What is UCP?
The Uniform Customs and Practice for Documentary Credits (“UCP”) is the rule governing the Documentary credits. It was established by the international chamber of commerce (ICC) to mitigate the doubts caused by individual countries promoting their own national rules on documentary credit practice.
What is a UCP 600 letter of credit?
The UCP 600 are the most successful rules ever developed in relation to trade and most Letters of Credit are subject to them. At the recent ICC UK Winter Trade Finance Conference, there was a special programme which addressed the UCP 600.
What is the Uniform Customs and practice (UCP) for Documentary Credits?
The International Chamber of Commerce (ICC) introduced the Uniform Customs and Practice (UCP) for Documentary Credits in 1933 with UCP 82, in order to alleviate the disparity between national rules on letter of credit practice.