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Glossar Trade & Export Finance
Glossar (U)
UCP
Uniform Customs and Practice for Documentary Credits. The version valid as of 1.7.2007 is the 2007 revision, brochure no. 600, of the International Chamber of Commerce in Paris. Please ensure that the documentary credits opened in your favour are expressly subject to the UCP. The UCP is binding for all parties and covers documentary credits and standby letter of credit. A complete copy of these regulations can be found in the UBS brochure «Documentary Credits, Documentary Collections and Bank Guarantees».
TopUnclean Bill of Lading
Explanation see under «Claused bill of lading».
Unclear, incomplete expressions/conditions/instructions
In the case of unclear instructions in documentary credits the advising bank will seek clarification from the issuing bank. The advising bank can provide the beneficiary with a preliminary copy of the documentary credit for his/her information. Formal advice follows after the unclear terms have been clarified.
Unconfirmed (documentary credit)
The issuing bank does not require confirmation of the documentary credit by the advising bank. The advising bank therefore makes no commitment to pay, accept or negotiate. See UCP Art. 9. See also under «Silent confirmation».
Underwriter (in connection with insurances)
Authorised signatory of an insurance company or Lloyds Syndicate who decides, whether a risk is being covered against a fixed premium . Known primarily on the British Lloyd’s insurance market, where brokers offer the underwriter risks with whom they negotiate the conditions.
Uniform Rules for Collections
For explanation, see under «URC».
Uniform Rules for Demand Guarantees
These rules were published in April 1992 by the International Chamber of Commerce in Paris as publication no. 458. In practice, guarantees are only rarely subject to these rules.
Unrestricted Letter of Credit
Explanation see under «Freely negotiable».
URC
Uniform Rules for Collections. The version valid as of January 1, 1996 is the 1995 revision, brochure no. 522 issued by the International Chamber of Commerce in Paris. All your import and export collections should be subject to these regulations.
You will find the complete version of these regulations in the UBS brochure «Documentary Credits, Documentary Collections and Bank Guarantees».
URDG
English abbreviation for Uniform Rules for Demand Guarantees». See under «
Usance draft
Term in the Anglo-American areas for a term draft. See also under «Draft».
Usance Letters of Credit
Documentary credits which are not available by sight payment and which are therefore available against
acceptance of a term bill of exchange
or by deferred payment
negotiation of a term bill of exchange
Important legal information - please read the disclaimer before proceeding.
Products and services in these webpages are not available for US persons, for the exclusion of residents of other nations see the disclaimers relating to the actual services.
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