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What can UCP 600 do for you

Roberto Bergami

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Abstract

This paper considers the implications of the new letter of credit rules, effective from 1 July 2007: Uniform Customs and Practice for Documentary Credits, 2007 Revision,[2] (referred here as UCP 600), particularly as these relate to exporters. The usage of letter of credit transactions is firstly quantified (in value), together with the development of the codification of the rules of the modern day letter of credit. The contractual obligations and the current operational mechanisms are presented next, followed by discussion on the lead up to, and the implementation of the changes brought about by the UCP 600.

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What this paper is about

This paper considers the implications of the new letter of credit rules, effective from 1 July 2007: Uniform Customs and Practice for Documentary Credits, 2007 Revision,[2] (referred here as UCP 600), particularly as these relate to exporters. The usage of letter of credit transactions is firstly quantified (in value), together with the development of the codification of the rules of the modern day letter of credit. The contractual obligations and the current operational mechanisms are presented next, followed by discussion on the lead up to, and the implementation of the changes brought about by the UCP 600.

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Available abstract

This paper considers the implications of the new letter of credit rules, effective from 1 July 2007: Uniform Customs and Practice for Documentary Credits, 2007 Revision,[2] (referred here as UCP 600), particularly as these relate to exporters. The usage of letter of credit transactions is firstly quantified (in value), together with the development of the codification of the rules of the modern day letter of credit. The contractual obligations and the current operational mechanisms are presented next, followed by discussion on the lead up to, and the implementation of the changes brought about by the UCP 600.

Key concepts: Letter of credit, Business, Value (mathematics), Law and economics, Actuarial science, Economics, Finance, Computer science

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