A Correct Interpretation of the Uniform Customs

来源: CHINA FOREX 2017 Issue 1 作者:Chang-Soon Thomas So

Is there a correct interpretation of the Uniform Customs and Practice for Documentary Credits? The answer is yes,and the following article seeks to demonstrate how this correct interpretation can be reached.

Everyday,goods are moved around the world by traders using letters of credit. The banking practices involved have been compiled over the years in the UCP Rules,Uniform Customs and Practice for Documentary Credits. They are revised every 10 years to reflect needed changes made in international transactions.

The essence of the letter of credit is the trust that traders put in the credibility of the issuing banks around the world. Although the exporter often does not know the importer well,as long as the issuing bank is standing behind the transaction by assuring payment once the shipping documents - such as a bill of lading,invoice and packing list - are presented,the exporter is willing to ship the goods to the foreign importer.

In fact,the issuing banks have guarded their international credibility carefully and in most cases they have fulfilled the reasonable expectations of the foreign exporters in receiving sure payment under the letter of credit framework.

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