f. If the remitting bank does not nominate a specific presenting bank, the collecting bank may utilize a presenting bank of its choice.
Article 6
Sight/Acceptance
In the case of documents payable at sight the presenting bank must make presentation for payment without delay.
In the case of documents payable at a tenor other than sight the presenting bank must, where acceptance is called for, make presentation for acceptance without delay, and where payment is called for, make presentation for payment not later than the appropriate maturity date.
Article 7
Release of Commercial Documents
Documents Against Acceptance (D/A) vs. Documents Against Payment (D/P)
a.Collection should not contain bills of exchange payable at a future date with instruction that commercial documents are to be delivered against payment.
b. If a collection contains a bill of exchange payable at a future date, the collection instruction should state whether the commercial documents are to be released to the drawee against acceptance (D/A) or against payment (D/P).
In the absence of such statement commercial documents will be released only against payment and the collecting bank will not be responsible for any consequences arising out of any delay in the delivery of documents.
c. If a collection contains a bill of exchange payable at a future date and the collection instruction indicates that commercial documents are to be released against payment, documents will be released only against such payment and the collecting bank will not be responsible for any consequences arising out of any delay in the delivery of documents.
Article 8
Creation of Documents
Where the remitting bank instructs that either the collecting bank or the drawee is to create documents (bills of exchange promissory notes, trust receipts,letters of undertaking or other documents) that were not included in the collection, the form and wording of such documents shall be provided by the remitting bank, otherwise the collecting bank shall not be liable or responsible for the form and wording of any such document provided by the collecting bank and/or the drawee.
C. Liabilities and Responsibilities
Good faith and Reasonable Care
Banks will act in good faith and exercise reasonable care.
Article 10
Documents vs. Goods/Services/Performances
a.Goods should not be dispatched directly to the address of a bank or consigned to or to the order of a bank without prior agreement on the part of that bank.
Nvertheless, in the event that goods are dispatched directly to the address of a bank or consigned to or to the order of a bank for release to a drawee against payment or acceptance or upon other terms and conditions without prior agreement on the part of that bank, such bank shall have no obligation to take delivery of the goods, which remain at the risk and responsibility of the party dispatching the goods.
b. Banks have no obligation to take any action in respect of the goods to which a documentary collection relates, including storage and insurance of the goods even when specific instructions are given to do so. Banks will only take such action if, when, and to the extent that they agree to do so in each case, notwithstanding the provisions of sub-article 1 (c), this rule applies even in the absence of any specific advice to this effect by the collecting bank.
c. Nevertheless, in the case that banks take action for the protection of the goods, whether instructed or not, they assume no liability or responsibility with regard to the fate and/or condition of the goods and/or for any acts and/or omissions on the part of any third parties entrusted with the custody and/or protection of the goods. However, the collecting bank must advise without delay the bank from which the collection instruction was received of any such action taken.
d. Any charges and/or expensed incurred by banks in connection with any action taken to protect the goods will be for the account of the party from whom they received the collection.
e. i. Notwithstanding the provisions of sub-article 10 (a), where the goods are consigned to or the order of the collecting bank and the drawee has honoured the collection by payment, acceptance or other terms and conditions, and the collecting bank arranges for the authorized the collecting bank to do so.
ii.Where a collecting bank on the instructions of the remitting bank or in terms of sub-article 10 (e) i, arranges for the release of the goods, the remitting bank shall indemnify such collecting bank for all damages and expenses incured.
Article 11
Disclaimer For Acts of an Instructed Party
a. Banks utilizing the services of another bank or other banks for the purposes of giving effect to the instructions of the principal, do so for the account and at the risk of such principal.
b. Banks assume no liability or responsibility should the instructions they transmit not be carried out, even if they have themselves taken the initiative in the choice of such other bank(s).
c. A party instructing another party to perform services shall be bound by and liable to indemnify the instructed party against all obligations and responsibilities imposed by foreign laws and usages.
Article 12
Disclaimer on Documents Received
a.Bank must determine that the documents received appear to be as listed in the collection
instruction and must advise by telecom-munication or, if that is not possible, by other expeditious means, without delay, the party from whom the collection instruction was received of any documents missing, or found t be other than listed.
Banks have no further obligation in this respect.
b. If the documents do not appear to be listed, the remitting bank shall be precluded from disputing the type and number of documents received by the collecting bank.
c. Subject to sub-article 5 (c) and sub-article 12 (a) and 12 (b) above, banks will present documents as received without further examination.
Article 13
Disclaimer on Effectiveness of Documents
Banks assume no liability or responsibility ofr the form, sufficiency,accuracy,genuineness,falsification or legal effect of any document (s) or superimposed thereon; nor do they assume any liability, condition,packing ,delivery, value of existence of the goods represented by any document (s),or for the good faith or acts and/or omission,solvency,performance or standing of the consignors, the carriers,the forwarders,the consignees or the insurers of the goods, or any other person whomsoever.
Article 14
Disclaimer on Delays,Loss in Transit and Translation
a.Banks assume no liability or responsibility for the consequences arising out of delay and/or loss in transit of any message (s), letter(s) or document(s), or for delay,mutilation or other error(s) arising in transmission of any telecommunication or for error(s) in translation and/or interpretation of technical terms.
b. Banks will not be liable or responsible for any delays resulting from the need to obtain clarification of any instructions received.
Article 15
Force Majeure
Banks assume no liability or responsibility for consequence arising out of the interruption of their business by Acts of God, riots,civil commotios,insurrections, wars, or any other causes beyond their control or by strikes or lockouts.
