When handling an LC, banks must focus only on documents presented, not the goods, services, or performance they represent. Article 5 of UCP 600 reinforces this key principle. What Does…
When dealing with international trade and Letters of Credit (LCs), one of the biggest sources of misunderstanding is the relationship between the sales contract and the credit (LC). Article 4…
In international trade, even small differences in wording can cause major disputes. That’s why the ICC (International Chamber of Commerce) included Article 3 in UCP 600, which explains how certain…
In our previous post, we discussed Article 1 of UCP 600, which explained when and how the rules apply. Now, let’s dive into Article 2, which sets out the definitions…