New York, N.Y., December 3, 2007– American readers of the International Chamber of Commerce’s popular publications no longer have to wait to get their hands on a copy of the long-awaited publication Commentary on UCP 600, an authoritative guide to treatment of letters of credit for international trade.
Written by the drafting group that produced ICC’s universally used rules on documentary credits. Commentary on UCP 600 is now available for purchase from ICC Books USA. Copies can be ordered online at www.iccbooksusa.com or by calling 212-703-5066.
UCP 600 is the first revision of ICC’s rules on documentary credits for 13 years. After three years of preparation, the new rules came into effect on July 1, 2007.
Other UCP revisions have been followed by ICC publications comparing past versions of the rules with the new. But Gary Collyer, chair of the drafting group, noted that UCP 600 incorporated wording that existed in various sections of the previous version, UCP 500. For that reason, he said, “the group decided that a publication comparing one set of rules with another would be too unwieldy and that a commentary on the rules themselves would prove to be more beneficial.”
“There are several major changes in UCP 600 from UCP 500. Perhaps the most important are reflected in their structure, as well as in the roles and responsibilities of the parties. Regular letter of credit users as well as infrequent or new users should take note. They need to learn what this is all about.” cautioned Don Smith, chair of USCIB’s Banking Committee and a member of the drafting group.
Commentary on UCP 600, which reflects the consensus view of drafting group members, is an article-by-article review of each of the 39 articles of the new UCP. It contains:
- the text of the new article
- the key changes from UCP 500
- a commentary explaining the rationale for the new language, and
- a cross-reference to other articles in UCP 600
“The aim has been to provide a commentary that enlightens practitioners as to the thought processes behind the changes in each article and to explain why a change was introduced and, in some cases, why no change was made,” Mr. Collyer said.
A wide range of international trade publications on numerous topics in addition to trade finance and letters of credit, are available for purchase from ICC Books USA. Please visit www.iccbooksusa.com for more information or call 212-703-5066 to request a free catalogue.
USCIB promotes an open system of world commerce. As American affiliate of the leading international business and employers organizations, including ICC, it provides business views to policy makers and regulatory authorities worldwide. USCIB facilitates international trade by issuing and guaranteeing ATA Carnets, by promoting international cooperation in such areas as customs policies and commercial dispute resolution, and through its ICC Books USA unit, which publishes a variety of publications on international trade and investment.