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» UCP 600 |
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 UCP 600 2007 Revision Approved
ICC’s New Rules on Documentary Credits
By a unanimous vote of 91 to 0, the ICC Banking Commission on 25 October, 2006 approved UCP 600, ICC's revised rules on documentary credits. ICC Services will be publishing the rules in both book and leaflet formats in the coming weeks.
Events
January 26, 2007 - Seminar Understanding The UCP 600 - register today
Press Release
October 25, 2006 Banking Commission approves revised rules on documentary credits
Commercial letters of credit are the lifeblood of the international trade system and, for more than 70 years, the International Chamber of Commerce (ICC) has established the rules governing documentary credits worldwide.
UCP 600 enters into force on July 1, 2007 and contains substantive changes to the existing rules you need to know now.
New Provisions
a leaner set of rules, with 39 articles rather than 49 articles of UCP 500;
a new section of “Definitions,” containing terms such as “honour” and “negotiation”;
a replacement of the term “reasonable time” with a definite number of days for examining and determining compliance of documents;
a new provision concerning addresses of the beneficiary and the applicant;
an expanded discussion of “original documents”;
re-drafted transport articles aimed at resolving confusion over the identification of carriers and agents.
The new UCP 600 also contains within the text the 12 Articles of the eUCP, ICC’s supplement to the UCP governing presentation of documents in electronic or part-electronic form.
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