Acceptable documents under the credit; administrative agreements
Acceptable Documents Under the Credit; Administrative Agreements Sample Clauses
Acceptable Documents Under the Credit; Administrative Agreements a) SUBSTANTIAL COMPLIANCE. Except as expressly provided otherwise on the Application, we authorize you to accept as complying with the Credit any Drafts and/or Documents which are in substantial but not strict compliance with the Credit without affecting or relieving us of any of our Liabilities under this Agreement. Nevertheless, you may in your discretion, refuse to accept any or all such Drafts and/or Documents unless they are in strict compliance with the Credit. (b) APPLICANT'S INSTRUCTIONS. In administering the Credit, you and your correspondents may act in reliance upon any oral, telephonic, telegraphic, facsimile, electronic or written request, agreement, notice, consent, waiver or other communication believed in good faith to have been authorized by us, whether or not actually given or signed by an authorized person. (c) APPLICABLE STANDARDS. Except as otherwise expressly provided, you and/or your correspondents may, to the extent that you or they deem appropriate: (i) consider applicable to the Credit and any or all transactions thereunder any laws, regulations, customs, or usages, foreign or domestic, deemed appropriate and not inconsistent with the UCP; (ii) accept as "bills of lading" documents acknowledging receipt of property, for transportation by or on behalf of carriers, and, as "steamer bills of lading," such documents of carriers whether or not the entire transportation is by water; (iii) accept bills of lading not marked "notify the account party named in the Credit" or not indicating the letter of credit number notwithstanding anything herein specified to the contrary. (d) INSURANCE. We will cause the property covered by the Credit to be adequately insured in amounts, against risks and by companies satisfactory to you, assign the policies or certificates thereof to you or make loss payable to you, at your option, and furnish you upon request evidence of compliance with the foregoing. If you at any time deem such insurance inadequate for any reason, you may procure such insurance as you deem necessary, at our expense. (e) COMPLIANCE WITH REGULATIONS. We shall procure promptly necessary import, export or shipping licenses for the property covered by the Credit, comply with all governmental regulations, foreign or domestic (including exchange regulations) with regard thereto or the financing thereof, and furnish to you, at your request, certificates evidencing the foregoing, and on demand, pay to you, any amount(s) you may be required to...