The New UCP600-Changes to the Tender of the Seller's Shipping Documents under Letters of Credit

摘要

The Uniform Customs and Practice for Documentary Credits provide a singular example of the benefits of "soft" regulation. While the "UCP" have no legislative force, they are in effect the world standard for the almost universal operation of letters of credit. Indeed, so pervasive is their incorporation into letters of credit that the International Chamber of Commerce (ICC), whose Banking Commission generates the UCP, has, in the latest version of the instrument, called the UCP a set of "rules". The latest (and sixth) version of the UCP-the UCP600-was formally adopted by the Banking Commission of the ICC on October 25, 2006 and they will be available for incorporation into letters of credit as from July 1, 2007. Many of the 39 Articles of the UCP deal with the relationship between the banks participating in a letter of credit, whether as issuing, confirming or nominated bank. It is a mistake to think, however, that these rules are of interest only to the banking community, a mistake, moreover, which may turn out to be costly to international traders. If the payment of price against conforming shipping documents is what traders are most interested in, it must follow that the rules regulating payment of that price through a letter of credit-the UCP600-are of at least as much interest to traders as they are to banks.