Payment Methods and Finance for International Trade by Sang Man Kim

Author:Sang Man Kim
Language: eng
Format: epub
ISBN: 9789811570391
Publisher: Springer Singapore

No. of revision

Year

Effective date

ICC publication no.

Enactment

1933

June 3, 1933

Brochure No. 82

1st Amendment

1951

January 1, 1952

Brochure No. 151

2nd Amendment

1962

July 1, 1963

Brochure No. 222

3rd Amendment

1974

October 1, 1975

Publication No. 290

4th Amendment

1983

October 1, 1984

Publication No. 400

5th Amendment

1993

January 1, 1994

Publication No. 500

6th Amendment

2007

July 1, 2007

Publication No. 600

The UCP constitutes a rather detailed manual of operations for banks. The UCP does not purport to be law, but it is a restatement of “custom” in the industry. The UCP is incorporated as an express statement of contract terms and banking trade usage, and the UCP contract terms furnish the rules that usually determine the actions of the parties. While the UCP requires express indication that a documentary credit is subject to the UCP (see Article 1 of the UCP 600), the UCP may be applied to a documentary credit as a description of the custom applicable to documentary credits even if there is no express indication in a documentary credit.4

Although the ICC published the International Standby Practices (ISP98), which are intended to be applied to standby letters of credit,5 the UCP may be applicable to standby letters of credit. Thus, during the course of the revision of UCP 600 , the reference to standby letters of credit was suggested to be deleted. However, it could not be deleted since many standby letters of credit are issued to be subject to the UCP.6

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