UCP 600

The Uniform Customs and Practice for Documentary Credits (UCP 600) is the global standard governing Letter of Credit transactions. Published by the International Chamber of Commerce in 2007, it is used in the majority of documentary credit transactions worldwide.

What UCP 600 covers

UCP 600 sets out the rights and obligations of all parties to a documentary credit — the issuing bank, the advising bank, the confirming bank, and the beneficiary (exporter). It defines how documents must be presented, what constitutes a compliant presentation, and the time limits for banks to examine documents.

Key articles for exporters

• Article 14 — Standard for examination of documents. Banks have a maximum of five banking days to determine if a presentation is compliant.
• Article 16 — Discrepant documents, waiver, and notice. Defines how banks must handle and communicate discrepancies.
• Article 18 — Commercial invoice requirements, including description of goods matching the credit.
• Articles 19–25 — Transport document requirements (bills of lading, sea waybills, air transport, road/rail/inland waterway).
• Article 28 — Insurance document requirements and minimum coverage.

How SmartLC uses UCP 600

Every document check in SmartLC references specific UCP 600 articles. When a discrepancy is flagged, the platform cites the exact article so you can verify the rule and make an informed decision before presenting to your bank.