PRESENTED BY:-

SMRUTHI NAIRRIJISH CHANDRANTEJASVI RANGNEKARMEHUL SHAH

CONTENTS INTRODUCTION

DEFINATION OF UCPDC

NEED FOR CHANGE

39 ARTICLES

DEFINATION OF UCPDCUCP refers to the Uniform Customs and Practices for Documentary

Credits, ICC Publication Number 600•Published by the International Chamber of Commerce(“ICC”)

UCP is the internationally recognized set of rules governing the use of letters of credit also known as documentary credits.

UCP is written into virtually every letter of credit and accepted worldwide (although in the United States UCC Article 5 may often be written in as the governing law).

INTRODUCTIONThe UCP is the work of the ICC, a private international organization founded in 1919.

UCPDC600 came into effect on july1,2007.

The UCP rules were first published in 1933, and revised by the ICC in 1951, 1962,1974, 1983 and 1993. The UCP 500 became effective in 1994.

NEED FOR CHANGEUCP rules are regularly reviewed and updated when necessary to

reflect current banking and trade practice.

The UCP is utilized by bankers and commercial parties in more than 175 countries.

The commercial parties, particularly banks, have developed the techniques and methods for handling letters of credit in international trade finance.

The UCP remain the most successful set of private rules for trade ever developed.

Notice was taken of the considerable work that had been completed in creating the International Standard Banking Practice .

39 ARTICLES1. Application of UCP2. Definitions3. Interpretations4. Credits v. Contracts5. Documents v. Goods, Services or Performance6. Availability, Expiry Date and Place for Presentation7. Issuing Bank Undertaking8. Confirming Bank Undertaking9. Advising of Credits and Amendments10.Amendments11.Teletransmitted and Pre-Advised Credits and Amendments12.Nomination13.Bank-to-Bank Reimbursement Arrangements14.Standard for Examination of Documents15.Complying Presentation16.Discrepant Documents, Waiver and Notice17.Original Documents and Copies18.Commercial Invoice

19. Transport Document Covering at Least Two Different Modes of Transport20. Bill of Lading21. Non-Negotiable Sea Waybill22. Charter Party Bill of Lading23. Air Transport Document24. Road, Rail or Inland Waterway Transport Documents25. Courier Receipt, Post Receipt or Certificate of Posting26. Shipper's Load and Count27. Clean Transport Document28. Insurance Document and Coverage29. The expiry date or the last day for presentation30. Tolerance in Credit Amount, Quantity and Unit Prices31. Partial Drawings or Shipments32. Instalment Drawings or Shipments33. Hours of Presentation34. Disclaimer on Effectiveness of Documents35. Disclaimer on Transmission and Translation36. Force Majeure37. Disclaimer for Acts of an Instructed Party38. Transferable Credits39. Assignment of Proceeds