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For almost 80 years, the Uniform Customs and Practice for Documentary Credits have governed letter of credit transactions worldwide.
Often lauded as the most-successful set of private rules for trade ever developed, UCP 600 contains important new provisions in the fields of transport, insurance and compliance. The revised rules—which entered into force in 2007—also provide greater clarify on the meaning of key terms used in documentary credit transactions, such as “honour” and “negotiation”.
Should be used by practitioners in conjunction with the newly-revised International Standard Banking Practice.