ERA 600
The UCP 600 ( e COHERENT R guidelines of and Practice for Documentary A kkreditive , English UCP , U niform c ustoms and p ractice for documentary credits ) are a common practice and provide the internationally recognized principles for handling of documentary credits represent. Payment processing via credit plays an important role in foreign trade .
The ERA was first published in 1933 and revised in 1951, 1962, 1974, 1983 and 1993. The current revision was unanimously approved on October 25, 2006 by the Banking Commission of the International Chamber of Commerce (ICC) and published in December 2006 as ICC publication no. It has been in effect since July 1, 2007. With the new rules, practical experience was implemented, various open points were clarified and simplifications were introduced.
The UCP regulates the procedure, liability and responsibility of the business partners involved (banks and foreign trade merchants) and the assignment of claims in letters of credit . The documents involved (invoices, shipping documents, certificates) and how to deal with them are defined. The URDG provides a similar regulation .
The letter of credit is defined as follows: The letter of credit is an abstract promise to pay by a bank to pay the beneficiary a fixed amount for the account of the client within a certain period of time against certain documents, subject to certain conditions.
literature
- Hans Claas Bernhardt: The use of the documentary credit, Dike Verlag AG, Zurich / St. Gallen 2012 (Diss. University of Bern 2011), ISBN 978-3-03751-416-0 .
