【正文】 form Customs and Practice for Documentary Credits (monly called “UCP”) is the sixth revision of the rules since they were first promulgated in is the fruit of more than three years of work by the International Chamber of Commerce’s (ICC) Commission on Banking Technique and Practice. ICC, which was established in 1919, had as its primary objective facilitating the flow of international trade at a time when nationalism and protectionism posed serious threats to the world trading system. It was in that spirit that the UCP were first introduced – to alleviate the confusion caused by individual countries’ promoting their own national rules on letter of credit practice. The objective, since attained, was to create a set of contractual rules that would establish uniformity in that practice, so that practitioners would not have to cope with a plethora of often conflicting national regulations. The universal acceptance of the UCP by practitioners in countries with widely divergent economic and judicial systems is a testament to the rules’ success. It is important to recall that the UCP represent the work of a private international anization, not a governmental body. Since its inception, ICC has insisted on the central role of selfregulation in business practice. These rules, formulated entirely by experts in the private sector, have validated that approach. The UCP remain the most successful set of private rules for trade ever developed. A range of individuals and groups contributed to the current revision, which is entitled UCP 600. These include the UCP Drafting Group, which sifted through more than 5000 individual ments before arriving at this consensus text。 therefore, they will not be applicable under UCP 600. The essence of the Decision covering the determination of an original document has been incorporated into the text of UCP 600. The oute of the DOCDEX cases were invariably based on existing ICC Banking Commission Opinions and therefore contained no specific issues that required addressing in these of the structural changes to the UCP is the introduction of articles covering definitions (article 2) and interpretations (article 3). In providing definitions of roles played by banks and the meaning of specific terms and events, UCP 600 avoids the necessity of repetitive text to explain their interpretation and application. Similarly, the article covering interpretations aims to take the ambiguity out of vague or unclear language that appears in letters of credit and to provide a definitive elucidation of other characteristics of the UCP or the the course of the last three years, ICC national mittees were canvassed on a range of issues to determine their preferences on alternative texts submitted by the Drafting Group. The results of this exercise and the considerable input from national mittees on individual items in the text is reflected in the content of UCP 600. The Drafting Group considered, not only the current practice relative to the documentary credit, but also tried to envisage the future evolution of that revision of the UCP represents the culmination of over three years of extensive analysis, review, debate and promise amongst the various members of the Drafting Group, the members of the Banking Commission and the respective ICC national mittees. Valuable ment has also been received from the ICC Commission on Transport and Logistics, the Commission on Commercial Law and Practice and the Committee on is not appropriate for this publication to provide an explanation as to why an article has been worded in such a way or what is intended by its incorporation into the those interested in understanding the rationale and interpretation of the articles of UCP 600, this information will be found in the Commentary to the rules, ICC Publication 601, which represents the Drafting Group’s behalf of the Drafting Group I would like to extend our deep appreciation to the members of the Consulting Group, ICC national mittees and members of the Banking Commission for their professional ments and their constructive participation in this process. Special thanks are due to the members of the Drafting Group and their institutions, who are listed below in alphabetical Keller – Vice President, Service International Products, Dresdner Bank AG,Frankfurt, Germany。 Representative to the ICC Commission on Banking Technique and Practice。Representative to the ICC Commission on Banking Technique and Practice。 Chee Seng Soh – Consultant, Association of Banks in Singapore, Singapore。Alexander Zelenov – Director, Vnesheconombank, Moscow, Russia。 iii. deferred payment with a nominated bank and that nominated bank does not incur its deferred payment undertaking or, having incurred its deferred payment undertaking, does not pay at maturity。 b. sight payment with another nominated bank and that nominated bank does not pay。s undertaking to reimburse another nominated bank is independent of the confirming bank’s Undertaking to the beneficiary. d。 d. acceptance with another nominated bank and that nominated bank does not accept a draft drawn on it or, having accepted a draft drawn on it, does not pay at maturity。 v. negotiation with a nominated bank and that nominated bank does not negotiate. b. An issuing bank is irrevocably bound to honour as of the time it issues the credit. c. An issuing bank undertakes to reimburse a nominated bank that has honoured or negotiated a plying presentation and forwarded the documents to the issuing bank. Reimbursement for the amount of a plying presentation under a credit available by acceptance or deferred payment is due at maturity, whether or not the nominated bank prepaid or purchased before maturity. An issuing bank39。Ron Katz – Policy Manager, ICC Commission on Banking Technique and Practi