On Board Notation

All materials on our website are shared by users. If you have any questions about copyright issues, please report us to resolve them. We are always happy to assist you.
 162 views
of 12

Please download to get full document.

View again

Description
Recommendation Paper Prepared by ICC Commission on Banking Technique and Practice Recommendations of the Banking Commission in respect of the requirements for an On board Notation Highlights  Bills of Lading and the need for onboard notation  UCP 600 articles applicable for examination of bills of lading  Position in respect of Sea Waybills, Multimodal/Combined Transport Documents and Charter Party Bills of Lading  Simple flowchart Document No.470/1128rev final – 22 April 2010 ICC Ba
Share
Tags
Transcript
    Prepared by ICC Commission on Banking Technique and Practice Recommendations of the BankingCommission in respect of therequirements for an On boardNotation Highlights    Bills of Lading and the need for onboard notation    UCP 600 articles applicable for examination of bills of lading    Position in respect of Sea Waybills, Multimodal/Combined TransportDocuments and Charter Party Bills of Lading    Simple flowchart Document No.470/1128rev final  – 22 April 2010 RecommendationPaper   ICC Banking Commission Recommendations in respect of On Board Notations Document reference 1 Introduction  At the ICC Banking Commission meeting held in Dubai in March 2009, it was agreed that the UCP 600Drafting Group would prepare a document outlining the requirements for an on board notation inrespect of transport documents presented for examination under articles 19, 20, 21 or 22 of UCP600.It has also been made clear by several national committees that there is a desire for this paper tobecome an official publication of the ICC.This document provides the unanimous views of the UCP 600 Drafting Group and is presented to theICC Banking Commission for agreement as an official ICC document that is reflective of practice inrespect of the requirement for an on board notation.Once approved, the contents will form part of the soon to be revised International Standard BankingPractice for the Examination of Documents under Documentary Credits.  ICC Banking Commission Recommendations in respect of On Board Notations 2 470/1128rev final Requirements for an on board notation in respect of a transport documentpresented for examination under articles 19, 20, 21 or 22 of UCP 600    Overview Background and Introduction 1.1 From the first ICC Banking Commission meeting following the implementation of UCP 500,the ICC has been asked to respond to requests for opinions on the subject of on boardnotations i.e., in the context of when they are required and what form they should take, givena particular set of circumstances. This trend has continued following the implementation of UCP 600 in July 2007.1.2 This document will:- aid beneficiaries in instructing carriers and logistics companies of the requirements for any on board notation;- provide carriers and logistics companies with clear guidelines as to when an on boardnotation will be required to appear on a transport document and its data components;and- guide banks in the correct interpretation and application of the UCP in relation to onboard notations for bills of lading, sea waybills and charter party bills of lading, and for multimodal or combined transport documents, where the first part of the carriage (asrequired by the credit) is by sea.1.3 This document refers to the „on board notation‟ requirements of a Transport Document Covering at Least Two Different Modes of Transport (i.e., Multimodal or Combined TransportDocument), Bills of Lading, Sea Waybills and Charter Party Bills of Lading. To avoid repetitivetext and duplication of consistent requirements, this document focuses on bills of lading, thetransport document with the most requests for an ICC Opinion. Whilst an on board notationmay be required on any of these documents, the addition of a notation does not change thenature of such document as an article 19, 20, 21 or 22 type of document. The on boardnotation requirements in relation to all the referenced transport documents appear insection 5.1.4 For ease of review and applying the requirements of this document, a simple flowchart(appearing in section 6) explains when an on board notation is required and the form that it isto take. Sections 2-4 give the background to the requirements of UCP and ISBP and the basisfor how the conclusions, in section 5, have been drawn.    ICC Opinions already given under UCP 600 1.5 Since October 2007, the first Banking Commission meeting following the implementation of UCP 600, ICC has responded to seven requests for Opinions on the subject of on boardnotations.ICC Opinions R.648 (TA.635rev) Query 3, R.644 (TA.665rev), R.645 (TA.667rev) and TA.679have focussed on issues relating to bills of lading, whilst Opinions R.641 (TA.650rev), R.642(TA.666rev) and TA.682 have been in respect of Multimodal or Combined TransportDocuments.1.6 The analysis and conclusions to Opinions R.644, R.645 and R.648 indicate that an on boardnotation will be required if the place of receipt was different to the port o f loading “unless it is evident from the bill of lading that the shipped on board statement applies to the named vessel and the port of loading stated in the credit.” These opinions place the burden on the
Related Search
We Need Your Support
Thank you for visiting our website and your interest in our free products and services. We are nonprofit website to share and download documents. To the running of this website, we need your help to support us.

Thanks to everyone for your continued support.

No, Thanks
SAVE OUR EARTH

We need your sign to support Project to invent "SMART AND CONTROLLABLE REFLECTIVE BALLOONS" to cover the Sun and Save Our Earth.

More details...

Sign Now!

We are very appreciated for your Prompt Action!

x