...UCP 600 UCP 600 are the latest revision of the Uniform Customs and Practice that govern the operation of letters of credit. UCP 600 comes into effect on 01 July 2007 The 39 articles of UCP 600 are a comprehensive and practical working aid to bankers, lawyers, importers, and exporters, transport executives, educators, and everyone involved in letter of credit transactions worldwide. ICC Uniform Customs and Practice for Documentary Credits (UCP 600) Foreword This revision of the Uniform Customs and Practice for Documentary Credits (commonly called “UCP”) is the sixth revision of the rules since they were first promulgated in 1933. It is the fruit of more than three years of work by the International Chamber of Commerce’s (ICC) Commission on Banking Technique and Practice. ICC, which was established in 1919, had as its primary objective facilitating the flow of international trade at a time when nationalism and protectionism posed serious threats to the world trading system. It was in that spirit that the UCP were first introduced – to alleviate the confusion caused by individual countries’ promoting their own national rules on letter of credit practice. The objective, since attained, was to create a set of contractual rules that would establish uniformity in that practice, so that practitioners would not have to cope with a plethora of often conflicting national regulations. The universal acceptance of the UCP by practitioners in countries with widely divergent economic and judicial...
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...B.LAW B.LAW UCP 600 Explanation of articles relating to L/C. Submitted to: Prof. Javed B.LAW ASSIGNMNET/PRESENTATION UCP 600 Explanation of articles relating to L/C. Submitted to: Prof. Javed B.LAW ASSIGNMNET/PRESENTATION ASSIGNMNET/PRESENTATION ASSIGNMNET/PRESENTATION Group Members NAMES REGISTRATION No. Malik HASSAN MUKHTAR L1F11MBAM2029 MARYAM FAROOQ L1F11MBAM2067 AHSAN AFZAAL L1F11MBAM ANIQUW SAJJAD L1F11MBAM AZHAR HAYAT L1F11MBAM ALEEM UR REHMAN L1F11MBAM Group Members NAMES REGISTRATION No. Malik HASSAN MUKHTAR L1F11MBAM2029 MARYAM FAROOQ L1F11MBAM2067 AHSAN AFZAAL L1F11MBAM ANIQUW SAJJAD L1F11MBAM AZHAR HAYAT L1F11MBAM ALEEM UR REHMAN L1F11MBAM UCP 600 - Article 1 ICC Publication no. 600 ("UCP") are rules that apply to any letter of credit. They are binding on all parties thereto unless expressly modified or excluded. UCP 600 - Article 2 Advising bank/sellers Bank means the bank that advises the credit at the request of the issuing bank. Applicant/Buyer means the party on whose request the credit is issued. Banking day means a day on which a bank is regularly open at the place at which an act subject to these...
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...doing so. He then stayed at home to take care his mother. His mother subsequently died in 1915 at the age of 42. Afterward, Allingham joined the Royal Naval Air Service (RNAS). In 1915, he is appraised as an 2nd Class air technician and was transferred to Chingford. At last, he graduated from his training at Sheerness, Kent. Upon completion of his training, Allingham serviced as an airliner-preserving technician in the Air Station at Great Yarmouth, where King George V once made a special visit in 1916. Allingham expressed this regret of missing the chance to meet the king in this autobiography. In the course of the Battle of Jutland in 1916, Allingham serviced in a vessel called HMT Kingfisher. The responsibility of Allingham is to drive the seaplane onboard to patrol the sea. Despite the fact that the vessel was not directly involved in the battle but it coverd other ships for protection instead, Henry is still recognized as the last survivor of this...
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...In book 16 Homer writes, “The girl the sons of the Achaians chose out of honour, and I won her with my own spear, and stormed a strong-fenced city, and is taken out of my hands by powerful Agamemnon, the son of Atreus, as if I were some dishonored vagabond.” In this passage Achilleus is speaking with Patroklos about how he feels towards Agamemnon. Agamemnon seizes Achilleus' prize, the beautiful Brieseis, to patch up his own wounded pride. Achilleus demands recognition that he is greatest warrior among the Achaeans. The loss of Brieseis is not embarrassing to him because he has any kind of love attachment to her. It is humiliating because she was a trophy to him for his bravery. When Agamemnon takes her away which is his right to do, even though...
