ICC endorsement of the UNCITRAL Convention on independent guarantees and stand-by letters of credit

    Prepared by the ICC commission on : 
    Publication date : 21/06/1999

    On the unanimous consent of its Commission on Banking Technique and Practice, the International Chamber of Commerce endorses the United Nations Convention on Independent Guarantees and Stand-by Letters of Credit

    Since its earliest years, ICC has provided important international leadership in the field of international banking operations, particularly as a forum for developing rules of practice.

    Since 1933, the Uniform Customs and Practice for Documentary Credits (UCP), in its various revisions, has become a universally recognized standard, stating and establishing custom and practice for letters of credit.

    In this process, the United Nations Commission on International Trade Law (UNCITRAL), by its endorsement of the subsequent UCP versions, provided an important bridge to those countries who were at the time unable to participate directly in the work of ICC.

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