Commentary on UCP 600

Commentary on UCP 600
Article-by-Article Analysis by the UCP 600 Drafting Group

The International Chamber of Commerce (ICC) has established rules on documentary credits worldwide for more than 70 years. UCP 600, the latest version of ICC’s universally used rules on documentary credits, came into effect on July 1, 2007.

Members of the Drafting Group that developed the new UCP have produced an article-by-article commentary on the rules. Commentary on UCP 600, which reflects the Group’s personal views, explains their rationale behind the changes in the rules and clarifies the general principles that underlie them.

The Drafting Group’s Commentary on the UCP 600 examines each of the 39 articles of the new UCP. Each article and sub-article is analyzed under four different topics:

  • the text of the article or subarticle
  • the key changes from UCP 500
  • the commentary explaining the rationale for the new language
  • the cross references to other articles in UCP 600

Practical, compact and easy to read, Commentary on UCP 600 will be a reference book of choice for students and users of the new UCP.

Issues:
Commentary on UCP 600 frankly addresses the contentious issues in the new rules, among them:

  • the term on their face and why it was dropped in all but one UCP article
  • the removal of the words reasonable time
  • the language allowing discounting of deferred payment credits
  • the new article on definitions, containing terms such as honour and negotiation

On these and other key points, Commentary on UCP 600 provides an invaluable insight into the thinking of those who drafted the new UCP.

Order your copy now at Amazon

Buy Now

Commentary on UCP 600

ICC Publication No. 680
Paperback, 2007 Edition
Price: $75.00
ISBN: 978-92-842-0015-3

Buy Now

Business Guide to Trade and Investment

Business Guide to Trade and Investment
Volume 1 – International Trade
by Arthur E. Appleton and Patrick F.J. Macrory

Volume 1 of this series introduces business interests to the international and regional rules applicable to trade in goods and services, as well as to aspects of trade such as intellectual property rights and dispute settlement. Businesses that have an understanding of the history of the General Agreement on Trade and Tariffs (GATT) and the World Trade Organization (WTO) will find it easier to appreciate how they can benefit economically from the international trade regime.

Volume 1 covers the following subject areas:

  • Introduction to the world trading system, economic and political benefits of trade, structure and functioning of the WTO
  • Fundamental rules governing international trade
  • Customs issues including how customs authorities determine the amount of duties due on imports
  • Non-tariff barriers
  • WTO rules relating to subsidies
  • How industries can obtain relief from imports causing them harm
  • Rules applicable to trade in agricultural goods
  • Government procurement
  • Export Controls and Sanctions
  • Rules applicable to Trade in Services, IP rights
  • How disputes are settled in the WTO and regional trade agreements

The book also includes case studies showing how particular industries have used the rules to open foreign markets or to protect themselves from injurious imports.

The authors have worked hard to simplify the complex and technical subjects of trade and investment to make them more accessible. Technical subjects have been broken down into readily understandable language. Business guidance is provided in the form of Shaded Tip Boxes, as well as legal details in Text Boxes.

Order your copy now at Amazon.

Buy Now

ICC Publication No. 781E
Paperback, 2017 Edition
Price: $75.00
ISBN: 978-92-842-0377-2

Buy Now

ICC Guide to Export/Import 2018

ICC Guide to Export/Import 2018
Global Business Standards & Strategies
By Guillermo C. Jimenez

Now in its 5th edition, this Guide has introduced a generation of international trade professionals to the essential rules and standard practices of the export import trade.

This thoroughly-revised edition includes up-to-date coverage of such crucial topics as:

  • Export Contracts
    Which documents are used to create and fulfill an export import contract?
    How do you properly use a pro forma invoice, purchase order, bill of lading, letter of credit, etc.?
  • Incoterms® 2010 rules
    Which Incoterms® rules are currently valid and which have been ruled obsolete?
    Which Incoterms® rules are used for general transport and which for maritime transport?
  • Dispute Resolution and ADR
    What is the difference between international litigation and international commercial arbitration? How do parties agree to arbitration under the ICC International Court of Arbitration (ICA)?
    What are the procedures at the ICA?
  • UCP 600
    What rules apply to letters of credit?
    What about standby letters of credit?
    Demand guarantees?
    What special rules apply to electronic documents and electronic letters of credit?
  • International Transport
    What different types of transport service providers are available for export import?
    What is the difference between a freight forwarder and a consolidator or NVOCC?
    How do you properly insure cargo for maximum coverage?
  • International Business Contracts
    How do you negotiate an international agency, distributorship, franchise, or trademark licensing contract?
    What are the ICC Model Contracts?
    What other international business contracts should you understand?
  • E-Commerce
    What do exporters and importers need to know about the Internet and e-commerce?
  • Intellectual Property
    How do exporters and importers protect their intellectual property rights internationally?

