At the 2015 Americas Annual Survey conference in Tampa earlier this month, participants began compiling a list of items to consider for the next UCP revision. Ideas include: removal of standbys; dealing with the absence in UCP600 Art. 7 of reference to documents presented to the confirming bank; clearer treatment of original LCs; incorporation of eUCP into UCP; modification of UCP600's "must not conflict with" requirement; and adoption of a UCP400-styled default rule for transport documents.
In light of ICC draft opinion TA816, another issue has been added to the list. Some bankers reckon that when UCP600 is revised it should revert back to the wording of UCP500 Article 39(c) (Allowances in Credit Amount, Quantity and Unit Price) which could help reduce "short shipment and short drawing" refusals under LCs that permit partial drawings or shipments.
The list will continue to grow at the upcoming Annual Surveys taking place around the world. To see what is in your region, view the Events Calendar.