Talk:Uniform Customs and Practice for Documentary Credits

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There are no links on this page. I think that this page should be edited but i'm not sure how. As said, there are no links at all. So this page seems to lie out on its own. It may have to be edited alot to merge in with other relevant documents in other areas of Wikpedia.

But is it possible that there are other types of letter of credit. I think the link between 'Uniform Customs and Practice for Documentary Credits' should be clearer.

Documentary letter of credit seems to be identical with a letter of credit (see the main letter of credit article) but maybe there should be more analysis if they are identical!

These are definitions of a documentary letter of credit:

An arrangement whereby a bank agrees to accept bill of exchange drawn by an exporter on a foreign buyer for a stated sum, provided that the bill of exchange has attached to it specified shipping documents. www.indiainfoline.com/bisc/accd.html

A documentary credit is the written assurance of a bank on the instructions of the applicant (purchaser) to pay a specific amount to the beneficiary (seller) in the agreed currency provided the beneficiary against submission of documents in conformity with the documentary credit within the prescribed deadlines. www.nordlb.lv/en/tools/vocabulary/

A financial instrument, generally issued by a bank, in which the issuer undertakes to effect payment against the presentation of documents that conform to the terms and conditions stipulated in the credit document. There are two types of documentary credits, commercial letters of credit (ie, import or export LCs) and standby letters of credit. www.marketsgl.com/links/payterms/

This is the first contribution. I belive it needs to be built up. However, please do not mistake the UCP with letters of credit. Yes they are connected. The UCP are the rules used by banks to regulate letters of credit. They have been described as the most standardised internal law to exist (except they are rules incorprated by banks and commercial parties) - used by bankers in more than 175 countries. Instead of writing there own terms and conditions (which occured before 1933) banks now have a truly international norm - tried and tested set of rules. There should be and is a link from the letter of credit page. Yes there should be links. And I may do more later.Alan Davidson 13:55, 20 October 2006 (UTC)