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The Uniform Customs and Practice for Documentary Credits developed by ICC, are rules used by letter of credit practitioners the world over. But most practitioners (bankers, importers, forwarders, lawyers, transport executives) know very little about the UCP's creation and how they have developed over the years. The history of these rules from their inception has 75 years (1933, 1951, 1962, 1974, 1983, 1993).
The book presents a theoretical, practical and legal framework of the documentary credits internationals rules. This study explains the basics of how a commercial letter of credit operates from the pre-issuance stage until full utilization or expiry of the credit itself. It is intended to analyze the brand spectrum of different aspects of documentary credit activity (under UCP 600 base) and is a comparative study of the changes and amendments between the rules in the actual version UCP and previous UCP 500.
The book has been designed to achieve the following objectives:
• An examination of the influence that the letter of credit has on the risk management process in international payment transactions,
• The evalation of impact that new standard of rules (USP 600) has on use of the documentary credits in international commerce operations,
• An assessment of the results of the revision process analysis and major changes between UCP 600 and 500 standards
The study is intended to assist to assist all students and practitioners who seek to acquire the necessary background information to gain an understanding of the role of documentary credit in international finance.

Andrzej Blajer - PhD, is an acknowledged expert in the field and author of a number books on international commercial law e.g. on Incoterms 2000, UCP 500 and URC 522.

320 pages, Paperback