LC VIEWS

Newsletter No. 73, December 2006

Coming, New UCP

(special announcement edition)

Banking commission approves revised rules on documentary credits

Paris, 25 October 2006

By a unanimous vote of 91 to 0, the ICC Banking Commission today approved UCP 600, ICC’s revised rules on documentary credits. This is the first revision of the rules since UCP 500, the previous version, was approved in 1993. The new rules are the result of more than three years of intensive work by the banking commission.

http://www.iccwbo.org/iccjcde/index.html  

What’s New in New UCP?

The revision, which will come into effect on 1 July 2007, incorporates a number of changes from UCP 500:

• New sections on "definitions" and "interpretations" have been added to clarify the meaning of ambiguous terms

• The phrase "reasonable time" for acceptance or refusal of documents has been replaced by a firm period of five banking days

• New provisions allow for the discounting of deferred payment credits

• Banks can now accept an insurance document that contains reference to any exclusion clause

Source: www.iccwbo.org