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iii. where and to whom presentation is made (Rule 3.04(b), (c),
and (d)), except the country of presentation stated in the standby;
or
iv. treatment of a presentation made after the close of
business as if it were made on the next business day (Rule 3.05(b)).
b. the following Rule but not similar terms stated in the
standby:
i. a required document dated after the date of its stated
presentation (Rule 4.06); or
ii. the requirement that a document issued by the beneficiary
be in the language of the standby (Rule 4.04).
c. the following Rule relating to the operational integrity of
the standby only in so far as the bank is in fact dealing with the
true beneficiary: acceptance of a demand in an electronic medium
(Rule 3.06(b)).
Waiver by the confirmer requires the consent of the issuer with
respect to paragraphs (b) and (c) of this Rule.
3.12 Original Standby Lost, Stolen, Mutilated, or Destroyed
a. If an original standby is lost, stolen, mutilated, or
destroyed, the issuer need not replace it or waive any requirement
that the original be presented under the standby.
b. If the issuer agrees to replace an original standby or to
waive a requirement for its presentation, it may provide a
replacement or copy to the beneficiary without affecting the
applicant's obligations to the issuer to reimburse, but, if it does
so, the issuer must mark the replacement or copy as such. The issuer
may, in its sole discretion, require indemnities satisfactory to it
from the beneficiary and assurances from nominated persons that no
payment has been made.
Closure on Expiry Date
3.13 Expiration Date on a Non-Business Day
a. If the last day for presentation stated in a standby
(whether stated to be the expiration date or the date by which
documents must be received) is not a business day of the issuer or
nominated person where presentation is to be made, then presentation
made there on the first following business day shall be deemed
timely.
b. A nominated person to whom such a presentation is made must
so notify the issuer.
3.14 Closure on a Business Day and Authorization of Another
Reasonable Place for Presentation
a. If on the last business day for presentation the place for
presentation stated in a standby is for any reason closed and
presentation is not timely made because of the closure, then the
last day for presentation is automatically extended to the day
occurring thirty calendar days after the place for presentation
re-opens for business, unless the standby otherwise provides.
b. Upon or in anticipation of closure of the place of
presentation, an issuer may authorise another reasonable place for
presentation in the standby or in a communication received by the
benficiary. If it does so, then
i. presentation must be made at that reasonable place; and
ii. if the communication is received fewer than thirty calendar
days before the last day for presentation and for that reason
presentation is not timely made, the last day for presentation is
automatically extended to the day occurring thirty calendar days
after the last day for presentation.
RULE 4
EXAMINATION
4.01 Examination for Compliance
a. Demands for honour of a standby must comply with the terms
and conditions of the standby.
b. Whether a presentation appears to comply is determined by
examining the presentation on its face against the terms and
conditions stated in the standby as interpreted and supplemented by
these Rules which are to be read in the context of standard standby
practice.
4.02 Non-Examination of Extraneous Documents
Documents presented which are not required by the standby need
not be examined and, in any event, shall be disregarded for purposes
of determining compliance of the presentation. They may without
responsibility be returned to the presenter or passed on with the
other documents presented.
4.03 Examination for Inconsistency
An issuer or nominated person is required to examine documents
for inconsistency with each other only to the extent provided in the
standby.
4.04 Language of Documents
The language of all documents issued by the beneficiary is to
be that of the standby.
4.05 Issuer of Documents
Any required document must be issued by the beneficiary unless
the standby indicates that the document is to be issued by a third
person or the document is of a type that standard standby practice
requires to be issued by a third person.
4.06 Date of Documents
The issuance date of a required document may be earlier but not
later than the date of its presentation.
4.07 Required Signature on a Document
a. A required document need not be signed unless the standby
indicates that the document must be signed or the document is of a
type that standard standby practice requires be signed.
b. A required signature may be made in any manner that
corresponds to the medium in which the signed document is presented.
c. Unless a standby specifies:
i. the name of a person who must sign a document, any signature
or authentication will be regarded as a complying signature;
ii. the status of a person who must sign, no indication of
status is necessary.
d. If a standby specifies that a signature must be made by:
i. a named natural person without requiring that the signer's
status be identified, a signature complies that appears to be that
of the named person;
ii. a named legal person or government agency without
identifying who is to sign on its behalf or its status, any
signature complies that appears to have been made on behalf of the
named legal person or government agency; or
iii. a named natural person, legal person, or government agency
requiring the status of the signer be indicated, a signature
complies which appears to be that of the named natural person, legal
person, or government agency and indicates its status.
4.08 Demand Document Implied
If a standby does not specify any required document, it will
still be deemed to require a documentary demand for payment.
4.09 Identical Wording and Quotation Marks
If a standby requires:
a. a statement without specifying precise wording, then the
wording in the document presented must appear to convey the same
meaning as that required by the standby;
b. specified wording by the use of quotation marks, blocked
wording, or an attached exhibit or form, then typographical errors
in spelling, punctuation, spacing, or the like that are apparent
when read in context are not required to be duplicated and blank
lines or spaces for data may be completed in any manner not
inconsistent with the standby; or
c. specified wording by the use of quotation marks, blocked
wording, or an attached exhibit or form, and also provides that the
specified wording be "exact" or "identical", then the wording in the
documents presented, including typographical errors in spelling,
punctuation, spacing and the like, as well as blank lines and spaces
for data, must be exactly reproduced.
