On 25 October 2006, the Banking Commission of the International Chamber of Commerce formally adopted the latest edition of the Uniform Customs and Practice for Documentary Credits, the UCP 600, by a unanimous vote. This is the sixth revision of these invaluable Rules since they were first promulgated in 1933 and they will be available for incorporation into letters of credit as from 1 July 2007. One of the stated aims is to reduce unnecessary rejections of documentary tenders.
 
The purpose of this Guide is to provide users with a route-map through the new Rules, highlighting the major changes to the previous version, the UCP 500, and, where appropriate, advising traders as to terms which they may wish to include either in their trading contracts regarding letters of credit to be opened by the buyer or in applications for the opening of letters of credit. Reed Smith Richards Butler is very grateful for the input and comments from Professor Charles Debattista of the University of Southampton in relation to this UCP 600 Guide.  Charles Debattista was a member of the UCP 600 “Consulting Group” appointed by the ICC and the ICC UK National Banking Committee.

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