Acronym for Astigmatic Keratotomy A surgical procedure used to correct moderate cases of astigmatism Often performed at the same time as the Radial Keratotomy procedure for correcting nearsightedness The procedures are somewhat similar, differing primarily in the pattern of incisions made in the outer periphery of the cornea in order to change its shape to the curvature needed to correct the refractive problem Both AK and RK have been largely replaced by newer refractive surgery procedures See Refractive Surgery in Eye Care Encyclopedia. Avtomat Klashnikova, or Automatic Kalashnikov The most widely used automatic rifle line in the world, Russian-designed; there are several Airsoft variants. An acronym for 'automated knowledge acquisition ' Refers to the use of programs to create knowledge needed by other programs. Also Known As. Also known as Used in contracts when a person uses more than one name In other words, an alias. Red Often used in kumite competition where one competitor wears a red belt and the other a white belt The officials then refer to the competitors by the colour of their belt See also Shiro.
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One of the rules established by ICC in foreign trade is letter of credit practice. This paper will try to compare and identify the differences between UCP and UCP , which are the latest two versions of Letter of Credit practice. This paper will be based on practices while making the said comparison. First of all, this paper will mention brief history of Uniform Customs and Practice for Documentary Credits within the scope of International Chamber of Commerce.
After that, various definitions of Letter of Credit will be given to determine its scope. Particularly, some issues considered inaccurately will be highlighted notably. For example, non-consideration of sale contracts within the scope of letter of credit. This paper will also address version changes of letter of credits and reasons of such changes. For example, the version change in was as a result of changes in container and combined transportation, revision in was due to new technical improvements in transportation and communication and UCP version in resulted from developments in viewing documents by printing and computer systems and in communication.
Moreover, UCP was updated for the first time without any revision. However, another important issue to consider herein is that the reason shown for revision works was the reserves given to Letter of Credits by banks.
The section prior to results and suggestions will be on comparative analysis of UCP and UCP to identify their differences. UCP consists of forty nine articles within seven main titles. Above listed main titles and articles were replaced under UCP The most important change within the scope of UCP is in the first article.
This article, which is criticized by us, makes it possible to exclude one or several of the rule s under UCP and article s within these rules. In spite of the fact that this article intents to make letter of credits flexible, the negative effects of this article is more than positive ones due to lack of knowledge and bad intentions in the process. It is also considered that it harms the standard operation systematic in foreign trade letter of credit procedures. Another change brought under UCP is new notions.
The definitions in the article two and comments in the article three are highly remarkable. Therefore, it was stressed that the branch offices of bank in foreign country would not be considered as branch office but would be considered as a separate bank. Another change is in the article four, which is a recommendation. Another significant change brought under UCP is that any change after opening of any letter of credit should be accepted by the beneficiary, namely the exporting company, and no change would occur unless this change is accepted.
Another change brought with UCP is that in deferred or confirmed letter of credits, the banks assigned to accept the policy though they are not authorized to negotiate can make pre-payment by purchasing the letter of credit and policies before due date or make pre-payment to the beneficiary before due date.
One of other significant changes is regarding banking date related with examination of documents in UCP The reasonable period stated as banking day in UCP was cancelled and the banking date was clearly stated as five banking days under UCP Another change for application is related with address notification of the parties.
In the results and suggestions sections, which are the final stages of our paper, the transition stage from UCP to UCP is assessed to emphasise positive and negative sides brought by changes to UCP One of the significant criticisms is that it is possible to exclude one or several of the rules and the articles within these rules included in the article one and given within the letter of credit under UCP , if required.
The remaining articles of UCP are detailed in terms of application; especially the process becomes more comprehensible as the terms are clarified. Makaleler Anasayfa Makaleler.
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Yabancı Ülke Vatandaşlarının İkamet İşlemleri ve Başvuru Süreçleri (İkamet İzni ve Oturum İzni)
Akreditif (LC) Çeşitleri