By a unanimous vote of 91 to 0, the ICC Banking Commission on October 25, 2006 approved UCP 600, ICC's 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 entered into effect on July 1, 2007 and contains substantive changes to the existing rules that are essential to know if you work in the international banking or trade industries.
- Leaner set of rules, with 39 articles rather than 49 articles of UCP 500
- New section of "Definitions", containing terms such as "honor" and "negotiation"
- Replacement of the term "reasonable time" with a definite number of days for examining and determining compliance of documents
- New provision concerning addresses of the beneficiary and the applicant
- Expanded discussion of "original documents"
- Re-drafted transport articles aimed at resolving confusion over the identification of carriers and agents.
- 12 articles of the eUCP, ICC's supplement to the UCP governing presentation of documents in electronic or part-electronic form