Reply To: Elaborate on Uniform Customs & Practice for Documentary Credits.

[Adharsh]

UCP (The Uniform Customs & Practice for Documentary Credits) includes global standards for international trade finance. It combines various domestic laws that encompass letters of credit into a unified set of rules. UCP standardizes them by ICC (International Chamber of Commerce). The UCP also presents uniform practices that can speed up the procedure of negotiating trade finance documents. Currently, in the sixth edition, UCP 600 is applicable with an express term in the LC.