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MT 760 Field Specifications

10. Field 40C: Applicable Rules

FORMAT

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

PRESENCE

Mandatory in mandatory sequence B

DEFINITION

This field specifies the rules to which the undertaking is subject.

CODES

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

ISPR The version of the International Standby Practices (ISP) that is in effect on the date of issue of the undertaking.
NONE The undertaking is not subject to any rules.
OTHR The undertaking is subject to another set of rules, or the undertaking is not subject to the version of the rules that is in effect on the date of issue, these must be specified in Narrative (2nd subfield).
UCPR The version of the Uniform Customs and Practice for Documentary Credits (UCP) as published by the International Chamber of Commerce (ICC) that is in effect on the date of issue of the undertaking.
URDG The version of the ICC Uniform Rules For Demand Guarantees (URDG) as published by the International Chamber of Commerce (ICC) that is in effect on the date of issue of the undertaking.

NETWORK VALIDATED RULES

If Type is OTHR, then Narrative may be present, otherwise Narrative is not allowed (Error code(s): D81).