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Synopsis
Commercial letters of credit are the lifeblood of the international trade system and, for more than 70 years, the International Chamber of Commerce (ICC) has established the rules governing documentary credits worldwide. By a unanimous vote of 91 to 0, the ICC Banking Commission on October 25, 2006 approved UCP 600, ICC's revised rules on documentary credits and how to use a letter of credit. UCP 600 entered into force on July 1, 2007 and contains substantive changes to the existing rules that all international business professionals need to know.
New Provisions
- A leaner set of rules, with 39 articles rather than 49 articles of UCP 500
- A new section of definitions, containing terms such as honor and negotiation
- A replacement of the term reasonable time with a definite number of days for examining and determining compliance of documents
- A new provision concerning addresses of the beneficiary and the applicant
- An expanded discussion of original documents
- Re-drafted transport articles aimed at resolving confusion over the identification of carriers and agents.
The new UCP 600 also contains within the text the 12 articles of the eUCP, ICC's supplement to the UCP governing presentation of documents in electronic or part-electronic form.
"synopsis" may belong to another edition of this title.
- PublisherIntl Chamber of Commerce Us council
- Publication date2007
- ISBN 10 928421257X
- ISBN 13 9789284212576
- BindingPaperback
- LanguageEnglish
- Number of pages72
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UCP 600
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UCP 600
ISBN 10: 928421257X
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UCP 600
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Icc Uniform Customs and Practice for Documentary Credits; 2007 Revision
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UCP 600
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UCP 600 - ICC Uniform Customs and Practice for Documentary Credits; 2007 Revision
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Intl Chamber of Commerce, 2006
ISBN 10: 928421257X
ISBN 13: 9789284212576
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Icc Uniform Customs and Practice for Documentary Credits; 2007 Revision
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