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      Question

      Which of the Uniform Customs & Practice for Documentary

      Credits (UCP) rules issued by ICC, are currently in effect?
      A UCP 500 Correct Answer Incorrect Answer
      B UCP 600 Correct Answer Incorrect Answer
      C UCP 800 Correct Answer Incorrect Answer
      D UCP 1000 Correct Answer Incorrect Answer
      E UCP 2000 Correct Answer Incorrect Answer

      Solution

      The┬аUniform Customs & Practice for Documentary Credits (UCP┬а600) is a set of rules agreed by the International Chamber of Commerce (ICC), which apply to finance institutions which issue Letters of Credit. UCP 600 (which replaced the UCP 500) was approved by the ICC Banking Commission on 25 October 2006 and came into effect on 1 July 2007. The first UCP was created in 1933 and has been revised by the ICC up to the point of the UCP 600.

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