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...One striking feature of the UCP 600 is its lean and simplified look. It is set out in a new and simplified structure. The number of articles have been reduced from 49 to 39. The practice of position papers which were issued previously to clarify rules have been discontinued. The old UCP 500 was subjected to major drafting changes. Every single article has been re-drafted and tightened with a view to not only to bringing simplicity and clarity to the language but to remove ambiguity and reduce document rejections. UCP 600 Summary of New Provisions Set out below is a summary of the new provisions: • a leaner set of rules, with 38 articles rather than 49 articles; • a new section of “Definitions”, containing terms such as “honour”, “credit” and “negotiation”; • a replacement of the term “reasonable time” with a definite number of days for examining and determining compliance of documents; • a new provision concerning addresses of the beneficiary and the applicant; • an expanded discussion of “original documents”; and • re-drafted transport articles aimed at resolving...
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...leader is being conceived as the brave captain of a ship who falls dead on the deck just when the journey is over and the victory is won. Whitman delivers the message to the captain and declares that their fearful and dangerous trip is done. Their ship had withstood every destructive encounter and their prized reward that they longed for is won. Their weary ship is drawing near the sea-port, the church bells are ringing to celebrate a victory and the people are rejoicing. Yet in the midst the celebration, he sees that within the grim and the daring vessel, his heart would spill profusely with drops of blood of immeasurable sadness to see his captain lying cold and dead. Whitman pleads desperately to the captain to get up from his bed and see that the people are flying the flag just for him. The people are blowing their trumpets and bugles and are waiting to present him with bunches of flowers and decorated garlands to honour him-the victor. The seashores are swaying with crowds of cheering people. All the faces of the people on the shore are eager to see the captain addressing them from the deck. Yet the captain, a father to all people of the nation slept still and cold with his arm beneath his head. It is like an unbelievable bad dream that the leader is dead at the moment of victory....
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...UNITED CITY MERCHANTS (INVESTMENTS) LTD. and GLASS FIBRES AND EQUIPMENTS LTD. v ROYAL BANK OF CANADA (INCORPORATED IN CANADA) AND VITROREFUERZOS S.A. (FIRST THIRD PARTY) AND BANCO CONTINENTAL S.A. (SECOND THIRD PARTY) [On appeal from UNITED CITY MERCHANTS (INVESTMENTS) LTD. v. ROYAL BANK OF CANADA] HOUSE OF LORDS [1983] AC 168, [1982] 2 All ER 720, [1982] 2 WLR 1039, [1982] 2 Lloyd's Rep 1 20 May 1982 LORD DIPLOCK. My Lords, this appeal, which is the culmination of protracted litigation, raises two distinct questions of law which it is convenient to deal with separately. The first, which I will call the documentary credit point, relates to the mutual rights and obligations of the confirming bank and the beneficiary under a documentary credit. It is of general importance to all those engaged in the conduct and financing of international trade for it challenges the basic principle of documentary credit operations that banks that are parties to them deal in documents only, not in the goods to which those documents purport to relate. The second question, which I will call the Bretton Woods point, is of less general importance. It turns upon the construction of the Bretton Woods Agreements Order in Council 1946 and its application to the particular fact of the instant case. All parties to the transaction of sale of goods and its financing which have given rise to the appeal were represented at the original hearings before Mocatta J. The sellers and their own merchant bankers to whom...
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...Customer Submitted Case Studies Case Study: Functional Overview on Letter of Credit Author: Deepak Seeruwani, Consultant Contributors: Naveen Rangineni, Consultant Skill Level Rating for this Case Study: Intermediate About Oracle Customer Submitted Case Studies Oracle Customer Submitted Case Studies are intended as learning tools and for sharing information or knowledge related to a complex event, process, procedure, or to a series of related events. Each case study is written based upon the experience that the writer/s encountered. Customers should not interpret or use information in these case studies as solutions or recommendations without first contacting Oracle Support. Each Case Study contains a skill level rating. The rating provides an indication of what skill level the reader should have as it relates to the information in the case study. Ratings are: • Expert: significant experience with the subject matter • Intermediate: some experience with the subject matter • Beginner: little experience with the subject matter Case Study Abstract This case study will provide a practical guide to letters of credit and as there is no functionality as of now to use Letter of Credit as a means of payment which is increasingly being used, a workaround in Oracle Payables to handle payments through Letters of Credit. Within its limitations it is hoped that: • This paper will serve as a basic tool in understanding letters of credit and ...
