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Uniform Customs and Practice for Documentary Credits, 2007 Revision, UCP 600
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ICC Publication No.: 600
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Uniform Customs and Practice for Documentary Credits, 2007 Revision
UCP 600 (in Force as of July 1, 2007)
ICC's New Rules on Documentary Credits
ICC No. 600
Paperback (Booklet)
5 inches x 9 inches
2007 Edition
72 pages
UCP 600 2007 Revision Approved
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 enters into force on July 1, 2007 and contains substantive changes to the existing rules you need to know now.
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 "honour" 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 Definitons
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 Instalment 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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