Uniform Customs and Practice for Documentary Credits

E302886

The Uniform Customs and Practice for Documentary Credits is a globally recognized set of rules governing letters of credit in international trade finance, published and maintained by the International Chamber of Commerce.

All labels observed (4)

Label Occurrences
Uniform Customs and Practice for Documentary Credits canonical 3
UCP 500 2
UCP 400 1

How this entity was disambiguated

Statements (48)

Predicate Object
instanceOf ICC rulebook
earlier version of Uniform Customs and Practice for Documentary Credits
set of rules
trade finance standard
version of Uniform Customs and Practice for Documentary Credits
appliesTo international trade finance
bindingWhen incorporated into the credit
characteristic applies when expressly incorporated into the credit text
non-statutory but widely accepted
contains articles defining obligations of applicants
articles defining obligations of beneficiaries
articles defining obligations of confirming banks
articles defining obligations of issuing banks
defines rules on discrepancies in documents
rules on expiry and place of presentation
rules on presentation of documents
standards for examination of documents
developedBy ICC Banking Commission
effectiveFrom 1 July 2007
governs documentary credits
letters of credit
jurisdiction international
language English
latestVersionName UCP 600
legalNature contractual rules
maintainedBy International Chamber of Commerce
objective harmonize global banking practice for letters of credit
previousVersion UCP 400
UCP 500
publishedBy International Chamber of Commerce
purpose reduce legal uncertainty in letter of credit transactions
standardize practices for documentary credits
relatedTo Incoterms
linked to: Incoterms rules

International Standard Banking Practice
Uniform Rules for Collections
replaced UCP 500
scope commercial documentary credits
standby letters of credit when expressly incorporated
sector banking
international trade law
shortName UCP
translatedInto multiple languages
usedBy applicants for letters of credit
beneficiaries of letters of credit
commercial banks
confirming banks
issuing banks
usedIn cross-border trade transactions

How these facts were elicited

Referenced by (7)

Full triples — surface form annotated when it differs from this entity's canonical label.

International Chamber of Commerce setsStandard Uniform Customs and Practice for Documentary Credits
International Chamber of Commerce publishes Uniform Customs and Practice for Documentary Credits
subject linked to: ICC
Uniform Customs and Practice for Documentary Credits latestVersionName UCP 600
linked to: Uniform Customs and Practice for Documentary Credits
UCP 600 replaced UCP 500
linked to: Uniform Customs and Practice for Documentary Credits
Uniform Customs and Practice for Documentary Credits previousVersion UCP 500
linked to: Uniform Customs and Practice for Documentary Credits
Uniform Customs and Practice for Documentary Credits previousVersion UCP 400
linked to: Uniform Customs and Practice for Documentary Credits
Uniform Rules for Demand Guarantees relatedTo Uniform Customs and Practice for Documentary Credits