Question
Which of the Uniform Customs & Practice for Documentary
Credits (UCP) rules issued by ICC, are currently in effect?Solution
The Uniform Customs & Practice for Documentary Credits (UCP 600) 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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