The following Banking & Finance practice note provides comprehensive and up to date legal information covering:
Coronavirus (COVID-19): The ICC has issued a guidance paper on the impact of COVID-19 on trade finance transactions issued subject to ICC rules. For information on the guidance paper and the implications of coronavirus on letters of credit transactions, see Practice Note: Coronavirus (COVID-19)—implications for trade and commodity finance transactions.
The International Chamber of Commerce (ICC) has developed standard rules and guidance to govern letters of credit. The key publications for commercial letters of credit are:
the Uniform Customs and Practice (UCP) for Documentary Credits
the Supplement to UCP for Electronic Presentation, and
the International Standard Banking Practice for the Examination of Documents under Documentary Credits
The vast majority of commercial letters of credit incorporate the UCP.
For more information on commercial letters of credit in general, see Practice Notes:
Characteristics of commercial letters of credit
Types of commercial letters of credit, and
Commercial letters of credit—structure and parties
The UCP is a set of standard terms and conditions which can be incorporated into a letter of credit if the parties concerned wish to use them.
The UCP does not have the force of law but it is internationally recognised.
The provisions of the UCP are not automatically incorporated into
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