Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the wordpress-social-login domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/bmsnewco/public_html/wp-includes/functions.php on line 6121

Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the zombify domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/bmsnewco/public_html/wp-includes/functions.php on line 6121

Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the boombox domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/bmsnewco/public_html/wp-includes/functions.php on line 6121

Warning: session_start(): Cannot start session when headers already sent in /home/bmsnewco/public_html/wp-content/themes/boombox/includes/rate-and-vote-restrictions/vote/class-boombox-vote-restriction.php on line 193

Warning: session_start(): Cannot start session when headers already sent in /home/bmsnewco/public_html/wp-content/plugins/zombify/includes/public/hooks.php on line 13
What is Uniform Customs and Practice for Documentary Credits (UCP)? – BMS | Bachelor of Management Studies Unofficial Portal

What is Uniform Customs and Practice for Documentary Credits (UCP)?


0
Uniform Customs and Practice for Documentary Credits (UCP)
 
Most letters of credit are subject to UCP 500, which are the universally recognised set of rules governing the use of the documentary credits in international trade. UCP were originally formulated in 1933 by the International Chamber of Commerce (ICC) and last updated in 1993 (ICC publication 500). All definitions and general documentary requirements referred to in this briefing are in accordance with UCP500 unless otherwise stated (it should be remembered that in some instances this may differ from national law). SITPRO would only recommend using letters of credit which are subject to UCP500.
It is important to negotiate, at contractual stage if possible, which party will bear bank charges. It is worth remembering that on a small transaction these may be totally out of proportion and if these costs are not included in the pricing any profit may be completely eroded.

Like it? Share with your friends!

0
BMS Team

We, at BMS.co.in, believe in sharing knowledge and giving quality information to our BMS students. We are here to provide and update you with every details required by you BMSites! If you want to join us, please mail to contact@bms.co.in.

13 Comments


Notice: Undefined index: html5 in /home/bmsnewco/public_html/wp-content/plugins/facebook-comments-plugin/class-frontend.php on line 140

Facebook comments:

Choose A Format
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Poll
Voting to make decisions or determine opinions
Story
Formatted Text with Embeds and Visuals
List
The Classic Internet Listicles
Countdown
The Classic Internet Countdowns
Open List
Submit your own item and vote up for the best submission
Ranked List
Upvote or downvote to decide the best list item
Meme
Upload your own images to make custom memes
Video
Youtube and Vimeo Embeds
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format