International Regulations/Uniform Customs and Practice (UCP) for Documentary Credits

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Uniform Customs and Practice (UCP) for Documentary Credits

International standards of letter of credit practices were established for bankers by the International Chamber of Commerce. Historically, the UCP has been revised about every ten years to keep up with changing practice; the most recent revision, UCP600, was completed in 2006 and was put into effect July 1, 2007. Although the UCP defines rights and obligations of the various parties in a letter of credit transaction, it is not law; so any given letter of credit is subject to the UCP only to the extent indicated in the letter of credit itself.