or to indicate the full narration only instead of the code.
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