UCP 600UCP

UCP stands for Uniform Customs and Practice for Documentary Credits. UCP 600, the 2007 revision, replaced UCP 500 and contains 39 articles. It applies when an LC expressly states that it is subject to UCP 600, which is standard in SWIFT LC messages.

Key principles:

• Independence: the credit is separate from the sale contract; the bank is not concerned with disputes about the goods.
• Documents, not goods: banks deal only with documents and decide on the face of the documents whether they comply.
• Irrevocability: an LC is irrevocable even if it does not say so; it cannot be amended or cancelled without the agreement of the issuing bank, the confirming bank (if any) and the beneficiary.
• Examination period: banks have a maximum of five banking days following presentation to decide whether a presentation complies.
• Complying presentation is judged against the credit terms, UCP rules and international standard banking practice (ISBP).

UCP 600 also sets rules on transport documents, insurance documents, tolerance in quantity and amount, transferable credits and the liability of banks. Related ICC rules include URC 522 for collections, URDG 758 for demand guarantees, ISP98 for standbys and eUCP for electronic presentation.

UCP को पूरा रूप Uniform Customs and Practice for Documentary Credits हो। २००७ को संशोधन UCP 600 ले UCP 500 को स्थान लियो र यसमा ३९ धारा छन्। प्रतीतपत्रमा UCP 600 लागू हुने उल्लेख भएमा लागू हुन्छ।

मुख्य सिद्धान्त:

• स्वतन्त्रता: प्रतीतपत्र बिक्री सम्झौताभन्दा छुट्टै हुन्छ।
• सामान होइन कागजात: बैंकले कागजातको आधारमा मात्र निर्णय गर्छ।
• अपरिवर्तनीयता: उल्लेख नभए पनि प्रतीतपत्र अपरिवर्तनीय हुन्छ।
• जाँच अवधि: प्रस्तुतिपछि बढीमा पाँच बैंकिङ दिन।
• अनुरूप प्रस्तुति: प्रतीतपत्रका सर्त, UCP र ISBP अनुसार।

सम्बन्धित ICC नियम: सङ्कलनका लागि URC 522, माग जमानतका लागि URDG 758, स्ट्यान्डबाइका लागि ISP98 र विद्युतीय प्रस्तुतिका लागि eUCP।