Documentary Credits

Uniform Customs and Practice For Documentary Credits in Maritime Law

Note: There is more information on maritime/admiralty law here.

The following is a definition of Uniform Customs and Practice For Documentary Credits, produced by Tetley, in the context of admiralty law: Uniform Customs and Practice for Documentary Credits are rules adopted by the International Chamber of Commerce (ICC) (see this maritime law term in this legal dictionary), defining the rights and duties of parties to letters of credit. The 1993 Revision came into effect on January 1, 1994 and is known as UCP 500 (1994). See ICC Publication No. 500 (1994). UCP 500 has been superseded by the 2007 Revision (UCP 600), adopted by the ICC’s Banking Commission on October 25, 2006, which enters into force July 1, 2007. See ICC Publication No. 600 (2006). The ICC, in its role at the forefront of documenting rules for existing or new practices, has developed, with effect from April 1, 2002, a supplement to the UCP 500 (eUCP), covering electronic presentations under letters of credit (ICC Publication No. 500/3). See the ICC website: https://www.iccwbo.org/.