Documentary Letters of Credit and UCP 600 wef Ist July 2007

Documentary Letters of Credit and UCP 600 wef Ist July 2007

UCP (Uniform Customs and practices for Documentary Credit Rules. The Latest Rules, the UCP 600 have become effective from Ist July, 2007 replacing UCP 500, 1994 Revision. In UCP 600 the emphasis has been on integration of law and international business practices as well as to facilitate the development of these practices, clarifying the primary responsibilities of the Issuing Bank and the Confirming Bank, non-documentary conditions, listing the elements of acceptability for each type of transport document presented under a Documentary Credit.