What is C in UCP in terms of guidelines for issuance of Letter of Credit

Solution

UCP is the short form of Uniform Customs and Practice for Documentary Credits. UCP is the set of international rules that govern the letter of credit transactions throughout the world. First international letter of credit rules published nearly 80 years ago in year 1933. Since then letter of credit rules have been revised regularly by ICC (International Chamber of Commerce). 1933 – Uniform Customs and Practice for Commercial Documentary Credits 1951 Revision – Uniform Customs and Practice for Commercial Documentary Credits 1962 Revision – Uniform Customs and Practice for Documentary Credits 1974 Revision – Uniform Customs and Practice for Documentary Credits 1983 Revision – Uniform Customs and Practice for Documentary Credits (UCP 400) 1993 Revision – Uniform Customs and Practice for Documentary Credits (UCP 500) 2007 Revision – Uniform Customs and Practice for Documentary Credits (UCP 600)