The following Banking & Finance practice note provides comprehensive and up to date legal information covering:
This Practice Note will look at the following codes and conventions that have attempted to provide some standardisation to international leasing arrangements:
Uniform Customs and Practice
Uniform Commercial Code
International Sale of Goods Convention
International Financial Leasing Convention
Cape Town Convention
For further information on other aspects that affect international transactions please, see Practice Note: Shipping finance—international aspects which covers legal opinions, withholding tax, choice of law, choice of jurisdiction and currency issues.
The Uniform Customs and Practice for Documentary Credits (UCP) is a set of rules which is internationally recognised and the most famous example of an attempt at greater internationalisation. It is used by banks throughout the world and governs the use of documentary credits in international trade. It provides standard terms and conditions and uniformity of practices when dealing with traditional letters of credit, and to the extent applicable, standby letters of credit.
The UCP does not have the force of law.
The UCP is revised from time to time to deal with developments which affect international trade.
The two most recent revisions of the UCP are referred to below.
The current version of the UCP is the 2007 revision—known as UCP 600.
UCP 600 was first published in December 2006. Its implementation date was 1 July 2007.
UCP 600 can be incorporated into any type of documentary credit. This includes standby
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