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PrefaceInNovember1989,theInternationalChamberofCommerceCommissiononBankingTechniqueandPracticeauthorizedtherevisionoftheUniformCustomsandPracticeforDocumentaryCreditsPublicationNo.400.Thisrevisionwasrequiredtoaddressnewdevelopmentsinthetransportindustryandnewtechnologicalapplications.ItisalsointendedtoimprovethefunctioningoftheCUP.SomesurveysindicatethatapproximatelyfiftypercentofthedocumentspresentedundertheDocumentaryCreditarerejectedbecauseofdiscrepanciesorapparentdiscrepancies.ThisdiminishestheeffectivenessoftheDocumentaryCreditandcanhaveafinancialimpactonthoseinvolvedintheproduct.Itmayalsoincreasethecostsandreducetheprofitmarginsofimporters,exportersandbanks.ThemarkedincreaseinlitigationinvolvingDocumentaryCreditshasalsobeenofgreatconcern.Toaddressthesequestions,theCommissiononBankingTechniqueandPracticeestablishedaWorkingGroupfortherevisionoftheCUP400.Thisgroupwascomposedofinternationalbankers,lawprofessors,andbankinglawyerstoensurethatalloftheseissueswerethoroughlyexplored.TheWorkingGroup'smandatewasto(1)simplifytheUCP400Rules;(2)incorporateinternationalbankingpractices,aswellastofacilitateandstandardizedevelopingpractices;(3)enhancetheintegrityandreliabilityoftheDocumentaryCreditundertaking,throughthepresumptionofirrevocabilityandclarificationoftheprimaryliability,notonlyoftheissuingbank,butalsooftheconfirmingbank;(4)addresstheproblemsofnon-documentaryconditionsand(5)list,indetail,theelementsofacceptabilityforeachcategoryoftransportdocument.TheWorkingGroupconsiderednotonlythepracticerelativetotheDocumentaryCredit,butalsotriedtoenvisagethefutureevolutionofDocumentaryCredits.HowshouldtheWorkingGrouppredictwhatkindofDocumentaryCreditRuleswouldmeetthefutureneedsofinternationalcommerce?ShouldtheybebasedonpastperformanceusingtheexistingRules?ShouldtheybebasedoncorrectingthecurrentproblemsofmisunderstandingandmisapplyingtheRules?ShouldtheybebasedonthevariousinternationallegalinterpretationsofDocumentaryCredits?Intheend,TheWorkingGroup'sanalysiswasconductedbyutilizingvariousinformationsourcesavailabletothebankingindustryandthetransportindustry,andbydrawingupontheirownconsiderableknowledgeofthetechnologicalinnovationsbeingappliedinotherindustriesengagedininternationaltrade.InordertoachievegeneralRules,ratherthanspecificproceduralRules,theWorkingGroupadoptedasitsworkingdraftadocumentbasedonICCNationalCommittee'Practices,importantinternationaljudicialdecisions,theBankingCommission'sopinionsanddecisions,andcasestudiesexaminedoverthelast20years.Consequently,thenewrevisionoftheUCPrepresentstheculminationofextensiveanalysis,review,debate,andcompromiseamongstthevariousmembersoftheWorkingGroup,themembersoftheBankingCommissionandtherespectiveNationalCommitteesoftheICC.WhatweretheindividualcontributionsofthemembersofourWorkingGroupthathelpedformulatethesenewUCP500Rules?Clearly,bothinourindividualandprofessionalliveswelearnmorefromyeartoyearbecausewerememberwhatwehavelearnedandbuiltupourknowledgeandexperience.ThiswasthestrengththatthemembersoftheWorkingGroupbroughttotherevisionprocess.ItallowedthemtodevelopaneutralandlivingsetofRulestofacilitatetheeffortsofthepartiesengagedintheDocumentaryCreditundertaking.Understandably,itisnotwithinthescopeofthispublicationtogointodetailregardingthecomprehensiveanalysisperformedbytheWorkingGroup.Neitherisitthepurposetoarguethemeritsofwhathasbeendone.ThoseinterestedinpursuingthesubjectwillfindtheICCPublicationNo.511---DocumentaryCredits:UCP500and400compared---anarticle-by-ArticleAnalysis-availableforthispurpose.SincerethanksareduetotheICCNationalCommitteesandthemembersoftheBankingCommissionfortheirprofessionalandconstructivecommentsandtheirparticipativeapproach.ThanksarealsoduetothosecountrieswithoutNationalCommittees(reachedprimarilythroughtheUnitedNationsCommissiononInternationalTradeLaw)whosesupportandparticipationhavebeenofgreatimportanceandvalue,aswellastootherUNbodiesconcernedwiththefacilitationofinternationaltradeprocedures.Tosharewithyouthenamesofthoseparticipants,IlistbelowinalphabeticalorderthemembersoftheWorkingGroupandtheiraffiliation:BorisKozolchyk---ProfessorofLaw,UniversityofArizona,Tucson,Arizona,U.S.A.;RepresentativeoftheUnitedStatesCouncilonInternationalBankingInc.,NewYork,totheWorkingGroupontheRevisionoftheUCP;SalvatoreMaccarone---ProfessorofLaw,UniversityofRome;LegalAdviser,ItalianBankingAssociation,Rome;Vicechairman,ICCCommissiononBankingTechniqueandPractice.TerenceJ.Mitchell(nowretired)---SeniorManager,DocumentaryServices,LloydsBank,London;BritishBankers'AssociationRepresentativetotheICCCommissiononBankingTechniqueandPractice;FerdinandMuller---FirstVicePresident,DeutscheBankAG,Frankfurt,Germany;RepresentativeandTechnicalAdvisertotheICCCommissiononBankingTechniqueandPractice;GunnarJ.Siebke---SeniorVicePresident,TradeFinance,ChristiniaBank,Oslo,Norway;RepresentativetotheICCCommissiononBankingTechniqueandPractice;DanTaylor---President,UnitedStatesCouncilonInternationalBankingInc.,NewYork;RepresentativetotheICCCommissiononBankingTechniqueandPractice;JoachimG.Weichbro