UCP 600
Training |
 |
|
The International
Chamber of Commerce has approved the final draft of UCP 600 –
you need to understand these rules to be successful.
|
Customs and
Practice for Documentary
Credits, Version 600
The
International Chamber of Commerce has approved the final draft of UCP
600. Used by letter
of credit practitioners
worldwide, the UCP are the most successful private rules for trade ever
developed. They
were first issued in
1933 by ICC, to overcome the conflicting laws on letter of credit in
different
countries, a set of rules created to bring uniformity to the field. Now firmly established,
the Uniform Customs
and Practice for Documentary Credits (UCP) are the essential ground
rules for
billions of dollars in trade transactions every year.
“MUST
HAVE” KNOWLEDGE ABOUT UCP 600
The
revision, which has come into effect on July 1, 2007, incorporates a
number of
changes from the UCP 500. These
changes
include:
- A reduction in
the number of articles from 49 to 39
- New articles on
“Definitions” and
“Interpretations” providing more clarity and
precision in the rules
- A definitive
description of negotiation as “purchase” of drafts
of documents
- The replacement
of the phrase “reasonable time” for acceptance or
refusal of documents by a maximum period of five banking days
- New provisions
allow for the discounting of deferred payment credits
- Banks can now
accept an insurance document that contains reference to any exclusion
clause
Everyone
involved with a Letter of Credit needs to be knowledgeable about the
way these
“rules” apply to their transaction.
These
rules affect all parties involved in transactions covered by
documentary
credits including:
- Banks and other
institutions that issue, confirm, or otherwise process them
- Buyers
(applicants) who cause them to be issued
- Sellers
(beneficiaries) who look to them for payment
- Service
providers such as forwarders, carriers, customs brokers who provide or
use the documents that the credits stipulate
Who Should
Attend
- Customs Brokers
- Forwarders
- Importers (L/C
applicants)
- Exporters (L/C
applicants
- Compliance
Professional
- International
Carriers
- International
Consultants
- International
Attorneys
- Farsighted
International Bankers
Agenda
DAY1
The
1-day Agenda for the UCP
600 Training includes:
8:00am -
8:30am
- Registration
and Continental Breakfast
8:30am
– 4:30pm
- How
UCP affects the Buyer (the
applicant)
- How
UCP affects the Seller (the
beneficiary)
- Bank
Obligations under UCP
- An
in depth discussion of each new
article in UCP 600
- A
comparison of UCP 500 – UCP
600
- Question
and Answer discussion on each article
Great References
UCP 600
A
valuable learning tool, both at the seminar and once you are back at
the office. UCP 600 has become effective on July 1, 2007. Anyone
dealing in International Trade - at any level - must be familiar with
these rules in order to compete and consistently finalize their
transactions |
| This seminar is available as on-site training only! If you are interested in on-site training, please call customer service for information. |
For
more information on dates and
locations not listed
please call Unz & Co.
Customer
Service at 800-631-3098
Registration
Register
Online Above
-or-
Call Unz &
Co. Customer Service at 800-631-3098 to register
- or -
Click
here for
printable registration form (pdf format)
FAX seminar
registration forms to: (732) 868-0260
Discounts, Fees and Terms of Sale
Unz
& Co.,
Inc.
© Copyright 2003 Unz
& Company
201
Circle Drive North, Suite 104, Piscataway, NJ 08854
Phone:
(732) 868-0706 • Fax: (732)
868-0260
Customer Service:
1-800-631-3098
