Uniform Customs and Practice (UCP)
(banking) Full name: Uniform Customs and Practice for Documentary Credits (UCPDC). The internationally recognized codification of rules unifying banking practice regarding documentary credits (letters of credit).
The UCPDC was developed by a working group attached to the International Chamber of Commerce (ICC) in Paris, France. It is revised and updated from time to time and the current valid version as of July 1, 2007 is ICC Publication 600 which is the 2007 edition. For information, go to www.iccbooks.com.
It is highly recommended that all documentary credits (letters of credit) specify that they are subject to the UCPDC. See letter of credit; International Chamber of Commerce; and the Appendix for a listing of ICC publications that relate to the UCPDC.