• Uniform Custom and Practice for documentary credits – UCP 600


    Terms and conditions governing letters of credit are laid down in what is known as the Uniform Custom and Practice for Documentary Credits, issued by the International Chamber of Commerce. Matters of particular interest to the commodity trade include the basic responsibilities of banks when examining documents tendered for payment under letters of credit governed by the UCP 600, and the requirements pertaining to different types of documents that may be tendered under letters of credit. However, UCP 600 only applies when the text of the credit expressly indicates that it is subject to these rules.

    The most recent version, the UCP 600, is effective from 1st July 2007 and can be purchased from www.iccbooks.com. An explanatory booklet, published by Reed Smith Richards Butler LLP in London and of considerable interest to exporters, importers and traders using documentary credits, is also available at http://www.reedsmith.com/_db/_documents/UCP600__Booklet_Complete.pdf

    The text that follows is largely based on the ReedSmith booklet and is quoted with their kind permission.

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