Uniform Customs and Practice (UCP)

The Uniform Customs and Practice (UCP) is a widely accepted set of rules internationally recognized for standardizing banking practices related to documentary credits, also known as Letters of Credit (L/Cs). The UCP provides a codified framework that governs the rights, responsibilities, and obligations of banks, buyers, and sellers in L/C transactions. It ensures a uniform interpretation and application of L/C terms and conditions, minimizing discrepancies and disputes. The UCP was developed collaboratively by the International Chamber of Commerce (ICC) and serves as a reference and guiding document for parties involved in international trade finance. Adhering to the UCP guidelines promotes transparency, efficiency, and trust in L/C transactions, facilitating smoother global trade operations.

Uniform Customs and Practice (UCP)

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Uniform Customs and Practice (UCP)