UCP 600 | Practical Law

UCP 600 | Practical Law

This note provides an overview of the Uniform Customs and Practice for Documentary Credits (UCP), 2007 Revision, ICC Publication No. 600 (UCP 600) which superseded the previous edition of the UCP, UCP 500. Where relevant this note also draws comparisons between the UCP 600, the UPC 500 and the International Standby Practices, ICC Publication No. 590 (ISP 98).

UCP 600

Practical Law UK Practice Note 3-381-3805 (Approx. 23 pages)

UCP 600

by Raymond Cox KC and Niamh Cleary, Fountain Court Chambers (based on a prior version by Alan Ward, Rowansbank Associates)
Maintained • England, Wales
This note provides an overview of the Uniform Customs and Practice for Documentary Credits (UCP), 2007 Revision, ICC Publication No. 600 (UCP 600) which superseded the previous edition of the UCP, UCP 500. Where relevant this note also draws comparisons between the UCP 600, the UPC 500 and the International Standby Practices, ICC Publication No. 590 (ISP 98).
The UCP is a set of contractual rules which are frequently incorporated by express agreement into a documentary credit (also called a letter of credit) transaction.