Frequently issuing banks put a phrase like "full set of clean shipped on board ocean bills of lading" on a letter of credit text under field 46-A Required Documents. Do you know the meaning of a full set of bills of lading? If not keep reading...
UCP 600 - Article 20 - Bill of Lading
iv- Be the sole original bill of lading or, if issued in more than one original, be the full set as indicated on the bill of lading.
ISBP 2007 - Full set of originals Paragraph 93
As per UCP 600 article 20 transport document must indicate the number of originals that have been issued. Transport documents marked “First Original”, “Second Original”, “Third Original”, “Original”, “Duplicate”, “Triplicate”, etc., or similar expressions are all originals. Bills of lading need not be marked “original” to be acceptable as an original bill of lading. In addition to UCP 600 article 17, the ICC Banking Commission Policy Statement, document 470/871(Rev), titled “The determination of an ‘Original’ document in the context of UCP 500 sub-Article 20(b)” is recommended for further guidance on originals and copies and remains valid under UCP 600. The content of the Policy Statement appears in the Appendix of this publication, for reference purposes.
Carriers issue bills of lading in a set of 3 original and 3 copies as an established tradition for decades.
You should act according to letter of credit rules when you encounter such as phrase on a letter of credit.
UCP taking into account only original bills of lading and not considering copies. So if you encounter "full set of clean shipped on board ocean bills of lading" phrase than you can present only original bills of lading but not copies. But banks are famous for fabricating discrepancies so to be on the safe side you can present all 3 originals and 3 copies all together.
Be careful sometimes banks demand "3 original 3 copies of bill of lading" or "3 originals 4 copies of bill of lading". On these cases you should present exactly required originals and copies.
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