INVOICES

INVOICES
Definition of invoice
59) A credit requiring an "invoice" without further definition will be satisfied by any type of invoice presented (commercial invoice, customs invoice, tax invoice, final invoice, consular invoice, etc.). However, invoices identified as "provisional", "pro-forma", or the like are not acceptable unless specifically authorized in the credit. When a credit requires presentation of a commercial invoice, a document titled "invoice" will be acceptable.
Name and address
60) An invoice must appear on its face to have been issued by the beneficiary named in the credit. Telex or fax numbers, etc., forming part of the address, need not be present, or, if stated, need not be identical to that in the credit.
61) An invoice must be made out in the name of the applicant. Telex or fax numbers, etc., forming part of the address, need not be present, or, if stated, need not be identical to that in the credit.
Description of the goods and other general issues related to invoices
62) The description of the goods in the invoice must correspond with the description in the credit. There is no requirement for a mirror image. For example, details of the goods may be stated in a number of areas within the invoice which, when collated together, represents a description of the goods corresponding to that in the credit.
63) The goods description in an invoice must reflect what goods have been actually shipped. For example, where there are two types of goods shown in the credit, such as 10 trucks and 5 tractors, an invoice that reflects only shipment of 4 trucks would be acceptable provided the credit does not prohibit partial shipment. An invoice showing the entire goods description as stated in the credit, then stating what has actually been shipped, is also acceptable.
64) An invoice must evidence the value of the goods shipped. Unit price(s), if any, and currency shown in the invoice must agree with that shown in the credit. The invoice must show any discounts or deductions required in the credit. The invoice may also show a deduction covering advance payment, discount, etc., not stated in the credit.
65) If a trade term is part of the goods description in the credit, or stated in connection with the amount, the invoice must state the trade term specified, and if the description provides the source of the trade term, the same source must be identified (e.g. a credit term "CIF Singapore Incoterms 2000" would not be satisfied by "CIF Singapore Incoterms", etc.). Charges and costs must be included within the value shown against the stated trade term in the credit and invoice. Any charges and costs shown beyond this value are not allowed.
66) Unless required by the credit, an invoice need not be signed or dated.
67) The quantity of merchandise, weights, and measurements shown on the invoice must be not inconsistent with the same quantities appearing on other documents.
68) An invoice must not show:
a) over-shipment (except as provided in UCP sub-Article 39(b)), or
b) merchandise not called for in the credit (including samples, advertising materials, etc.) even if stated to be free of charge.
69) The quantity of the goods required in the credit may vary within a tolerance of +/- 5%. This does not apply if a credit stipulates that the quantity must not be exceeded or reduced, or if a credit stipulates the quantity in terms of a stated number of packing units or individual items. A variance of up to +5% in the goods quantity does not allow the amount of the drawing to exceed the amount of the credit.
70) If partial shipments are prohibited, a tolerance of 5% less in the invoice amount is acceptable, provided that the quantity is shipped in full and that any unit price, if stated in the credit, has not been reduced. If no quantity is stated in the credit, the invoice will be considered to cover the full quantity.
71) The required number of originals and copies must be presented.
72) If a credit calls for instalment shipments, each shipment must be in accordance with the instalment schedule.