4.10 Applicant Approval
A standby should not specify that a required document be
issued, signed, or counter-signed by the applicant. However, if the
standby includes such a requirement, the issuer may not waive the
requirement and is not responsible for the applicant's withholding
of the document or signature.
4.11 Non-Documentary Terms or Conditions
a. A standby term or condition which is non-documentary must be
disregarded whether or not it affects the issuer's obligation to
treat a presentation as complying or to treat the standby as issued,
amended, or terminated.
b. Terms or conditions are non-documentary if the standby does
not require presentation of a document in which they are to be
evidenced and if their fulfillment cannot be determined by the
issuer from the issuer's own records or within the issuer's normal
operations.
c. Determinations from the issuer's own records or within the
issuer's normal operations include determinations of:
i. when, where, and how documents are presented or otherwise
delivered to the issuer;
ii. when, where, and how communications affecting the standby
are sent or received by the issuer, beneficiary, or any nominated
person;
iii. amounts transferred into or out of accounts with the
issuer; and
iv. amounts determinable from a published index (e.g., if a
standby provides for determining amounts of interest accruing
according to published interest rates).
d. An issuer need not re-compute a beneficiary's computations
under a formula stated or referenced in a standby except to the
extent that the standby so provides.
4.12 Formality of Statements in Documents
a. A required statement need not be accompanied by a solemnity,
officialization, or any other formality.
b. If a standby provides for the addition of a formality to a
required statement by the person making it without specifying form
or content, the statement complies if it indicates that it was
declared, averred, warranted, attested, sworn under oath, affirmed,
certified, or the like.
c. If a standby provides for a statement to be witnessed by
another person without specifying form or content, the witnessed
statement complies if it appears to contain a signature of a person
other than the beneficiary with an indication that the person is
acting as a witness.
d. If a standby provides for a statement to be counter-signed,
legalized, visaed, or the like by a person other than the
beneficiary acting in a governmental, judicial, corporate, or other
representative capacity without specifying form or content, the
statement complies if it contains the signature of a person other
than the beneficiary and includes an indication of that person's
representative capacity and the organization on whose behalf the
person has acted.
4.13 No Responsibility to Identify Beneficiary
Except to the extent that a standby requires presentation of an
electronic record:
a. a person honouring a presentation has no obligation to the
applicant to ascertain the identity of any person making a
presentation or any assignee of proceeds;
b. payment to a named beneficiary, transferee, an acknowledged
assignee, successor by operation of law, to an account or account
number stated in the standby or in a cover instruction from the
beneficiary or nominated person fulfills the obligation under the
standby to effect payment.
4.14 Name of Acquired or Merged Issuer or Confirmer
If the issuer or confirmer is reorganized, merged, or changes
its name, any required reference by name to the issuer or confirmer
in the documents presented may be to it or its successor.
4.15 Original, Copy, and Multiple Documents
a. A presented document must be an original.
b. Presentation of an electronic record, where an electronic
presentation is permitted or required is deemed to be an "original".
с. i. A presented document is deemed to be an "original" unless
it appears on its face to have been reproduced from an original.
ii. A document which appears to have been reproduced from an
original is deemed to be an original if the signature or
authentication appears to be original.
d. A standby that requires presentation of a "copy" permits
presentation of either an original or copy unless the standby states
that only a copy be presented or otherwise addresses the disposition
of all originals.
e. If multiples of the same document are requested, only one
must be an original unless:
i. "duplicate originals" or "multiple originals" are requested
in which case all must be originals; or
ii. "two copies", "two-fold", or the like are requested in
which case either originals or copies may be presented.
Standby Document Types
4.16 Demand for Payment
a. A demand for payment need not be separate from the
beneficiary's statement or other required document.
b. If a separate demand is required, it must contain:
i. a demand for payment from the beneficiary directed to the
issuer or nominated person;
ii. a date indicating when the demand was issued;
iii. the amount demanded; and
iv. the beneficiary's signature.
c. A demand may be in the form of a draft or other instruction,
order, or request to pay. If a standby requires presentation of a
"draft" or "bill of exchange", that draft or bill of exchange need
not be in negotiable form unless the standby so states.
4.17 Statement of Default or Other Drawing Event
If a standby requires a statement, certificate, or other
recital of a default or other drawing event and does not specify
content, the document complies if it contains:
a. representation to the effect that payment is due because a
drawing event described in the standby has occurred;
b. a date indicating when it was issued; and
c. the beneficiary's signature.
4.18 Negotiable Documents
If a standby requires presentation of a document that is
transferable by endorsement and delivery without stating whether,
how, or to whom endorsement must be made, then the document may be
presented without endorsement, or, if endorsed, the endorsement may
be in blank and, in any event, the document may be issued or
negotiated with or without recourse.
