Original documents
The attached ICC Banking Commission Decision on original documents was sent to members in July. At the time, there were two typographical errors in it, which have since been corrected in the attached text. The first error was in Section 2, sub-section UCP 500 Requirements and referred to sub-Article 13(d) of UCP 500. The correct reference is sub-Article 13(c). The second was in the last paragraph of Section 2. The sentence in the previous draft read: "Sub-Article 13(b) of UCP 500 refers to compliance of the presented documents being determined by international standard banking practice as defined in the articles of UCP." The correct reference, as in the attached document, is to sub-Article 13(a). These corrections have also been made on the Internet version on the ICC web site,
http://www.iccwbo.org.
This Decision emphasizes the need to correctly interpret and apply sub-Article 20(b) of UCP 500. Consequently, ICC national committees and associated organizations are strongly urged to distribute this Decision as widely as possible to help ensure the correct interpretation in the evaluation of documents issued under letters of credit. This Decision does not amend sub-Article 20(b) of UCP 500 in any way, but merely indicates the correct interpretation thereof which has been adopted unanimously by the ICC Commission on Banking Technique and Practice on 12 July 1999.
1. Background
Over a period of several years there have been a number of queries raised with the ICC Banking Commission as to the determination, by banks, of what is an "original" document under a letter of credit and the necessity, if any, for such a document to be so marked.
For ease of reference the text of sub-Article 20(b) reads:
"Unless otherwise stipulated in the Credit, banks will also accept as an original document(s), a document(s) produced or appearing to have been produced
by reprographic, automated or computerized systems
as carbon copie s;
provided that it is marked as original and, where necessary, appears to be signed.
A document may be signed by handwriting, by facsimile signature, by perforated signature, by stamp, by symbol, or by any other mechanical or electronic method of authentication."
2. Determination of originality
In documentary credit operations, the document checker is faced with a number of issues pertaining to originality including:
