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Post a CommentLetters of Credit and UCP 600
1/28/2008 The revision of the Uniform Customs and Practice for Documentary Credits (UCP 600) became effective July 1, 2007. The UCP 600 is applicable to all letters of credit explicitly incorporating it, and most likely is applicable to all other credits by reason of international letter of credit practice. Several changes and modifications have been made from the UCP 500, including the adoption of definitions (UCP 600 Art. 2) and interpretations (UCP 600 Art. 3), and some new terms such as “Second Advising Bank” have been added. A full analysis can be found in Letters of Credit. Return to Emerging Trends in Commercial LawBack to top
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