ICC's revised rules on documentary credits, commonly called "UCP", are expected to be approved for release at the next meeting of the ICC Banking Commission on 24-25 October in Paris. On the following day, also in Paris, the UCP Drafting Group that developed the rules will lead the first international conference to explain how the revision differs from UCP 500, the previous version of the rules.

The UCP, first introduced in 1933, are the most successful private rules for trade ever developed. The revised UCP, to be called UCP 600, is the fruit of more than three years of work by the ICC Banking Commission. The UCP Drafting Group and the Commission sifted through more than 5000 comments and considered several drafts before arriving at the consensus final version.

At the 26 October conference, the Drafting Group will present a complete review of the rules and take questions and answers from the audience.

The conference topics include:

• a structural comparison of UCP 600 and UCP 500;
• the framework of the new UCP (articles 1-5);
• structure and obligations under documentary credits;
• standard for examination of documents; discrepant documents, waiver and notice;
• the UCP transport articles;
• transferable credits and other issues; and
• changes at SWIFT for UCP 600

Places for the conference are limited, so interested parties are urged to register quickly. Participants can register online at  www.iccwbo.org under "ICC Events" or by fax or regular mail. Online registrants save 20€ on the regular price.

Click here to for more information or to register for the UCP conference.
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