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Part I Legal and Practical Challenges to Traditional Trade Finance, 1 The UCP Regime: Past, Present, and Future

James E Byrne, Soh Chee Seng, Christopher Hare

From: Trade Finance: Technology, Innovation and Documentary Credits

Edited By: Christopher Hare, Dora Neo

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2022. All Rights Reserved.date: 29 September 2022

This chapter considers the history of the letter of credit and the Uniform Customs & Practice for Documentary Credits (‘UCP’) regime leading up to the adoption of the UCP 600. After examining the respective advantages and disadvantages of the UCP regime, the chapter examines the likelihood of a new UCP revision in terms of its likely costs and benefits. Concluding that there may be more proportionate ways of updating the legal framework other than a full-blown UCP revision, the chapter makes suggestions for change to the UCP 600 to strengthen the role played by international standard banking practice and to make it more accessible to non-bankers, with a focus on letter of credit practice, rather than letter of credit law.

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