UCP 600 – Uniform Rules for Documentary Credits

Commercial letters of credit are the lifeblood of international trade. For more than 85 years, the Uniform Customs and Practice for Documentary Credits (UCP) – the International Chamber of Commerce’s rules on documentary credits – have governed letter of credit transactions worldwide.

UCP 600 contains important new provisions in the fields of transport, insurance and compliance, which will form the basis of letter of credit transactions for years to come.

The revised UCP includes a „Definitions“ article designed to clarify the meaning of key terms, a changed practice for giving a notice of refusal and other modifications you will need to know. It also includes version 2.1 of the eUCP – the 14 articles of ICC’s supplement to the UCP that govern presentation of documents in electronic form.

Since its inception, the UCP has remained a vital component of international trade. Bankers, traders, lawyers, transporters, academics and all who deal with letter of credit transactions will refer to UCP 600 on a daily basis.

Including eUCP Version 2.1.

Details: 

Contents

Article 31: Partial drawings or shipments….. 25

Article 32: Instalment drawings or shipments…… 26

Article 33: Hours of presentation…… 26

Article 34: Disclaimer on effectiveness of documents…… 26

Article 35: Disclaimer on transmission and translation….. 26

Article 36: Force majeure….. 26

Article 37: Disclaimer for acts of an instructed party…… 26

Article 38: Transferable credits….. 27

Article 39: Assignment of proceeds….. 28

ICC Uniform Customs and Practice for Documentary Credits for Electronic Presentation

Introduction to eUCP Version 2.1….. 31

Preliminary considerations….. 33

Article e1: Scope of the Uniform Customs and Practice for Documentary

Credits (UCP 600) supplement for electronic presentations (“eUCP”)….. 34

Article e2: Relationship of the eUCP to the UCP….. 34

Article e3: Definitions….. 34

Article e4: Electronic records and paper documents v. goods, services or performance 35 Article e5: Format…… 35

Article e6: Presentation….. 36

Article e7: Examination….. 37

Article e8: Notice of refusal….. 37

Article e9: Originals and copies…… 37

Article e10: Date of issuance….. 38

Article e11: Transport…… 38

Article e12: Data corruption of an electronic record…… 38

Article e13: Additional disclaimer of liability for presentation of electronic

records under eUCP…… 38

Article e14: Force majeure….. 39

ICC Banking Commission at a glance….. 39