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.
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.
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