Uniform Customs and Practice for Documentary Credits (1983)

Abstract

These articles apply to all documentary credits, including, to the extent to which they may be applicable, standby letters of credit, and are binding on all parties thereto unless otherwise expressly agreed. They shall be incorporated into each documentary credit by wording in the credit indicating that such credit is issued subject to Uniform Customs and Practice for Documentary Credits, 1983 revision, ICC Publication No. 400.

The Council of the International Chamber of Commerce formally adopted the text on 21 June 1983. The UCP 1974/1983 revision comes into force on 1 October 1984. See. ICC Publication No. 400.

The ICC adopted the first version of UCP at its 7th Congress of Vienna, 1922. The 1983 revision was prepared by the Working Group of ICC in June 1980. The ICC Banking Commission finalised the text on 6 June 1983 and finally the Council adopted the present text.

As a document of world-wide importance banks in more than 165 countries operate these rules relating to the most useful way of payment in export trade. Likewise UCP sets out to achieve the new documents in shipping.