| The Uniform Customs and Practice for Documentary Credits (ICC Publication No.500, UCP500) enacted by ICC in 1993 has been used for more than ten years. In these ten years, with the gradual complication of the international trade situation and the development of the bank, transportation, insurance etc, the related parties of the L/C will face across new problems in real operation, for example: the opening bank how to control the unconfirmed scale of documents;Dominated bank how to fulfill its obligations and duties. Therefore, ICC has started to complete and revise UCP500 since spring in 2002. The representatives of every ICC State Committee granted UCP600 on the ICC conference in October 2006, the new practice will take effect since July 1 2007. The new UCP600 has been published, it has great modification compared with UCP500.This article will particularly analyze the important modifications of the two practices with the combination of theory and practice. In addition, for the import and export enterprises and banks, how to choose the effective measures in the real operations are also the important study aspects in this article in order to bring forward guidance opinions for the international trade practice. |