4.19 Legal or Judicial Documents
If a standby requires presentation of a government-issued
document, a court order, an arbitration award, or the like, a
document or a copy is deemed to comply if it appears to be:
i. issued by a government agency, court, tribunal, or the like;
ii. suitably titled or named;
iii. signed;
iv. dated; and
v. originally certified or authenticated by an official of a
government agency, court, tribunal, or the like.
4.20 Other Documents
a. If a standby requires a document other than one whose
content is specified in these Rules without specifying the issuer,
data content, or wording, a document complies if it appears to be
appropriately titled or to serve the function of that type of
document under standard standby practice.
b. A document presented under a standby is to be examined in
the context of standby practice under these Rules even if the
document is of a type (such as a commercial invoice, transport
documents, insurance documents or the like) for which the Uniform
Customs and Practice for Documentary Credits contains detailed
rules.
4.21 Request to Issue Separate Undertaking
If a standby requests that the beneficiary of the standby issue
its own separate undertaking to another (whether or not the standby
recites the text of that undertaking):
a. the beneficiary receives no rights other than its rights to
draw under the standby even if the issuer pays a fee to the
beneficiary for issuing the separate undertaking;
b. neither the separate undertaking nor any documents presented
under it need be presented to the issuer; and
c. if originals or copies of the separate undertaking or
documents presented under it are received by the issuer although not
required to be presented as a condition to honour of the standby:
i. the issuer need not examine, and, in any event, shall
disregard their compliance or consistency with the standby, with the
beneficiary's demand under the standby, or with the beneficiary's
separate undertaking; and
ii. the issuer may without responsibility return them to the
presenter or forward them to the applicant with the presentation.
RULE 5
NOTICE, PRECLUSION, AND DISPOSITION OF DOCUMENTS
5.01 Timely Notice of Dishonour
a. Notice of dishonour must be given within a time after
presentation of documents which is not unreasonable.
i. Notice given within three business days is deemed to be not
unreasonable and beyond seven business days is deemed to be
unreasonable.
ii. Whether the time within which notice is given is
unreasonable does not depend upon an imminent deadline for
presentation.
iii. The time for calculating when notice of dishonour must be
given begins on the business day following the business day of
presentation.
iv. Unless a standby otherwise expressly states a shortened
time within which notice of dishonour must be given, the issuer has
no obligation to accelerate its examination of a presentation.
b. i. The means by which a notice of dishonour is to be given
is by telecommunication, if available, and, if not, by another
available means which allows for prompt notice.
ii. If notice of dishonour is received within the time
permitted for giving the notice, then it is deemed to have been
given by prompt means.
c. Notice of dishonour must be given to the person from whom
the documents were received (whether the beneficiary, nominated
person, or person other than a delivery person) except as otherwise
requested by the presenter.
5.02 Statement of Grounds for Dishonour
A notice of dishonour shall state all discrepancies upon which
dishonour is based.
5.03 Failure to Give Timely Notice of Dishonour
a. Failure to give notice of a discrepancy in a notice of
dishonour within the time and by the means specified in the standby
or these rules precludes assertion of that discrepancy in any
document containing the discrepancy that is retained or represented,
but does not preclude assertion of that discrepancy in any different
presentation under the same or a separate standby.
b. Failure to give notice of dishonour or acceptance or
acknowledgment that a deferred payment undertaking has been incurred
obligates the issuer to pay at maturity.
5.04 Notice of Expiry
Failure to give notice that a presentation was made after the
expiration date does not preclude dishonour for that reason.
5.05 Issuer Request for Applicant Waiver without Request by
Presenter
If the issuer decides that a presentation does not comply and
if the presenter does not otherwise instruct, the issuer may, in its
sole discretion, request the applicant to waive non-compliance or
otherwise to authorise honour within the time available for giving
notice of dishonour but without extending it. Obtaining the
applicant's waiver does not obligate the issuer to waive
noncompliance.
5.06 Issuer Request for Applicant Waiver upon Request of
Presenter
If, after receipt of notice of dishonour, a presenter requests
that the presented documents be forwarded to the issuer or that the
issuer seek the applicant's waiver:
a. no person is obligated to forward the discrepant documents
or seek the applicant's waiver;
b. the presentation to the issuer remains subject to these
Rules unless departure from them is expressly consented to by the
presenter; and
c. if the documents are forwarded or if a waiver is sought:
i. the presenter is precluded from objecting to the
discrepancies notified to it by the issuer;
ii. the issuer is not relieved from examining the presentation
under these Rules;
iii. the issuer is not obligated to waive the discrepancy even
if the applicant waives it; and
iv. the issuer must hold the documents until it receives a
response from the applicant or is requested by the presenter to
return the documents, and if the issuer receives no such response or
request within ten business days of its notice of dishonour, it may
return the documents to the presenter.
5.07 Disposition of Documents
Dishonoured documents must be returned, held, or disposed of as
reasonably instructed by the presenter. Failure to give notice of
the disposition of documents in the notice of dishonour does not
preclude the issuer from asserting any defense otherwise available
to it against honour.
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