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».

Unclean 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 (URDG)

These rules were first published in 1992 by the International Chamber of Commerce (ICC) in Paris as publication no. 458. With effect as from 1 July 2010, a revised version (ICC publication no. 758) entered into force. The rules aim at an internationally consistent handling of abstract guarantees and gained acceptance in the past years.

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».

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