D. Payment
Article 6
Sight/Acceptance
In the case of documents payable at sight the presenting bank must make presentation for payment without delay.
In the case of documents payable at a tenor other than sight the presenting bank must, where acceptance is called for, make presentation for acceptance without delay, and where payment is called for, make presentation for payment not later than the appropriate maturity date.
Article 7
Release of Commercial Documents
Documents Against Acceptance (D/A) vs. Documents Against Payment (D/P)
a.Collection should not contain bills of exchange payable at a future date with instruction that commercial documents are to be delivered against payment.
b. If a collection contains a bill of exchange payable at a future date, the collection instruction should state whether the commercial documents are to be released to the drawee against acceptance (D/A) or against payment (D/P).
In the absence of such statement commercial documents will be released only against payment and the collecting bank will not be responsible for any consequences arising out of any delay in the delivery of documents.
c. If a collection contains a bill of exchange payable at a future date and the collection instruction indicates that commercial documents are to be released against payment, documents will be released only against such payment and the collecting bank will not be responsible for any consequences arising out of any delay in the delivery of documents.
Article 8
Creation of Documents
Where the remitting bank instructs that either the collecting bank or the drawee is to create documents (bills of exchange promissory notes, trust receipts,letters of undertaking or other documents) that were not included in the collection, the form and wording of such documents shall be provided by the remitting bank, otherwise the collecting bank shall not be liable or responsible for the form and wording of any such document provided by the collecting bank and/or the drawee.
C. Liabilities and Responsibilities
Good faith and Reasonable Care
Banks will act in good faith and exercise reasonable care.
Article 10
Documents vs. Goods/Services/Performances
a.Goods should not be dispatched directly to the address of a bank or consigned to or to the order of a bank without prior agreement on the part of that bank.
Nvertheless, in the event that goods are dispatched directly to the address of a bank or consigned to or to the order of a bank for release to a drawee against payment or acceptance or upon other terms and conditions without prior agreement on the part of that bank, such bank shall have no obligation to take delivery of the goods, which remain at the risk and responsibility of the party dispatching the goods.
b. Banks have no obligation to take any action in respect of the goods to which a documentary collection relates, including storage and insurance of the goods even when specific instructions are given to do so. Banks will only take such action if, when, and to the extent that they agree to do so in each case, notwithstanding the provisions of sub-article 1 (c), this rule applies even in the absence of any specific advice to this effect by the collecting bank.
c. Nevertheless, in the case that banks take action for the protection of the goods, whether instructed or not, they assume no liability or responsibility with regard to the fate and/or condition of the goods and/or for any acts and/or omissions on the part of any third parties entrusted with the custody and/or protection of the goods. However, the collecting bank must advise without delay the bank from which the collection instruction was received of any such action taken.
d. Any charges and/or expensed incurred by banks in connection with any action taken to protect the goods will be for the account of the party from whom they received the collection.
e. i. Notwithstanding the provisions of sub-article 10 (a), where the goods are consigned to or the order of the collecting bank and the drawee has honoured the collection by payment, acceptance or other terms and conditions, and the collecting bank arranges for the authorized the collecting bank to do so.
ii.Where a collecting bank on the instructions of the remitting bank or in terms of sub-article 10 (e) i, arranges for the release of the goods, the remitting bank shall indemnify such collecting bank for all damages and expenses incured.
Article 11
Disclaimer For Acts of an Instructed Party
a. Banks utilizing the services of another bank or other banks for the purposes of giving effect to the instructions of the principal, do so for the account and at the risk of such principal.
b. Banks assume no liability or responsibility should the instructions they transmit not be carried out, even if they have themselves taken the initiative in the choice of such other bank(s).
c. A party instructing another party to perform services shall be bound by and liable to indemnify the instructed party against all obligations and responsibilities imposed by foreign laws and usages.
Article 12
Disclaimer on Documents Received
a.Bank must determine that the documents received appear to be as listed in the collection
instruction and must advise by telecom-munication or, if that is not possible, by other expeditious means, without delay, the party from whom the collection instruction was received of any documents missing, or found t be other than listed.
Banks have no further obligation in this respect.
b. If the documents do not appear to be listed, the remitting bank shall be precluded from disputing the type and number of documents received by the collecting bank.
c. Subject to sub-article 5 (c) and sub-article 12 (a) and 12 (b) above, banks will present documents as received without further examination.
Article 13
Disclaimer on Effectiveness of Documents
Banks assume no liability or responsibility ofr the form, sufficiency,accuracy,genuineness,falsification or legal effect of any document (s) or superimposed thereon; nor do they assume any liability, condition,packing ,delivery, value of existence of the goods represented by any document (s),or for the good faith or acts and/or omission,solvency,performance or standing of the consignors, the carriers,the forwarders,the consignees or the insurers of the goods, or any other person whomsoever.
Article 14
Disclaimer on Delays,Loss in Transit and Translation
a.Banks assume no liability or responsibility for the consequences arising out of delay and/or loss in transit of any message (s), letter(s) or document(s), or for delay,mutilation or other error(s) arising in transmission of any telecommunication or for error(s) in translation and/or interpretation of technical terms.
b. Banks will not be liable or responsible for any delays resulting from the need to obtain clarification of any instructions received.
Article 15
Force Majeure
Banks assume no liability or responsibility for consequence arising out of the interruption of their business by Acts of God, riots,civil commotios,insurrections, wars, or any other causes beyond their control or by strikes or lockouts.
D. Payment