What is "UCP 600"?
can u explain please.
Sorry my friend for replying so late. UCP 600 is Uniform customs & Practice for Documentary credits. This is the updated version, previous version was UCP 500. It is a set of rules on the issuance and use of letters of credit in banking & other financial sectors. The UCP is utilized by bankers and commercial parties in more than 175 countries in trade finance. Some 11-15% of international trade utilizes letters of credit, totaling over a trillion dollars (US) each year.