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...ADEGBENRO ELEWADE MIB 34 LEGAL ENVIRONMENT OF INTERNATIONAL BUSINESS. QUESTION 1 The following rules and principles will be used to analyse if this new trade policy is permissible. WORLD TRADE ORGANISATION RULES AND PRINCIPLES - * Trade discrimination is forbidden- There is a trade discrimination in this policy by subjecting Mediterraneo and Equatoriana to a tariff and excluding Oceania from the tariff policy and also this trade discrimination occurred because Oceania and Pacifica are members of a customs union modeled on and using the same rules at the European Union * Each state has to afford most-favored-nation status to all other WTO member states equally- Pacifica only offered most-favored-nation-status to only Oceania, instead of offering this status also to the other WTO members. National Treatment Rule * A WTO member state must treat imports equally with its own domestic products once the imports are inside its borders- Pacifica subjected foreign cars to foreign sales tax at the point of sales but excluded cars manufactured in Pacifica from this policy, this should not be done because the national treatment principle states that foreign goods should be treated as domestic goods, so Pacifica should not subject this foreign goods to foreign sales tax since also the domestic goods are not subjected to this tax. * Products must be treated equally vis-à-vis their content; they may not be discriminated against because of the way in which they were made-...
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...ADEGBENRO ELEWADE MIB 34 LEGAL ENVIRONMENT OF INTERNATIONAL BUSINESS. QUESTION 1 The following rules and principles will be used to analyse if this new trade policy is permissible. WORLD TRADE ORGANISATION RULES AND PRINCIPLES - * Trade discrimination is forbidden- There is a trade discrimination in this policy by subjecting Mediterraneo and Equatoriana to a tariff and excluding Oceania from the tariff policy and also this trade discrimination occurred because Oceania and Pacifica are members of a customs union modeled on and using the same rules at the European Union * Each state has to afford most-favored-nation status to all other WTO member states equally- Pacifica only offered most-favored-nation-status to only Oceania, instead of offering this status also to the other WTO members. National Treatment Rule * A WTO member state must treat imports equally with its own domestic products once the imports are inside its borders- Pacifica subjected foreign cars to foreign sales tax at the point of sales but excluded cars manufactured in Pacifica from this policy, this should not be done because the national treatment principle states that foreign goods should be treated as domestic goods, so Pacifica should not subject this foreign goods to foreign sales tax since also the domestic goods are not subjected to this tax. * Products must be treated equally vis-à-vis their content; they may not be discriminated against because of the way in which they were made-...
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...Tao Te Ching by Lao-tzu J. Legge, Translator (Sacred Books of the East, Vol 39) [1891] 1 The Tao that can be trodden is not the enduring and unchanging Tao. The name that can be named is not the enduring and unchanging name. (Conceived of as) having no name, it is the Originator of heaven and earth; (conceived of as) having a name, it is the Mother of all things. Always without desire we must be found, If its deep mystery we would sound; But if desire always within us be, Its outer fringe is all that we shall see. Under these two aspects, it is really the same; but as development takes place, it receives the different names. Together we call them the Mystery. Where the Mystery is the deepest is the gate of all that is subtle and wonderful. 2 All in the world know the beauty of the beautiful, and in doing this they have (the idea of) what ugliness is; they all know the skill of the skilful, and in doing this they have (the idea of) what the want of skill is. So it is that existence and non-existence give birth the one to (the idea of) the other; that difficulty and ease produce the one (the idea of) the other; that length and shortness fashion out the one the figure of the other; that (the ideas of) height and lowness arise from the contrast of the one with the other; that the musical notes and tones become harmonious through the relation of one with another; and that being before and behind give the idea of one following another. Therefore...
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...Nicholas Dell Professor Daniel Richter CLAS 150g 10 October 2012 Achilles’ Speech What makes a hero exceptional? What separates heroes from the people around them? Achilles, Agamemnon, Odysseus, and their companions believed in a heroic code of sorts that defined how one should act in order to prove their honor and glory. In the eyes of the ancient Greeks and Trojans, there were two things that defined a hero: the quest for glory and the duty to protect. In Achilles’ speech to his companions Achilles attempts to hold up his own honor while shying away from his duty to protect. This juxtaposition of heroic and anti-heroic behavior creates an internal conflict within Achilles that causes the reader to question how heroic Achilles truly is. By abandoning his duty, Achilles also raises questions about his loyalty to his brothers, companions, society, and his own King. Achilles’ speech raises the question whether certain parts of the heroic code can be ignored or to what extent the code among heroes is actually followed. Arguably the most important part of the heroic code is kleos. Kleos is glory, prizes, and fame earned through fighting in battle. Achilles deeply desires everlasting kleos, but at what cost? Achilles has two choices according to Thetis, he says, “Either, if I stay here and fight beside the city of the Trojans, my return home is gone, but my glory shall be everlasting; but if I return home to the beloved land of my fathers, the excellence of my glory is gone...
