Topic 9 - Documentary Credits Flashcards
1
Q
What is the minimum insurance coverage according to Article 28 of UCP 600?
A
110% of the CIF or CIP value of the goods.
2
Q
What is DOCDEX and which body established it?
A
DOCDEX = rules for Documentary Instrument Dispute Resolution Expertise
- designed to expedite the resolution of disputes by providing impartial solutions recommended by experts.
- established by the ICC (2002)
3
Q
Under UCP 600, how long does a bank have to notify a beneficiary of any discrepancies after presentation of documents?
A
5 banking days
