UCP 600 is the latest revision of the Uniform Customs and Practices that govern the operation of letters of credit. UCP 600 came into effect on 01 July 2007.
The earlier version was UCP 500, which had 49 articles, while UCP 600 has 39 articles.
The 39 articles of UCP 600 are a comprehensive and practical working aid to bankers, lawyers, importers, and exporters, transport executives, educators, and everyone involved in letter of credit transactions worldwide.
In simple terms, anyone who needs to deal with a Letter of Credit while doing a Buy / Sell transaction (whether within country OR out of country) would be guided by the articles of UCP 600.
We shall study about each of these articles in further detail going forward..