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Documentary Credit World

  2. Trade Finance
  3. Documentary Credit World
  4. July / August 2023 Vol. 27 No.7
Documentary Credit World (DCW) - July / August 2023 Vol. 27 No.7 section - INFORMATION DIGEST

UCP 600 Revision Talk Resurfaces

Until the ICC Executive Committee announces its decision in October 2023 on the future of ISBP, it is premature to suggest that a revision of UCP 600 will follow. But this has not stopped industry experts from revisiting the future of the rules.

In a 22 August 2023 blog post, “UCP 600 Revision – Is It Time?”, tradefinance.training co-founders Dave Meynell and Gary Collyer set the stage for this possibility: “it makes perfect sense to consider a future revision of UCP 600 once the ISBP exercise is completed.”

In their writing, Meynell and Collyer then identify the substance of several ISBP 821 Paragraphs that they consider “much closer to a rule than a practice” and certain definitions that could merit inclusion in UCP. Meynell and Collyer also outline a number of generic issues and further issues that could be considered for discussion.

Meynell and Collyer conclude by asking the question if the cumulative points they raise are sufficient to justify a UCP revision. Ultimately, the industry must wait for a final decision on the ISBP review before any final decision is made on the future of UCP. In the meantime, however, Meynell tagged people in LinkedIn in order to invite informal thoughts on the subject and gauge interest in a revision.

Trade Finance Training, 22 August 2023