The in 1993 revized rules of the International Chamber of Commerce (ICC) governing a letter of credit issued in respect of goods shipped applicable as from 1-1-1994.
The International Chamber of Commerce (ICC) publishes rules governing letter of credit preparation and usage. The Uniform Customs and Practice for Documentary Credits (UCP) are published in its brochure #500. The rules govern the documents, not merchandise; they stress the importance of keeping the letter of credit terms clear and concise.
International standards of letter of credit practice established for bankers by the International Chamber of Commerce. Historically, the UCP has been revised about every ten years to keep up with changing practice, the most recent revision, UCP500, having been completed in 1993. Although the UCP defines rights and obligations of the various parties in a letter of credit transaction, it is not law and any given letter of credit is subject to the UCP only to the extent indicated in the letter of credit itself.
An International Chamber of Commerce (ICC) publication listing the regulations for letters of credit that are required to be subject to its rules (often known as 'UCP 500').
The 1993 revised rules of the International Chamber of Commerce (ICC) governing a Letter of Credit issued with respect to goods shipped applicable as from January 1, 1994.