Advanced Trade Finance & Special Customs Procedures
UCP 600
Also known as: Uniform Customs and Practice for Documentary Credits
UCP 600 is the current set of internationally accepted rules, published by the International Chamber of Commerce, that governs how documentary letters of credit are issued, examined, and honored, providing the common framework that banks and traders worldwide rely upon. It defines the obligations of the parties, the standards banks apply when checking documents for compliance, and the treatment of discrepancies, so that a credit issued in one country is understood the same way in another. Because letters of credit turn on documents rather than goods, these uniform rules bring predictability and reduce disputes in trade finance.
When a bank rejects your documents it is citing rules, not exercising an opinion. Which is why arguing rarely works and fixing the document almost always does.
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Reviewed by a licensed customs broker. Definitions are general information, not legal or customs advice for a particular shipment. Duty rates, tariff programs and agency requirements change frequently.