ICC's New Rules on Documentary Credits.

ICC's publication of the 2007 Revision of Uniform Customs and Practice for Documentary Credits, UCP 600, (ICC Publication No. 600) is now available.

ICC's new rules on documentary credits, which are used for letter of credit transactions worldwide, were approved by the ICC Commission on Banking Technique and Practice on 25 October 2006. UCP 600 is the first revision of the rules since 1993 and represents more than three years of work by the commission. The implementation date is 1 July 2007.
UCP 600 contains significant changes to the existing rules, including:
A reduction in the number of articles from 49 to 39;

New articles on "Definitions" and "Interpretations" providing more clarity and precision in the rules;

A definitive description of negotiation as "purchase" of drafts of documents;
The replacement of the phrase "reasonable time" for acceptance or refusalof documents by a maximum period of five banking days.

UCP 600 also includes the 12 Articles of the eUCP, ICC's supplement to the UCP governing presentation of documents in electronic or part-electronic form.

UCP 600 is available in two convenient formats:
Book - 72 pages (ICC Publication No. 600)
Price: Rs. 1470 per copy

Leaflet (pictured left) - 8 page, fold-out Leaflet,
sold in sets of 25 Leaflets(ICC Publication No. 600LF).
Price: Rs. 8800 per set of 25 leaflet.

ICC - INDIA - Contact details :
The Executive Director
International Chamber of Commerce Federation
House Tansen Marg New Delhi - 110 001 INDIA
Phone : 91-11-23738760-70 (11 lines)
Fax : +91-11-23320714, 23721504
Email :iccindia@iccindiaonline.org
Source / Courtsy : ICC - India