Two training events will be held this month to help letter of credit practitioners prepare to use ICC’s revised rules on documentary credits, also known as UCP 600, which take effect on 1 July 2007.
Key Changes in UCP 600 will take place on 11 June. Conducted by Nicole Keller, member of the UCP 600 Drafting Group of the ICC Commission on Banking Technique and Practice, the full-day training programme will focus on some of the core issues and changes in the rules such as:
• Structure of a credit using UCP 600
• Liability of the parties
• Examination of documents
• Changes of requirements on documents
• Changes in International Standard Banking Practice (ISBP)
On 12 June, a full-day workshop entitled UCP 600 in Practice will be presented by Frank Reynolds, President of International Projects Inc. (US). Mr Reynolds has over 40 years of hands-on experience with letters of credit as both an applicant and a beneficiary, and has been providing instruction on this topic for over 20 years.
Using sample documents in a case study, Mr Reynolds will provide the trader's view and demonstrate how the UCP articles can be applied on a daily basis.
Items to be covered include:
• Insurance
• Transport documents
• Availability of credit
• Data consistency
The Uniform Customs and Practice for Documentary Credits (UCP) were first published by ICC in 1933. Revised versions were issued in 1951, 1962, 1974, 1983 and 1993. Written into virtually every letter of credit, the UCP are accepted worldwide and are the essential ground rules for billions of dollars in trade transactions every year. They are the most successful private rules for trade ever developed and illustrate the importance ICC attaches to self-regulation.
Both training events will take place at ICC headquarters in Paris.
Register online and save 20%
Click here to view programme
The UCP 600 is available from the ICC Business Bookstore (www.iccbooks.com).