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documents so delivered.
"Presenter" is a person who makes a presentation as or on
behalf of a beneficiary or nominated person.
"Signature" includes any symbol executed or adopted by a person
with a present intent to authenticate a document.
b. Cross References
"Amendment" - Rule 2.06
"Advice" - Rule 2.05
"Approximately" ("About" or "Circa") - Rule 3.08(f)
"Assignment of Proceeds" - Rule 6.06
"Automatic Amendment" - Rule 2.06(a)
"Copy" - Rule 4.15(d)
"Cover Instructions" - Rule 5.08
"Honour" - Rule 2.01
"Issuer" - Rule 2.01
"Multiple Presentations" - Rule 3.08(b)
"Nominated Person" - Rule 2.04
"Non-documentary Conditions" - Rule 4.11
"Original" - Rule 4.15(b)&(c)
"Partial Drawing" - Rule 3.08(a)
"Standby" - Rule 1.01(d)
"Transfer" - Rule 6.01
"Transferee Beneficiary" - Rule 1.11(c)(ii)
"Transfer by Operation of Law" - Rule 6.11
c. Electronic Presentations
The following terms in a standby providing for or permitting
electronic presentation shall have the following meanings unless the
context otherwise requires:
"Electronic Record" means:
i. a record (information that is inscribed on a tangible medium
or that is stored in an electronic or other medium and is
retrievable in perceivable form);
ii. communicated by electronic means to a system for receiving,
storing, retransmitting, or otherwise processing information (data,
text, images, sounds, codes, computer programs, software, databases,
and the like); and
iii. capable of being authenticated and then examined for
compliance with the terms and conditions of the standby.
"Authenticate" means to verify an electronic record by
generally accepted procedure or methodology in commercial practice:
i. the identity of a sender or source, and
ii. the integrity of or errors in the transmission of
information content.
The criteria for assessing the integrity of information in an
electronic record is whether the information has remained complete
and unaltered, apart from the addition of any endorsement and any
change which arises in the normal course of communication, storage,
and display.
"Electronic signature" means letters, characters, numbers, or
other symbols in electronic form, attached to or logically
associated with an electronic record that are executed or adopted by
a party with present intent to authenticate an electronic record.
"Receipt" occurs when:
i. an electronic record enters in a form capable of being
processed by the information system designated in the standby, or
ii. an issuer retrieves an electronic record sent to an
information system other than that designated by the issuer.
1.10 Redundant or Otherwise Undesirable Terms
a. A standby should not or need not state that it is:
i. unconditional or abstract (if it does, it signifies merely
that payment under it is conditioned solely on presentation of
specified documents);
ii. absolute (if it does, it signifies merely that it is
irrevocable);
iii. primary (if it does, it signifies merely that it is the
independent obligation of the issuer);
iv. payable from the issuer's own funds (if it does, it
signifies merely that payment under it does not depend on the
availability of applicant funds and is made to satisfy the issuer's
own independent obligation);
v. clean or payable on demand (if it does, it signifies merely
that it is payable upon presentation of a written demand or other
documents specified in the standby).
b. A standby should not use the term "and/or" (if it does, it
means either or both).
c. The following terms have no single accepted meaning:
i. and shall be disregarded:
"callable",
"divisible",
"fractionable",
"indivisible", and
"transmissible",
ii. and shall be disregarded unless their context gives them
meaning: "assignable",
"evergreen",
"reinstate", and
"revolving".
1.11 Interpretation of These Rules
a. These Rules, are to be interpreted in the context of
applicable standard practice.
b. In these Rules, "standby letter of credit" refers to the
type of independent undertaking for which these Rules were intended,
whereas "standby" refers to an undertaking subjected to these Rules.
c. Unless the context otherwise requires:
i. "Issuer" includes a "confirmer" as if the confirmer were a
separate issuer and its confirmation were a separate standby issued
for the account of the issuer;
ii "Beneficiary" includes a person to whom the named
beneficiary has effectively transferred drawing rights ("transferee
beneficiary");
iii. "Including" means "including but not limited to";
iv. "A or B" means "A or B or both"; "either A or B" means "A
or B, but not both"; and "A and B" means "both A and B";
v. Words in the singular number include the plural, and in the
plural include the singular; and
vi. Words if the neuter gender include any gender.
d. i. Use of the phrase "unless a standby otherwise states" or
the like in a rule emphasizes that the text of the standby controls
over the rule;
ii. Absence of such a phrase in other rules does not imply that
other rules have priority over the text of the standby;
iii. Addition of the term "expressly" or "clearly" to the
phrase "unless a standby otherwise states" or the like emphasizes
that the rule should be excluded or modified only by wording in the
standby that is specific and unambiguous; and
iv. While the effect of all of these Rules may be varied by the
text of the standby, variations of the effect of some of these Rules
may disqualify the standby as an independent undertaking under
applicable law.
e. The phrase "stated in the standby" or the like refers to the
actual text of a standby (whether as issued or effectively amended)
whereas the phrase "provided in the standby" or the like refers to
both the text of the standby and these Rules as incorporated.
