What is UCP 500?
“UCP 500” Uniform Customs and Practice for Documentary Credits is a code of practice issued by the International Chamber of Commerce. The latest revision is in effect since January 1st 1994 and is entitled UCP 500. The marked increase in litigation connected with documentary credits and the fact that surveys indicated that up to 50% of documents are rejected when first presented to Banks led to the authorisation of the revision in November 1989 of UCP Publication No. 400 published in 1983. It was the first such revision for 10 years and it took into account international judicial decisions and technological innovations. First published in 1933, the new UCP 500 provides a comprehensive and practical working aid to bankers, lawyers, importers, exporters, transport executives and everyone involved in international trade. Available from the Dublin Chambers of Commerce in Clare Street, Dublin.
