The International Chamber of Commerce (ICC) has established rules on documentary credits worldwide for more than 70 years. UCP 600, the latest version of ICC's universally used rules on documentary credits, came into effect on July 1, 2007.Members of the Drafting Group that developed the new UCP have produced an article-by-article commentary on the rules. Commentary on UCP 600, which reflects the Group's personal views, explains their rationale behind the changes in the rules and clarifies the general principles that underlie them.

Commentary On UCP 600 2007: Article-by-article Analysis by the Ucp 600 Drafting Group

International Chamber Of Commerce

Business & Money

Intl Chamber of Commerce Us council

Users' Handbook for Documentary Credits under UCP 600 is designed to serve as an introduction to users of documentary credits, that is, to sellers and buyers who seek to increase their access to cross-border markets. It strives to demonstrate the way commercial parties and bankers have used this remarkable commercial device, the documentary credit, to achieve their objectives. The Users' Handbook is divided into five parts: <ul>
<li>Part One is a brief discussion of international sales and transport.</li> <li>Part Two explains the banking industry's crucial role in documentary credit transactions and illustrates many of the transactions in which commercial parties utilize the documentary credit.</li> <li>Part Three explains the way documents control the payment function of the documentary credit.</li> <li>Part Four introduces the all-important feature of the documentary credit - the ways it opens financing options to sellers, which can then extend credit to buyers.</li> <li>Part Five introduces the standby credit and illustrates its role in cross-border transactions.</li> </ul>
 Users' Handbook also contains a handy glossary of international trade terms for easy reference.

Users' Handbook for Documentary Credits under UCP 600

Reference

John F. Dolan

Walter (Buddy) Baker

Catalogs & Directories

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 
<ul>
<li>A leaner set of rules, with 39 articles rather than 49 articles of UCP 500 </li> <li>A new section of definitions, containing terms such as honor and negotiation</li> <li>A replacement of the term reasonable time with a definite number of days for examining and determining compliance of documents</li> <li>A new provision concerning addresses of the beneficiary and the applicant</li> <li>An expanded discussion of original documents</li> <li>Re-drafted transport articles aimed at resolving confusion over the identification of carriers and agents.</li> </ul>
 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.

Icc Uniform Customs and Practice for Documentary Credits; 2007 Revision

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