Order your copy now at Amazon

Buy Now

ICC Publication No. 790E, 5th Edition
Paperback, 2018 Edition
Price: $75.00
ISBN: 978-92-842-0423-6

Buy Now

International Standard Banking Practice (ISBP 2013)

International Standard Banking Practice (ISBP 2013)
By ICC Banking Commission

This new ISBP is the most up to date and comprehensive guide to handling and examining trade documents under documentary credits.  Completely revised, ISBP 2013 enables to apply banking practices under UCP 600 to various trade documents, e.g., invoices, transport documents, bills of lading, and certificate of origin.  ISBP also addresses documents, not treated in previous editions:

  • Packing list
  • Weight list
  • Beneficiary certificate
  • Non-negotiable sea waybills
  • Analysis, inspection, health, quantity and quality certificate

ISBP is the best reference book in banking practices for international letters of credit documents subject to UCP 600. Use of ISBP has significantly reduced international discrepancies for documentary credits and is regularly used by banking, logistics, insurance, legal and corporate professionals and academics worldwide.  It is a great companion book with UCP 600.

Order your copy now at Amazon.

Buy Now

Publication No. 745
Paperback, 2013 Edition
100 Pages
Price : $35.00
ISBN: 978-92-842-0188-4

Buy Now

Uniform Customs and Practice for Documentary Credits

Uniform Customs and Practice for Documentary Credits, UCP 600

Commercial letters of credit are the lifeblood of the international trade system and, for more than 70 years, the International Chamber of Commerce (ICC) has established the rules governing documentary credits worldwide. By a unanimous vote of 91 to 0, the ICC Banking Commission on October 25, 2006 approved UCP 600, ICC’s revised rules on documentary credits and how to use a letter of credit. UCP 600 entered into force on July 1, 2007 and contains substantive changes to the existing rules that all international business professionals need to know.

New Provisions

  • A leaner set of rules, with 39 articles rather than 49 articles of UCP 500
  • A new section of definitions, containing terms such as “honor” and “negotiation”
  • A replacement of the term “reasonable time” with a definite number of days for examining and determining compliance of documents
  • A new provision concerning addresses of the beneficiary and the applicant
  • An expanded discussion of “original documents”
  • Re-drafted transport articles aimed at resolving confusion over the identification of carriers and agents.

The new UCP 600 also contains within the text the 12 articles of the eUCP, ICC’s supplement to the UCP governing presentation of documents in electronic or part-electronic form.

Order your copy now at Amazon

 

Buy Now

Publication No. 600
Paperback
2007 Edition
72 pages
Price: $25.00
ISBN: 978-92-842-1257-6

Buy Now

Incoterms® 2010

Incoterms® 2010
ICC Official Rules for the Interpretation of Trade Terms

The first Incoterms® rules were released in 1936 by the International Chamber of Commerce.  They caused a sensation in the business world given that they represented a radically new concept in an industry regulated by local rules of law.  ICC’s Incoterms® help traders avoid misunderstandings by clarifying the costs, risks, and the allocation of certain responsibilities of buyers and sellers in contracts for the sale of goods.

International trade becomes more and more complex.  Therefore, universally used rules are essential to avoid misunderstandings and costly disputes.  Regularly incorporated into sales contracts worldwide, Incoterms® rules define the responsibilities of sellers and buyers for the delivery of goods.

Incoterms® 2010 continues a 70-year ICC tradition and reflects the latest developments in commercial practice and updates, and consolidates some of the former rules.  A new classification system divides the 11 Incoterms® rules into two distinct groups:

Rules for any mode of transport: EXW  FCA  CPT  CIP  DAT  DAP  DDP

Rules for waterway transport: FAS  FOB  CFR  CIF

In addition to the 11 rules, Incoterms® 2010 includes:

  • Extensive guidance notes and illustrative graphics to help users efficiently choose the right rule for each transaction;
  • New classification to help choosing the most suitable rule in relation to the mode of transport;
  • Advice for the use of electronic procedures;
  • Information on security-related clearances for shipments;
  • Advice for the use of Incoterms® 2010 in domestic trade.

Order your copy now at Amazon.

Buy Now

Incoterms 2010

Publication No. 715
Paperback
2010 Edition
Approximately 130 pages
Price: $60.00
ISBN: 978-92-842-0080-1

Buy Now