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The Uniform Customs and Practice for Documentary Credits 2007 (UCP 600)

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The Uniform Customs and Practice for Documentary Credits (UCP) is a set of rules on the issuance and use of letter of credit. The UCP is utilized by bankers and commercial parties in more than 175 countries in trade finance. Some 11-15% of international trade utilizes letters of credit, totaling over a trillion dollars (US) each year.

Historically, the commercial parties, particularly banks, have developed the techniques and methods for handling letters of credit in international trade finance. This practice has been standardized by the ICC (International Chamber of Commerce) by publishing the UCP in 1933 and subsequently updating it throughout the years. You can access the English version of UCP 600 here.


keywords : Documentary Credits , ICC , International Chamber of Commerce , LC , Letter of Credit , The Uniform Customs and Practice for Documentary Credits , UCP , UCP 600 ,