This revision of the Uniform Customs and Practice for Documentary Credits
(commonly called "UCP") is the sixth revision of the rules since they were first
promulgated in 1933.
• The objective of UCP, 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
organization, not a governmental body.