Professional Documents
Culture Documents
Ucp 600
Ucp 600
UCP 600 is the latest version of the rules that govern letters of credit
transactions worldwide.
What is UCP 600? What is UCPDC 600?
UCP 600 is prepared by International Chamber of Commerces (ICC)
Commission on Banking Technique and Practice. Its full name is 2007
Revision of Uniform Customs and Practice for Documentary Credits, UCP 600,
and (ICC Publication No. 600). The ICC Commission on Banking Technique
and Practice approved UCP 600 on 25 October 2006. The rules have been
effective since 1 July 2007.
UCP 500 was the rules that had been in implementation before UCP 600.
There are several significant differences exist between UCP 600 and UCP
500. Some of these differences are as follows;
History of UCP
Credits
1951 Revision - Uniform Customs and Practice for Commercial
Documentary Credits
1962 Revision - Uniform Customs and Practice for Documentary Credits
1974 Revision Uniform Customs and Practice for Documentary
Credits
1983 Revision Uniform Customs and Practice for Documentary Credits
1993 Revision Uniform Customs and Practice for Documentary
Credits
As indicated above 2007 Revision of the letter of credit rules are the latest
version of the Uniform Customs and Practice for Documentary Credits. Banks
that do not want to create any disambiguaty on their credit texts should
always mention that letters of credit that they have issued is subject to "UCP
LATEST VERSION". If they would have not act on this way by not giving
express reference to the exact version of letter of credit rules, than one of
the letter of credit party may indicate that they would like to use other
version of Uniform Customs and Practice for Documentary Credits when
fulfilling their obligations.
Source: Retrieved from http://www.letterofcredit.biz/UCP_latest_version-UCP600.html on December 12, 2014