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LETTER OF CREDIT
What is a Letter of Credit (LC) in the context of international trade?
A Letter of Credit is a written undertaking by a bank (issuing bank) on behalf of the buyer to pay the seller a specified amount, provided the seller presents documents that comply with the terms and conditions of the LC.
What is the full form of UCP as applicable to Letters of Credit?
Uniform Customs and Practice for Documentary Credits
Which international rules govern the operation of Letters of Credit?
Letters of Credit are governed by the Uniform Customs and Practice for Documentary Credits (UCP 600), issued by the International Chamber of Commerce (ICC), which became effective on July 1, 2007.
Which edition of UCP is currently in force for documentary credits?
UCP 600, effective from 1 July 2007
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