The Uniform Customs and Practice for Documentary Credits (UCP) is a set of rules on the issuance and use of letters of credit. The UCP is utilized by bankers and commercial parties in more than 175 countries in trade finance. Some 11-15% of international trade utilizes letters of credit, totaling over a trillion dollars (US) each year.
Historically, the commercial parties, particularly banks, have developed the techniques and methods for handling letters of credit in international trade finance. This practice has been standardized by the ICC (International Chamber of Commerce) by publishing the UCP in 1933 and subsequently updating it throughout the years. The ICC has developed and moulded the UCP by regular revisions, the current version being the UCP600. The result is the most successful international attempt at unifying rules ever, as the UCP has substantially universal effect. The latest revision was approved by the Banking Commission of the ICC at its meeting in Paris on 25 October 2006. This latest version, called the UCP600, formally commenced on 1 July 2007.
Read more about Uniform Customs And Practice For Documentary Credits: ICC and The UCP, UCP600, EUCP, CDCS
Famous quotes containing the words uniform, customs, practice and/or documentary:
“The maples
Stood uniform in buckets, and the steam
Of sap and snow rolled off the sugarhouse.”
—Robert Frost (1874–1963)
“We set up a certain aim, and put ourselves of our own will into the power of a certain current. Once having done that, we find ourselves committed to usages and customs which we had not before fully known, but from which we cannot depart without giving up the end which we have chosen. But we have no right, therefore, to claim that we are under the yoke of necessity. We might as well say that the man whom we see struggling vainly in the current of Niagara could not have helped jumping in.”
—Anna C. Brackett (1836–1911)
“My paternal grandmother would not light a fire on the Sabbath and piled all Sunday’s washing-up in a bucket, to be dealt with on Monday morning, because the Sabbath was a day of rest—a practice that made my paternal grandfather, the village atheist, as mad as fire. Nevertheless, he willed five quid to the minister, just to be on the safe side.”
—Angela Carter (1940–1992)
“What is a novel if not a conviction of our fellow-men’s existence strong enough to take upon itself a form of imagined life clearer than reality and whose accumulated verisimilitude of selected episodes puts to shame the pride of documentary history?”
—Joseph Conrad (1857–1924)