UCP 600 개정에 관한 小考

A Study on the Revision of UCP 600

&nbsp;&nbsp;The sixth version of the Uniform Customs and Practice for Documentary Credits (the UCP), first published by the International Chamber of Commerce (ICC) in 1933 and revised every ten years or so since then, was unanimously adopted by ICC Commission on Banking Technique and Practice on October 25, 2006 and came into force on July 1, 2007.<BR>&nbsp;&nbsp;There are some changes, replacements and new provisions of UCP 600. Some of the most significant changes to the rules are: a reduction in the number of articles from 49 to 39; a new section of "definitions," containing terms such as "honour" and negotiation"; a replacement of the term "reasonable time" with a firm period of five banking days for examining and determining compliance of documents; a new provision concerning addresses of the beneficiary and the applicant; an expanded discussion of "original documents"; changed practice regarding refusal of documents; a new provision allowing for the discounting of deferred payment credits.<BR>&nbsp;&nbsp;Importers, exporters, carriers, other third parties and, above all, banks should pay attention to some changes and implications of UCP 600.<BR>&nbsp;&nbsp;The purpose of this paper is to examine some of the changes made and effect of UCP 600 compared with UCP 500 and to draw on specific examples of UCP 600 to illustrate the types of changes.