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On October 25, 2006, over 250 members of the ICC Banking Commission representing more than 50 countries assembled in Paris. In the meeting, more than three-and-a-half years of intensive effort to revise UCP 500 resulted in approval of UCP 600, by a unanimous vote of 91-0.
"Excellence in preparation, excellence in execution and excellence in result;' remarked Dieter Kiefer, the outgoing chairman of the Commission. But the meeting was not over. The next item on the agenda was a presentation by Dr. Georges Affaki, chair of the Task Force on Guarantees, who was to discuss the most recent work of the task force and seek the Commission's approval to begin work on the ...