The Complete UCP is a thorough reference book about International Chamber of Commerce’s Uniform Customs and Practice for Documentary Credits (UCP). These rules are used by letter of credit practitioners the world over but most practitioners know very little about the UCP’s creation and how they have developed over the years. The Complete UCP traces the history of the rules from their inception more than 70 years ago through their latest revision, UCP 600, which came into effect on 1 July 2007.
Written and compiled by Dan Taylor, Vice-Chairman of the ICC Banking Commission, this valuable collection contains the full text of the seven versions of the UCP that have appeared since 1933, as well as their antecedents, which date back to 1920. Each text is accompanied by an incisive,detailed commentary explaining the major changes from one UCP to another. More than just a history, The Complete UCP provides valuable insights into the most successful private rules for trade ever developed. This important work will enhance your understanding of UCP 600 while giving you a larger scope of its development through history.
“The early “Regulation” issued by the New York Bankers affecting export commercial letters of credit and early UCP versions […] shed light on the meaning of current UCP articles. They also demonstrate a consistent approach in UCP drafting of fashioning rules that make letters of credit payment mechanisms.”
John F. Dolan, Distinguished Professor at Wayne State University Law School.