ICC Uniform Customs and Practices for Document Credits (UCP)
Author/Source: International Chamber of Commerce (ICC)
Year of adopting/publication: The latest version is the UCP 600, 2007 version.
Link to the document on the internet: The UCP 600, 2007 version can be purchased from the ICC online bookstore
Purpose: to provide commercial parties, particularly banks, with standard techniques and methods for handling letters of credit in international trade finance.
Summary: The Uniform Customs and Practices for Document Credits (UCP), are rules of practice for letters of credit prepared under the auspices of the International Chamber of Commerce (ICC). The publication is almost always referred to in international letter of credit forms and is a part of the letter of credit contract.
The ICC also has made available the ICC Publication No. 511, which guides through UCP 600 on an article-by article and clause-by-clause basis. The ICC Publication No. 511 also explains the reasoning theta led the ICC working Group to develop a revised set of Rules for Documents Credits under UCP 600.
Pages that cite the UCP: