Letter of Credit Forum

Similar to the definitions of Article 2 UCP 600, Article 3 UCP 600 concentrates all the rules for interpretation in a single article. Whether this leads to the simplification, as the ICC intended, remains to be seen. As with the definitions,  the practicioner might not always easily see to which passage to apply these interpretations.

Singluar includes Plural: It is being confirmed, something that has not been in doubt so far, that the use of the singular comprises its use in the plural and vice versa.  The same applies to the rule that a Credit is irrevocable even if there is no indication to this effect.

Signature/Legalisation: "A document may be signed by handwriting, facsimile signature, perforated signature, stamp, symbol or any
other mechanical or electronic method of authentication."
This is similar in language and identical in meaning to
Article 20 b UCP 500 .

Similarly, the "requirement for a document to be legalized, visaed, certified or similar will be satisfied by any signature,
mark, stamp or label on the document which appears to satisfy that requirement."
This was already the case under Article 20 d UCP 500.

"prompt", "immediately" or "as soon as possible":In accordance with Article 46 b UCP 500/ISBP, ICC-Publication No. 645, No. 23, the above mentioned terms will be disregarded, unless they are an express provision that these terms be used in a document.

"On or about": The expression "on or about" will be interpreted as a stipulation that an event is to occur during a period of five calendar days before until five calendar days after the specified date, both start and end dates included.

"To", "until", "till", "from" and "between" When used to determine a period of shipment include the date or dates mentioned, and the words "before" and "after" exclude the date mentioned.

"From" and "After" The words "from" and "after" when used to determine a maturity date exclude the date mentioned.
This point is confirmed by the ISBP (see NO 43 d) which provides the example: "10 days after or from March 1 is March 11".
This interpretation however does not apply when from is used in connection with time periods (January, Monday, first quarter). In these cases the time period designated by "from" is included.

The terms "first half" and "second half" of a month as well as "beginning", "middle" and "end" of a month do not offer any surprises and correspond to Article 47 c UCP 500 and UCP 47 d UCP respectively.

"first class", "well known", "qualified" etc. Terms such as "first class", "well known", "qualified", "independent", "official", "competent" or "local" used to describe the issuer of a document allow any issuer except the beneficiary to issue that document. If these terms are used nevertheless, banks will accept documents any documents regardless of the issuer. This has been the rule under Article 21 UCP 500. The only benefit when using these general qualifications is that only the beneficiary him/herself cannot issue the required documents.