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The Uniform Customs and Practice for Documentary Credits (UCPDC), also known as the UCP, is a set of rules that deal with the use of letters of credit in international trade. The UCP is published by the International Chamber of Commerce (ICC).
The UCP is vital because it offers a standard set of rules that all parties involved in a letter of credit transaction can depend on. This helps to reduce doubt and risk, and eases the process of trading internationally for businesses.
The UCP also provides the rules for required documents, how they’re presented, and payment deadlines.
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