UCP 600 Summary
Highlights of the New Provisions:
• A leaner set of rules, with 39 articles rather than 49 articles
of UCP 500;
• A new section of “Definitions,” containing terms such as
“honour” and “negotiation”;
• A replacement of the term “reasonable time” with a definite
number of days for examining and determining compliance of
documents;
• A new provision concerning addresses of the beneficiary and the
applicant;
• An expanded discussion of “original documents”
Since its inception more than 70 years ago, the UCP continues to
remain a vital component in international trade establishing the
conditions under which the majority of banks operate in documentary
credit transactions in more than 160 countries. Courts worldwide
interpret these ICC rules in resolving disputes between parties
involved in letter of credit transactions. The new rules have become increasingly important to bankers, exporters, importers, lawyers,
academics and students.
The new rules become effective July 1, 2007.
This program will also be presented in Lafayette on May 17 with
Le Centre International and in Mobile, Alabama on May 18 with the
Mobile Area Chamber of Commerce.
