How many articles are in the UCP 600?

39 articles
The UCP 600 (“Uniform Customs & Practice for Documentary Credits”) is the official publication which is issued by the International Chamber of Commerce (ICC). It is a set of 39 articles on issuing and using Letters of Credit, which applies to 175 countries around the world, constituting some $1tn USD of trade per year.

What is the latest UCP in export?

UCP 600. The latest (July 2007) revision of UCP is the sixth revision of the rules since they were first promulgated in 1933. It is the outcome of more than three years of work by the ICC’s Commission on Banking Technique and Practice. The UCP remain the most successful set of private rules for trade ever developed.

How many articles are there in UCP?

First published in 1933, and revised on five occasions since, the latest version is known as UCP 600. This comprises 39 Articles, which establish the requirements necessary to regulate documentary credit operations.

Can advising bank refuse to advise LC?

If a bank is requested to advise a credit or amendment but cannot satisfy itself as to the apparent authenticity of the credit, the amendment or the advice, it must so inform, without delay, the bank from which the instructions appear to have been received.

How many times LC can be transferred?

No, it can only be transferred to one or more second beneficiary, but cannot be further transferred.

How many days are permitted under UCP 600 to the beneficiary?

UCP 600 sub-article 14 (b) no longer refers to a reasonable time and limits the examination period to a maximum of five banking days following the day of presentation.

What is the bank’s responsibility under Article 5 of the UCP 600 rules?

If they do not comply, the bank has the option to refuse to pay. Second, UCP 600 Article 5 (Documents v. Goods, Services or Performance) states: “Banks deal with documents and not with goods, services or performance to which the documents may relate.”

What can UCP 600 do for You?

In short, the current UCP 600 limits the depth of examination of documents by banks and provides leniency in resolving issues on discrepant documents where the trading parties, namely the buyer and the seller, equally have some binding say on how the discrepant documents should be dealt with.

Does UCP 600 contain sanctions clause?

UCP 600 does not have an express reference that deals with sanctions i.e. that banks do not need to honour their obligations under a documentary credit if it would breach sanctions, the use of sanction clauses will raise ambiguity, doubt and uncertainty and bring into question the independent nature of the documentary credit and its irrevocability, they are considered as non-documentary conditions for the purpose of UCP 600 sub-article 14 (h) as they are stated without requiring a document

What is ucpdc 600?

UCP 600. The Uniform Customs and Practice for Documentary Credits (UCODC) is a ICC Publication that includes a set of rules which govern international documentary credit practice. UCP 600 are generally considered contractually incorporated into the documentary credit transaction by virtue of a mention in the credit application form.

The UCP 600 (“Uniform Customs & Practice for Documentary Credits”) is the official publication which is issued by the International Chamber of Commerce ( ICC ). It is a set of 39 articles on issuing and using Letters of Credit, which applies to 175 countries around the world, constituting some $1tn USD of trade per year.

Is the UCP 600 an accompaniment to the ISBP?

They also allow flexibility for the international parties involved. An accompaniment to the UCP 600 is the International Standard Banking Practice for the Examination of Documents under Documentary Credits (ISBP), ICC Publication 745. It assists with understanding whether a document complies with the terms of Letters of Credit.

When did the UCP 500 come into effect?

UCP 500 came into effect on January 1, 1994. The 49 articles of UCP 500 are a comprehensive and practical working aid to bankers, lawyers, importers, and exporters, transport executives, educators, and everyone involved in letter of credit transactions worldwide. The URC 522 are the Uniform Rules for Collections.

Which is the official publication of the ICC?

The UCP 600 (“Uniform Customs & Practice for Documentary Credits”) is the official publication which is issued by the International Chamber of Commerce (ICC).