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Uniform Customs and Practice for Documentary Credits (UCP 600)

Price: $25.00
New Lower Price: $15.00
Item No.: 600
ISBN: 978-92-842-1257-6
Also Available in eBook Format.  For eBook, click Here
 
Uniform Customs and Practice for Documentary Credits, 2007 Revision 
UCP 600 (
in Force as of July 1, 2007)
 


Pub No. 600
Paperback (Booklet)
5 inches x 9 inches
2007 Edition
72 pages

UCP 600: 2007 Revision Approved 
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. 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 and how to use a letter of credit.  UCP 600 entered into force on July 1, 2007 and contains substantive changes to the existing rules that all international business professionals need to know.

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 "honor" 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.

 

Table of Contents
Foreword
Introduction
ICC Uniform Customs and Practice for Documentary Credits
Article  1   Application of UCP
Article  2   Definitions
Article  3   Interpretations
Article  4   Credits v. Contracts
Article  5   Documents v. Goods, Services or Performance
Article  6   Availability, Expiry Date and Place for Presentation
Article  7   Issuing Bank Undertaking
Article  8   Confirming Bank Undertaking
Article  9   Advising of Credits and Amendments
Article 10  Amendments
Article 11  Teletransmitted and Pre-Advised Credits and Amendments     
Article 12  Nomination
Article 13  Bank-to-Bank Reimbursement Arrangements
Article 14  Standard for Examination of Documents
Article 15  Complying Presentation
Article 16  Discrepant Documents, Waiver and Notice
Article 17  Original Documents and Copies
Article 18  Commercial Invoice
Article 19  Transport Document Covering at Least Two Different Modes of Transport
Article 20  Bill of Lading
Article 21  Non Negotiable Sea Waybill
Article 22  Charter Party Bill of Lading
Article 23  Air Transport Document
Article 24  Road, Rail or Inland Waterway Transport Documents
Article 25  Courier Receipt, Post Receipt or Certificate of Posting
Article 26  "On Deck", "Shipper's Load and Count", "Said by Shipper to Contain" and Charges Additional to Freight
Article 27  Clean Transport Document
Article 28  Insurance Document and Coverage
Article 29  Extension of Expiry Date or Last Day for Presentation
Article 30  Tolerance in Credit Amount, Quantity and Unit Prices
Article 31  Partial Drawings or Shipments
Article 32  Installment Drawings or Shipments
Article 33  Hours of Presentation
Article 34  Disclaimer on Effectiveness of Documents
Article 35  Disclaimer on Transmission and Translation
Article 36  Force Majeure
Article 37  Disclaimer for Acts of an Instructed Party
Article 38  Transferable Credits
Article 39  Assignment of Proceeds 

Supplement to UCP 600 for Electronic Presentation
Introduction
Article e1    Scope of the eUCP
Article e2    Relationship of the eUCP to the UCP
Article e3    Definitions
Article e4    Definitions
Article e5    Format
Article e6    Examination
Article e7    Notice of Refusal
Article e8    Originals and Copies
Article e9    Date of Issuance
Article e10  Transport
Article e11  Corruption of an Electronic Record After Presentation
Article e12  Additional Disclaimer of Liability for Presentation of Electronic Records under eUCP
ICC at a Glance
Some ICC Specialized Divisions

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