Uniform Customs and Practice for Documentary Credits: Difference between revisions
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The code is accepted by commercial companies, banks, insurers and shippers and recognised by the courts in most countries of the world. | The code is accepted by commercial companies, banks, insurers and shippers and recognised by the courts in most countries of the world. | ||
The most recent version is UCP600 that came into effect in 2007. | The most recent version is UCP600, that came into effect in 2007. | ||
Revision as of 16:25, 19 November 2017
(UCP).
The Uniform Customs and Practice for Documentary Credits is a code of practice for the issuance, use and processing of letters of credit that was first published in 1933.
It is published by the Banking Commission of the International Chamber of Commerce.
The code is accepted by commercial companies, banks, insurers and shippers and recognised by the courts in most countries of the world.
The most recent version is UCP600, that came into effect in 2007.
Note: The UCP is sometimes referred to as the "Uniform Customs & Practice for Documentary Credits" and the substitution of "&" for "and" can confuse some search engines and indexing systems.