RULE 2
OBLIGATIONS
2.01 Undertaking to Honour by Issuer and Any Confirmer to
Beneficiary
a. An issuer undertakes to the beneficiary to honour a
presentation that appears on its face to comply with the terms and
conditions of the standby in accordance with these Rules
supplemented by standard standby practice.
b. An issuer honours a complying presentation made to it by
paying the amount demanded of it at sight, unless the standby
provides for honour:
i. by acceptance of a draft drawn by the beneficiary on the
issuer, in which case the issuer honours by:
(a) timely accepting the draft; and
(b) thereafter paying the holder of the draft on presentation
of the accepted draft on or after its maturity.
ii. by deferred payment of a demand made by the beneficiary on
the issuer, in which case the issuer honours by:
(a) timely incurring a deferred payment obligation; and
(b) thereafter paying at maturity.
iii. by negotiation, in which case the issuer honours by paying
the amount demanded at sight without recourse.
c. An issuer acts in a timely manner if it pays at sight,
accepts a draft, or undertakes a deferred payment obligation (or if
it gives notice of dishonour) within the time permitted for
examining the presentation and giving notice of dishonour.
d. i. A confirmer undertakes to honour a complying presentation
made to it by paying the amount demanded of it at sight or, if the
standby so states, by another method of honour consistent with the
issuer's undertaking.
ii. If the confirmation permits presentation to the issuer,
then the confirmer undertakes also to honour upon the issuer's
wrongful dishonour by performing as if the presentation had been
made to the confirmer.
iii. If the standby permits presentation to the confirmer, then
the issuer undertakes also to honour upon the confirmer's wrongful
dishonour by performing as if the presentation had been made to the
issuer.
e. An issuer honours by paying in immediately available funds
in the currency designated in the standby unless the standby states
it is payable by:
i. payment of a monetary unit of account, in which case the
undertaking is to pay in that unit of account; or
ii. delivery of other items of value, in which case the
undertaking is to deliver those items.
2.02 Obligation of Different Branches, Agencies, or Other
Offices
For the purposes of these Rules, an issuers branch, agency, or
other office acting or undertaking to act under a standby in a
capacity other than as issuer is obligated in that capacity only and
shall be treated as a different person.
2.03 Conditions to Issuance
A standby is issued when it leaves an issuer's control unless
it clearly specifies that it is not then "issued" or "enforceable".
Statements that a standby is not "available", "operative",
"effective", or the like do not affect its irrevocable and binding
nature at the time it leaves the issuer's control.
2.04 Nomination
а. A standby may nominate a person to advise, receive a
presentation, effect a transfer, confirm, pay, negotiate, incur a
deferred payment obligation, or accept a draft.
b. Nomination does not obligate the nominated person to act
except to the extent that the nominated person undertakes to act.
c. A nominated person is not authorised to bind the person
making the nomination.
2.05 Advice of Standby or Amendment
a. Unless an advice states otherwise, it signifies that:
i. the advisor has checked the apparent authenticity of the
advised message in accordance with standard letter of credit
practice; and
ii. the advice accurately reflects what has been received.
b. A person who is requested to advise a standby and decides
not to do so should notify the requesting party.
2.06 When an Amendment is Authorised and Binding
a. If a standby expressly states that it is subject to
"automatic amendment" by an increase or decrease in the amount
available, an extension of the expiration date, or the like, the
amendment is effective automatically without any further
notification or consent beyond that expressly provided for in the
standby. (Such an amendment may also be referred to as becoming
effective "without amendment").
b. If there is no provision for automatic amendment, an
amendment binds:
i. the issuer when it leaves the issuer's control; and
ii. the confirmer when it leaves the confirmer's control,
unless the confirmer indicates that it does not confirm the
amendment.
c. If there is no provision for automatic amendment:
i. the beneficiary must consent to the amendment for it to be
binding;
ii. the beneficiary's consent must be made by an express
communication to the person advising the amendment unless the
beneficiary presents documents which comply with the standby as
amended and which would not comply with the standby prior to such
amendment; and
iii. an amendment does not require the applicant's consent to
be binding on the issuer, the confirmer, or the beneficiary.
d. Consent to only part of an amendment is a rejection of the
entire amendment.
2.07 Routing of Amendments
a. An issuer using another person to advise a standby must
advise all amendments to that person.
b. An amendment or cancellation of a standby does not affect
the issuer's obligation to a nominated person that has acted within
the scope of its nomination before receipt of notice of the
amendment or cancellation.
c. Non-extension of an automatically extendable (renewable)
standby does not affect an issuer's obligation to a nominated person
who has acted within the scope of its nomination before receipt of a
notice of non-extension.
RULE 3
PRESENTATION
3.01 Complying Presentation Under a Standby
A standby should indicate the time, place and location within
that place, person to whom and medium in which presentation should
be made. If so, presentation must be so made in order to comply. To
the extent that a standby does not so indicate, presentation must be
made in accordance with these Rules in order to be complying.
3.02 What Constitutes a Presentation
The receipt of a document required by and presented under a
standby constitutes a presentation requiring examination for
compliance with the terms and conditions of the standby even if not
all of the required documents have been presented.
3.03 Identification of Standby
a. A presentation must identify the standby under which the
presentation is made.
b. A presentation may identify the standby by stating the
complete reference number of the standby and the name and location
of the issuer or by attaching the original or a copy of the standby.
c. If the issuer cannot determine from the face of a document
received that it should be processed under a standby or cannot
identify the standby to which it relates, presentation is deemed to
have been made on the date of identification.
3.04 Where and to Whom Complying Presentation Made
a. To comply, a presentation must be made at the place and any
location at that place indicated in the standby or provided in these
Rules.
b. If no place of presentation to the issuer is indicated in
the standby, presentation to the issuer must be made at the place of
business from which the standby was issued.
c. If a standby is confirmed, but no place for presentation is
indicated in the confirmation, presentation for the purpose of
obligating the confirmer (and the issuer) must be made at the place
of business of the confirmer from which the confirmation was issued
or to the issuer.
d. If no location at a place of presentation is indicated (such
as department, floor, room, station, mail stop, post office box, or
other location), presentation may be made to:
i. the general postal address indicated in the standby;
ii. any location at the place designated to receive deliveries
of mail or documents; or
iii. any person at the place of presentation actually or
apparently authorised to receive it.
3.05 When Timely Presentation Made
a. A presentation is timely if made at any time after issuance
and before expiry on the expiration date.
b. A presentation made after the close of business at the place
of presentation is deemed to have been made on the next business
day.
3.06 Complying Medium of Presentation
a. To comply, a document must be presented in the medium
indicated in the standby.
b. Where no medium is indicated, to comply a document must be
presented as a paper document, unless only a demand is required, in
which case:
i. a demand that is presented via S.W.I.F.T., tested telex, or
other similar authenticated means by a beneficiary that is a
S.W.I.F.T. participant or a bank complies; otherwise
ii. a demand that is not presented as a paper document does not
comply unless the issuer permits, in its sole discretion, the use of
that medium.
c. A document is not presented as a paper document if it is
communicated by electronic means even if the issuer or nominated
person receiving it generates a paper document from it.
d. Where presentation in an electronic medium is indicated, to
comply a document must be presented as an electronic record capable
of being authenticated by the issuer or nominated person to whom it
is presented.
3.07 Separateness of Each Presentation
a. Making a non-complying presentation, withdrawing a
presentation, or failing to make any one of a number of scheduled or
permitted presentations does not waive or otherwise prejudice the
right to make another timely presentation or a timely
re-presentation whether or not the standby prohibits partial or
multiple drawings or presentations.
b. Wrongful dishonour of a complying presentation does not
constitute dishonour of any other presentation under a standby or
repudiation of the standby.
c. Honour of a non-complying presentation, with or without
notice of its non-compliance, does not waive requirements of a
standby for other presentations.
3.08 Partial Drawing and Multiple Presentations; Amount of
Drawings
a. A presentation may be made for less than the full amount
available ("partial drawing").
b. More than one presentation ("multiple presentations") may be
made.
c. The statement "partial drawings prohibited" or a similar
expression means that a presentation must be for the full amount
available.
d. The statement "multiple drawings prohibited" or a similar
expression means that only one presentation may be made and honoured
but that it may be for less than the full amount available.
e. If a demand exceeds the amount available under the standby,
the drawing is discrepant. Any document other than the demand
stating an amount in excess of the amount demanded is not discrepant
for that reason.
f. Use of "approximately", "about", "circa", or a similar word
permits a tolerance not to exceed 10% more or 10% less of the amount
to which such word refers.
3.09 Extend or Pay
A beneficiary's request to extend the expiration date of the
standby or, alternatively, to pay the amount available under it:
a. is a presentation demanding payment under the standby, to be
examined as such in accordance with these Rules; and
b. implies that the beneficiary:
i. consents to the amendment to extend the expiry date to the
date requested;
ii. requests the issuer to exercise its discretion to seek the
approval of the applicant and to issue that amendment;
iii. upon issuance of that amendment, retracts its demand for
payment; and
iv. consents to the maximum time available under these Rules
for examination and notice of dishonour.
3.10 No Notice of Receipt of Presentation
An issuer is not required to notify the applicant of receipt of
a presentation under the standby.
3.11 Issuer Waiver and Applicant Consent to Waiver of
Presentation Rules
In addition to other discretionary provisions in a standby or
these Rules, an issuer may, in its sole discretion, without notice
to or consent of the applicant and without effect on the applicant's
obligations to the issuer, waive
a. the following Rules and any similar terms stated in the
standby which are primarily for the issuer's benefit or operational
convenience:
i. treatment of documents received, at the request of the
presenter, as having been presented at a later date (Rule 3.02);
ii. identification of a presentation to the standby under which
it is presented (Rule 3.03(a));
iii. where and to whom presentation is made (Rule 3.04(b), (c),
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