Invest in UCP600
Despite an outpouring of suggestions for a UCP revision in the form of the “UCP700 Wishlist” conducted over the last two years at IIBLP events as well as in polls produced by Documentary Credit World, the decision reached at the ICC Banking Commission in Jakarta this past April was to stick with UCP600. As such, many of the suggested changes to the UCP will go unaddressed.
In light of this, it is prudent for anyone dealing in LCs to Invest in UCP600 by obtaining the best information and usage guides available. The most thorough resource currently out there is Professor James E. Byrne’s 1500-page UCP600: An Analytical Commentary. The authoritative analytical text on UCP, the hardbound Commentary provides in-depth analysis and interpretation of every rule, proposing practical suggestions for bankers, lawyers, and corporates. Often referred to as “the User’s Guide to UCP600”, it is a critical tool in the hands of any who regularly deal with transactions subject to the Uniform Customs and Practices, whether they be LCs, standbys, or guarantees.
Another useful resource those regularly dealing with documentary credits subject to UCP600 is ICC Banking Commission Technical Advisor Kim Sindberg’s UCP600 Transport Documents. Taking into account ISBP 745 as well as recent ICC Opinions, this book is designed to help reduce the amount of refusals of transport documents presented under documentary credits. Also available as an ebook!