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Documentary Letters of Credit (UCPDC 600)
What is the primary function of a Letter of Credit in international trade?
Converts credit risk of unknown overseas buyer into credit risk of well-known bank.
Which organization publishes UCP 600 and when did it come into force?
International Chamber of Commerce (ICC), Paris; in force since 1 July 2007.
Is UCP 600 mandatory or voluntary for banks worldwide?
Voluntary private code; adopted by banks worldwide; de-facto standard in India via RBI/FEDAI.
What does Article 30(a) of UCP 600 permit regarding LC amount?
When 'about' or 'approximately' used, tolerance of ±10% on amount, quantity, or unit price allowed.
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