We have previously pointed out that we agreed with the decision not to proceed with a revision of UCP 600. Basically, we were not convinced that there was a compelling argument strong enough to warrant the work and cost that a revision process will cause.
However, that is not to say that all is perfect with UCP 600. There are certainly a few areas which, when the time does come to revise UCP 600, should be considered.
For instance, it can be argued that ISBP 745 paragraph A3 is actually a rule and should therefore be part of a revised UCP. There is no article in UCP 600 regarding the need of a signature for certificates, certifications, declarations or statements. ISBP 745 paragraphs L1 and P1 also state the need for a signature on a certificate of origin and a beneficiary's certificate.
Despite the fact that it is a very important issue, UCP 600 does not regulate the language of documents. Such information can be located within ISBP 745 paragraphs A21 (b), (d) & (e). In the event of a UCP revision, paragraphs A21 (b) and (d) could be valid issues for consideration whilst paragraph A21 (e) would require tweaking if it were to be considered as a rule.
UCP 600 article 17 covers Original Documents and Copies. It may be determined worthwhile to additionally incorporate a re-phrasing of ISBP 745 paragraph A31.
ISBP 745 paragraph A35 (d) can be considered as a rule and could become part of a revised UCP article 3, amending the interpretation of ‘electronic method of authentication'.
ISBP 745 paragraph C12 is, arguably, a rule and could become part of a revised UCP not only with regard to the invoice, but all documents required under a credit because if, for example, a bill of lading or weight list shows over-shipment or goods not called for in the credit, it would also not be acceptable.
Similarly, there is a case that ISBP 745 paragraph K9 is not a standard banking practice but a rule, which could become part of a revised UCP, amending the current UCP 600 Article 28.
And, as a final issue, a number of Opinions have addressed the subject of ‘all documents'. It would not be surprising if a future UCP revision included a definition of this phrase.