The Uniform Custom and Practice for Documentary Credits (UCP 600 - bilingual version)

The UCP 600 (“Uniform Customs & Practice for Documentary Credits”) is the official publication which is issued by the International Chamber of Commerce (ICC). It is a set of 39 articles  on issuing and using Letters of Credit, which applies to 175 countries around the world, constituting some $1tn USD of trade per year.

Here are a few of the key elements which make up the UCP 600:

• Definition of key terms which are prevalent in international trade (e.g. honouring [of payments], applicants, banking days, presentation)
• How international trade documents (Letters of Credit) can be signed and acknowledged by all parties
• The difference between documents, goods and services (and which parties deal with these)
• Which parts of a Letter of Credit are negotiable and non-negotiable
• How credit works, and how payment is made
• How banks can communicate the confirmation of goods (teletransmission)
• Transportation of the goods, modes of transport, and who bears responsibility
• How to deal with discrepancies, waivers and giving notice
• The provision of original documents or electronic copies
• Bills of Lading
• Insurance and covering the cost of goods
• Loss of shipping documents in transit

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Link: The Uniform Custom and Practice for Documentary Credits (UCP 600) 

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