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UNIFORMCUSTOMSANDPRACTICEFORDOCUMENTARYCREDITSICCPublicationNo.500EffectiveJanuary1,1994GENERALPROVISIONSANDDEFINITIONSARTICLE1ApplicationofUCPTheUniformCustomsandPracticeforDocumentaryCredits,1993Revision,ICCPublicationNo.500,shallapplytoallDocumentaryCredits(includingtotheextenttowhichtheymaybeapplicable,StandbyLetter(s)ofCredit)wheretheyareincorporatedintothetextoftheCredit.Theyarebindingonallpartiesthereto,unlessotherwiseexpresslystipulatedintheCredit.ARTICLE2MeaningofCreditForthepurposesoftheseArticles,theexpressionsDocumentaryCredit(s)andStandbyLetter(s)ofCredit(hereinafterreferredtoasCredit(s)),meananyarrangement,howevernamedordescribed,wherebyabank(theIssuingBank)actingattherequestandontheinstructionsofacustomer(theApplicant)oronitsownbehalf,UCP5001993i.istomakeapaymenttoortotheorderofathirdparty(theBeneficiary),oristoacceptandpaybillsofexchange(Draft(s))drawnbytheBeneficiary,orii.authorizesanotherbanktoeffectsuchpayment,ortoacceptandpaysuchbillsofexchange(Draft(s)),oriii.authorizesanotherbanktonegotiate,againststipulateddocument(s),providedthatthetermsandconditionsoftheCreditarecompliedwith.ForthepurposesoftheseArticles,branchesofabankindifferentcountriesareconsideredanotherbank.ARTICLE3Creditsv.ContractsA.Credits,bytheirnature,areseparatetransactionsfromthesalesorothercontract(s)onwhichtheymaybebasedandbanksareinnowayconcernedwithorboundbysuchcontract(s),evenifanyreferencewhatsoevertosuchcontract(s)isincludedintheCredit.Consequently,theundertakingofabanktopay,acceptandpayDraft(s)ornegotiateand/ortofulfillanyotherobligationundertheCredit,isnotsubjecttoclaimsordefensesbytheApplicantaresultingfromhisrelationshipswiththeIssuingBankortheBeneficiary.B.ABeneficiarycaninnocaseavailhimselfofthecontractualrelationshipsexistingbetweenthebanksorbetweentheApplicantandtheIssuingBank.ARTICLE4Documentsv.Goods/Services/PerformancesInCreditoperationsallpartiesconcerneddealwithdocuments,andnotwithgoods,servicesand/orotherperformancestowhichthedocumentsmayrelate.ARTICLE5InstructionstoIssue/AmendCreditsA.InstructionsfortheissuanceofaCredit,theCredititself,instructionsforanamendmentthereto,andtheamendmentitself,mustbecompleteandprecise.Inordertoguardagainstconfusionandmisunderstanding,banksshoulddiscourageanyattempt:i.toincludeexcessivedetailintheCreditorinanyamendmentthereto;ii.togiveinstructionstoissue,adviseorconfirmaCreditbyreferencetoaCreditpreviouslyissued(similarCredit)bawheresuchpreviousCredithasbeensubjecttoacceptedamendment(s),and/orunacceptedamendment(s).B.AllinstructionsfortheissuanceofaCreditandtheCredititselfand,whereapplicable,allinstructionsforanamendmenttheretoandtheamendmentitself,muststatepreciselythedocument(s)againstwhichpayment,acceptanceornegotiationistobemade.FORMANDNOTIFICATIONOFCREDITSARTICLE6Revocablev.IrrevocableCreditsA.ACreditmaybeeitheri.revocable,orii.irrevocable.B.TheCredit,therefore,shouldclearlyindicatewhetheritisrevocableorirrevocable.C.IntheabsenceofsuchindicationtheCreditshallbedeemedtobeirrevocable.babcARTICLE7AdvisingBank'sLiabilityA.ACreditmaybeadvisedtoaBeneficiarythroughanotherbank(theAdvisingBank)withoutengagementonthepartoftheAdvisingBank,butthatbank,ifitelectstoadvisetheCredit,shalltakereasonablecaretochecktheapparentauthenticityoftheCreditwhichitadvises.IfthebankelectsnottoadvisetheCredit,itmustsoinformtheIssuingBankwithoutdelay.B.IftheAdvisingBankcannotestablishsuchapparentauthenticityitmustinform,withoutdelay,thebankfromwhichtheinstructionsappeartohavebeenreceivedthatithasbeenunabletoestablishtheauthenticityoftheCreditandifitelectsnonethelesstoadvisetheCredititmustinformtheBeneficiarythatithasnotbeenabletoestablishtheauthenticityoftheCredit.ARTICLE8RevocationofaCreditA.ArevocableCreditmaybeamendedorcanceledbytheIssuingBankatanymomentandwithoutpriornoticetotheBeneficiary.B.However,theIssuingBankmust:i.reimburseanotherbankwithwhicharevocableCredithasababbeenmadeavailableforsightpayment,acceptanceornegotiationforanypayment,acceptanceornegotiationmadebysuchbankpriortoreceiptbyitofnoticeofamendmentorcancellation,againstdocumentswhichappearontheirfacetobeincompliancewiththetermsandconditionsoftheCredit;ii.reimburseanotherbankwithwhicharevocableCredithasbeenmadeavailablefordeferredpayment,ifsuchabankhas,priortoreceiptbyitofnoticeofamendmentorcancellation,takenupdocumentswhichappearontheirfacetobeincompliancewiththetermsandconditionsoftheCredit.ARTICLE9LiabilityofIssuingandConfirmingBanksA.AnirrevocableCreditconstitutesadefiniteundertakingoftheIssuingBank,providedthatthestipulateddocumentsarepresentedtotheNominatedBankortotheIssuingBankandthatthetermsandconditionsoftheCreditarecompliedwith:i.iftheCreditprovidesforsightpayment--topayatsight;ii.iftheCreditprovidesfordeferredpayment--topayonthematuritydate(s)determinableinaccordancewiththestipulationsoftheCredit;aiii.iftheCreditprovidesforacceptance;a.bytheIssuingBank--toacceptDraft(s)drawnbytheBeneficiaryontheIssuingBankandpaythematmaturity,orb.byanotherdraweebank--toacceptandpayatmaturityDraft(s)drawnbytheBeneficiaryontheIssuingB