Uniform Customs and Practice for Documentary
Uniform Customs and Practice for Documentary Credit :
In the course of time, a number of practices, expressions and terms have evolved between banks dealing with documentary credits. To ensure uniformity of interpretation in international trade, the International Chamber of Commerce in Paris has worked out the Uniform Customs and Practice for Documentary Credits. These have been revised and brought up to date several times in the past. They are now applied by the banks in nearly all countries. The latest in the line of revisions is the UCP.