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10% on 22-28 working days notice from the commencement date of the course.If the course/dates booked are postponed by the Customer the postponement fees will be charged as follows: If the course/dates booked are cancelled by the Customer four weeks or less prior to the commencement of the course, the full course fees will be charged. The Customer is responsible for all losses occurred for travel & accommodation if the course is altered, postponed or canceled. A.R.T reserve the right to cancel or substitute course dates.

International Trade Professionals Programme 2021.Confirmation of Courses: On receipt of Booking Form with Purchase Order, course fees will be those ruling on the date of booking/confirming training.

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The UCP 600 (“Uniform Customs & Practice for Documentary Credits”) is the official publication which is issued by the International Chamber of Commerce (ICC). It is a set of 39 articles on issuing and using Letters of Credit, which applies to 175 countries around the world, constituting some $1tn USD of trade per year.

The UCP 600 replaced the UCP 500 on the 1st July 2007. It was brought about to standardise a set of rules aiming to benefit all parties during a trade finance transaction. UCP 600 was created by industry experts, and mandated by the Banking Commission, rather than through legislation. The first UCP was created in 1933 and has been revised by the ICC up to the point of the UCP 600. The UCP 600 rules are voluntarily incorporated into contracts and have to be specifically outlined in trade finance contracts in order to apply. They also allow flexibility for the international parties involved.Īn accompaniment to the UCP 600 is the International Standard Banking Practice for the Examination of Documents under Documentary Credits (ISBP), ICC Publication 745. It assists with understanding whether a document complies with the terms of Letters of Credit.Ĭredits that are issued and governed by UCP 600 will be interpreted in line with the entire set of 39 articles contained in UCP 600. However, exceptions to the rules can be made by express modification or exclusion. The UCP 600 are the most successful rules ever developed in relation to trade and most Letters of Credit are subject to them. At the recent ICC UK Winter Trade Finance Conference, there was a special programme which addressed the UCP 600. Here are a few of the key elements which make up the UCP 600: This looked at recent developments in industry practice and ICC policy, as well as a review of the latest Banking Commission Opinions.