Uniform Customs and Practice for Documentary Credits
From Open Risk Manual
Definition
Uniform Customs and Practice for Documentary Credits. It is the international standards of the letter of credit practice established for bankers by the International Chamber of Commerce.76 The UCP is constantly being revised to keep up with changing practices. Although the UCP defines rights and obligations of the various parties in a letter of credit transaction, it is not a law. A letter of credit is subject to theUCP only to the extent shown in the letter of credit itself.
