UCP 600 or Uniform Customs & Practice for Documentary Credits relate to letters of credit and settle in advance any potential conflict that may arise from an import or export transaction governed by a documentary credit.
The Rules and Practices relating to Documentary Credits published by the International Chamber of Commerce or ICC No. 600 are considered as the Code of the Road to the Letter of Credit. RUU 600 applies to all documentary credits provided that the text of the letter of credit refers to the reference to UCP 600.
The UCP 600 were essentially written by the banks to establish a clear regulation between the different banking actors whether they are on the side of the importer or the exporter.
TRADEFINANCE.AFRICA COUNTRIES OF EXPERTISE