Standard global guidelines
The Uniform Customs and Practice for Documentary Credits (UCP) form the basis for the processing of documentary credits. They govern the essential rights and obligations of the parties of the agreement.
The current UCP 600 guidelines, published by the International Chamber of Commerce, Paris, have been in force since 1 July 2007 and are well established internationally.
As from 1 April 2002 the eUPC (supplement to the UCP) are applicable for presentation of electronic documents.
Alongside the UCP 600, local legislation governing documentary credits also remains important.
For Switzerland, the relevant provisions of the Swiss Code of Obligations (Art. 394ff., Art. 466ff. and Art. 965ff. on securities) are legally binding when it comes to issuing orders and instructions.
The full provisions of UCP 600 can be found in the UBS publication «Documentary Credits and Collections».
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