Forgot your password?
Please enter your email & we will send your password to you:
Copyright © International Chamber of Commerce (ICC). All rights reserved.
( Source of the document: ICC Digital Library )
Foreword by Donald R. Smith
This is a handbook to introduce documentary credits (also known as “letters of credit”) to
sellers and buyers (commercial parties) who seek to increase their access to cross-border
markets. Above all, it is an introduction. It does not make readers experts on documentary
credit transactions. Rather, it strives to demonstrate the way commercial parties and
bankers have used this remarkable commercial device, the documentary credit, to achieve
As this handbook demonstrates again and again, documentary credit transactions are
document driven. An essential part of this remarkable story are the efforts of the
International Chamber of Commerce (ICC) and its Commission on Banking Technique
and Practice (the “Banking Commission”) to develop practical rules for those documents.
These practical rules are the Uniform Customs and Practice for Documentary Credits
(UCP). The current version of those rules, implemented on July 1, 2007, is UCP 600. UCP
600 appears as an appendix to this handbook, which refers to UCP articles throughout.