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MT 760 Field Specifications

5. Field 40C: Applicable Rules

FORMAT

Option C 4!a[/35x] (Type)(Narrative)

PRESENCE

Mandatory

DEFINITION

This field specifies the rules the guarantee is subject to. Unless otherwise specified in field 77C, it is also the rules the counter-guarantee is subject to.

CODES

Type must contain one of the following codes (Error code(s): T60):

ISPR The guarantee is subject to International Standby Practices
NONE The guarantee is not subject to any rules
OTHR The guarantee is subject to another set of rules, which must be specified in Narrative (2nd subfield)
URDG The guarantee is subject to the ICC Uniform Rules for Demand Guarantees

NETWORK VALIDATED RULES

Subfield 2 of field 40C, that is "/"35x, is only allowed when subfield 1 of this field consists of OTHR (Error code(s): D81).

USAGE RULES

Unless otherwise specified, the applicable version of the rules (International Standby Practices/Uniform Rules for Demand Guarantees, International Chamber of Commerce, Paris, France) is the one which is in effect on the date of the issue.

If the code OTHR is used, the applicable rule should be mentioned in the narrative field.