Introduction
On 15 June 2017 ICC (Paris) released a document, numbered 470/1272, titled Decision of the ICC in respect of a revision of UCP 600 following a comprehensive consultation. The ICC Executive Committee essentially said: “In line with the majority recommendation of National Committees, it is not considered, at this stage, to be appropriate to undertake a revision of UCP 600.”

The idea of a revision of the UCP, therefore, is buried for the time being. Yet, it is a no-brainer that a revised version of the UCP would have to be released at some point in time in the (distant?) future. Significant changes were made when UCP 500 was revised. The birth of the ISBP itself was a major development. What will the new number be, what could be the possible changes and content – as of today these are all in the realm of conjecture. One might hum, “Key sera, sera…” and move on. Alternately, for whatever it is worth, hoping that at least some of the ideas may ring a bell somewhere, touch a chord with the Drafting Group members, one could indulge in a bit of constructive guesswork, and offer a few suggestions for the next Drafting Group when it gets down to business. …(contd….)

[The complete article is available in the book “Beyond Trade Finance” – released on April 13, 2020 – and available as below:

Readers in India, at:

Readers outside India, at:

https://www.amazon.com/dp/1638508666 ]

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[1] http://lcviews.com/index.php?page_id296  

[2] First published in Trade Services Update Volume 17, Issue 4, October-December 2015, now revised and updated for this book.

[3] Refer to my article What’s draft got to do with documentary credits? for details.

[4] Ibid.

[5] Do LCs have expiry dates?: DCInsight, pp. 16-17, Volume 19 No.2, April-June 2013; appears earlier in this book.

[6] Refer to Article 12, UCP 600 – a critical analysis in this book.

[7] Refer to article Non-documentary condition and data conflict appearing on page XX.

[8] ibid

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