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UCP 600: a document restoring the credibility of LCs.(INTERNATIONAL)(Unit Credit Plan, Letter of Credit)
Little did the drafters of the first UCP in 1933 realize that they were leaving a legacy that would, one day, convert the LC from a payment vehicle into a means to avoid payment. Instead of a tool and a technique for the settlement of trade transactions, the UCP provisions would be frequently misused, misinterpreted and maneuvered as a mechanism for raising unwarranted disputes and disagreements. This would shrink usage of LCs in international commerce and induce the international business community to shun LCs, whose numbers are now believed to be waning worldwide, even after successive revisions of UCP to "adapt" to evolving market practices.
It was thought ...
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