UCP600

"Uniform Customs and Practice for Documentary Credits", International Chamber of Commerce publication 600

An L/C (Letter of Credit, or more correctly Documentary Credit) is a promise issued by an importer's bank to an exporter that he will be paid upon presentation of the required documents. The bank follows a set of rules to ensure that those documents are acceptable and compliant. Those rules are the UCP - without them you'll be like a pilot in a storm with no radar, taking a stab at where you are going but with no real idea.

The ICC’s new rules, effective 1 July 2007, are UCP600, available now.