UCP 600: the new rules on documentary compliance
Author(s)
Hang Yen Low, Yen Low
Griffith University Author(s)
Year published
2010
Metadata
Show full item recordAbstract
Purpose - The purpose of this paper is to examine the changes brought about by Uniform Customs and Practice for Documentary Credits (UCP) 600 in relation to issues of document discrepancies. Design/methodology/approach - A detailed comparison of both the UCP 500 and the UCP 600 is conducted. The paper adopts a critical analysis approach. Findings - The UCP 600 does provide a better version of the rules than the UCP 500, but there is still room for improvement. Research limitations/implications - The UCP 600 only came into force on 1 July 2007 and it is too early to conduct an empirical research to investigate the ...
View more >Purpose - The purpose of this paper is to examine the changes brought about by Uniform Customs and Practice for Documentary Credits (UCP) 600 in relation to issues of document discrepancies. Design/methodology/approach - A detailed comparison of both the UCP 500 and the UCP 600 is conducted. The paper adopts a critical analysis approach. Findings - The UCP 600 does provide a better version of the rules than the UCP 500, but there is still room for improvement. Research limitations/implications - The UCP 600 only came into force on 1 July 2007 and it is too early to conduct an empirical research to investigate the actual effects of the new rules. Practical implications - Banks and sellers should implement policy changes within their institution so as to comply with UCP 600. Originality/value - All parties involved in international trading will have a better understanding of how documents will be compliant under the new UCP 600, thereby avoiding monetary losses, delay in time and unwarranted litigation.
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View more >Purpose - The purpose of this paper is to examine the changes brought about by Uniform Customs and Practice for Documentary Credits (UCP) 600 in relation to issues of document discrepancies. Design/methodology/approach - A detailed comparison of both the UCP 500 and the UCP 600 is conducted. The paper adopts a critical analysis approach. Findings - The UCP 600 does provide a better version of the rules than the UCP 500, but there is still room for improvement. Research limitations/implications - The UCP 600 only came into force on 1 July 2007 and it is too early to conduct an empirical research to investigate the actual effects of the new rules. Practical implications - Banks and sellers should implement policy changes within their institution so as to comply with UCP 600. Originality/value - All parties involved in international trading will have a better understanding of how documents will be compliant under the new UCP 600, thereby avoiding monetary losses, delay in time and unwarranted litigation.
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Journal Title
International Journal of Law and Management
Volume
52
Issue
3
Subject
Commercial and Contract Law
Commerce, Management, Tourism and Services
Law and Legal Studies