The forthcoming issue of DCInsight contains no less than five articles on the revision of UCP (uniform customs and practices for documentary credits), the most widely used set of rules in international trading, last revised in 1993. It includes an interview with René Müller, a member of the UCP Drafting Group, on key, controversial, UCP issues waiting to be decided. Other articles give experts' views on what they would like to see in the revised  UCP – on the questions of "reasonable time" for accepting or rejecting documents, holding documents at the disposal of the presenter, discounting deferred payment obligations, the applicable law to cover a documentary credit transaction and the true meaning of "negotiation".

The issue also contains “a provocative piece” by Ake Nilson, suggesting that future UCP revisions be done electronically. In response to Roger Graham’s “excellent and thought-provoking argument” in a previous issue of DCInsight, Mr Nilson examines the practical implications of delivering an ever-changing set of rules by electronic means. Mr Nilson also discusses the practicability of changing the components of the UCP process of revision and concludes that it is more a political issue than a legal one. However, Mr Nilson asks whether the industry would be able to cope with such a shift from the traditional way of doing business, or whether there is even a willingness to try.  Click here for a free preview of this article .

With a revised UCP on the way, there is no source as informed as DCInsight, the voice of the letter of credit community for the past ten years. Lively, provocative, written by letter of credit experts worldwide, it keeps you up to date with all breaking developments in the field.

Also available in electronic format at iccbooks.com.