UCP 600: Basics

UCP 600: Basics

Intuition Publishing
Updated Sep 24, 2020

UCP 600 is intended to harmonize terms, rules, and procedures in trade finance transactions involving documentary credits. We discuss the role of parties to a documentary credit transaction under UCP 600, the payment terminology used in UCP 600, and the principles governing documentary credits. Then we take a look at the documentary credit cycle and the actions and obligations of the different parties involved.