UCP 600

UCP 600, the Uniform Customs and Practice for Documentary Credits, 2007 Revision, ICC Publication No. 600, establishes guidelines for Letters of Credit in international trade. It defines procedures for document examination, the roles of banks, and the obligations of buyers and sellers. Its rules ensure documentary credit transactions’ consistency and security.

Transforms letters of credit into instruments of payment. Provides standards for issuance, amendment, presentation, and examination. Specifies timeframes, such as examinations within a maximum of five banking days following presentation.

Standardizing documents like invoices, transport documents, insurance certificates, etc. Details when discrepancies arise, banks must notify parties following protocols. Guarantees independence from underlying contracts and enforces compliance with stipulated terms.

Numerical details, document formats, and procedural steps guide involved entities. Mitigates risks associated with non-payment and non-delivery in cross-border commerce. Aligns practices across international banking and trading fields.