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...Please make a copy of your work. If you have submitted your assignment electronically also make a backup copy. Plagiarism and Collusion Plagiarism: to use or pass off as one’s own, the writings or ideas of another without acknowledging or crediting the source from which the ideas are taken. Collusion: submitting an assignment, project or report completed by another person and passing it off as one’s own (as defined in the NTU Honour Code. See http://academicintegrity.ntu.edu.sg/). Penalties for Plagiarism and Collusion The penalties associated with plagiarism exist to reward good academic conduct; those who cheat will be severely punished to reflect the seriousness with which NTU views cheating, and its commitment to academic integrity. Penalties may include: the requirement to revise and resubmit an assignment, receiving a lower grade, or receiving an F grade for the assignment. DeclarationI declare that this assignment is my own work, unless otherwise referenced, as defined by the NTU policy on plagiarism. I have read the NTU Honour Code and Pledge. http://www.ntu.edu.sg/sao/Pages/HonourCode.aspx Signed ………………. Date ……………………………. | GOH KENG SWEE COMMAND AND STAFF COLLEGE 44th COMMAND AND STAFF COURSE << ADSP Assignment – South China Sea:Recipe for War Between China and ASEAN? >> | Submitted by: << 44081 >> 24 pages, including cover page 3639 words (excluding footnotes, endnotes, bibliography) Marker’s Report General...
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...Ms. Proctor English 2P-7 9 December 2013 Role Of Men Introduction Depending upon your moral standards, whether religious or secular, the answer to the question of “What is the role of man” can vary. For example, according to the King James Bible, the role of a man is to “dwell with [them] according to knowledge, giving honour unto the wife, as unto the weaker vessel, and as being heirs together of the grace of life; that your prayers be not hindered” (1 Peter 3:7). Depending upon the person you would ask who is not of a religious background, their answer could differ. Dr. Phil stated that if men have the desire to be prosperous in their marriage and family life, they must be a provider, a protector, a leader, and a teacher. Others have said that the “role of man” does not seclude women but includes them as well; that neither really have their own individual role based upon sex, but we as mankind work together as one. “The Village Blacksmith” by Henry Wadsworth Longfellow This poem by Henry Wadsworth Longfellow describes the life of a blacksmith. Longfellow created his character to be a “man’s man”: he had crisp, long, black hair, his face was tan, his brows “wet with honest sweat,” and “looks the whole world in the face,/ For he owes not any man.” The man being described has a family who he works hard for, instills moral standards in his children by bringing them to Sunday church, and misses his deceased wife dearly. Though he has gone through many a hardship, the man...
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...College of Tourism – Varna Cultural Heritage of the Thracians [pic] Written by: Tsvetan 2010 Bulgarian treasures Once upon a time the Thracians inhabited Bulgarian lands. Millennia after, their ancient and mysterious culture revealed its true magnificence. In the last few decades a number of significant collections of Thracian treasures have been discovered in present-day Bulgaria, providing much of our present knowledge of ancient Thrace. Golden mask of a Thracian king Bulgaria’s ancient Thracian heritage was thrust into the spotlight in 2004 with a number of key archaeological discoveries in the so-called Valley of the Thracian Kings. A team of Bulgarian archaeologists, led by Professor Georgi Kitov, discovered a 2400-year old golden mask in the tomb of an ancient Thracian king on August 19. The mask bears the image of a human face and is made of 500 grams of solid gold. The discovery was made near the town of Shipka, in the heart of the Stara Planina Mountain. Dozens of Thracian mounds are spread throughout this region, which archaeologists have called ‘the Bulgarian valley of the kings,’ a reference to the Valley of the Kings near Luxor, which is home to the tombs of Egyptian Pharaohs. “The unique mask looks even better than the famous image of King Agamemnon, the Greek anti-hero described by Homer in the Iliad,” Kitov said after making the discovery. “This is the first Thracian mask of solid...
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