UCP 600 Thirteen Years On: Is the Compliance Standard Working?

On 1 July 2007, changes to the Uniform Customs and Practice for Documentary Credits (UCP) 600 came into effect which emphasized that documents need not be absolutely consistent or mirror images of each other (the 'strict approach'), merely that they must not be inconsistent (the 'subs...

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Bibliographic Details
Published in:Business law review (London) 2020-05, Vol.41 (3), p.85-88
Main Author: Aladwan, Zaid
Format: Article
Language:English
Subjects:
Bank examinations
Bank examiners
Banking industry
Compliance
Documents
Nominations
Online Access:Get full text
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Summary:On 1 July 2007, changes to the Uniform Customs and Practice for Documentary Credits (UCP) 600 came into effect which emphasized that documents need not be absolutely consistent or mirror images of each other (the 'strict approach'), merely that they must not be inconsistent (the 'substantial approach'). In this article, the author considers how both the strict and substantial approaches have worked in practice and suggests a new basis for the proper compliance standard.
ISSN:0143-6295
0143-6295
DOI:10.54648/BULA2020100