Uniform customs and practice for documentary credits version 600

The UCP is the most widely implemented, privately drafted banking regulation regarding the handling of documentary letters of credit in international trade transactions. Since 1933, six versions of the UCP have been used in managing letters of credit. However, the most current version, the UCP 600, is not as widely utilized as the previous version was, as the new version favors trade customers over banks. The banks favor customary law over these „rules“ and thus exclude or modify the rules to favor themselves or their clients. Even though the language of the UCP 600 is inherently clear, only 10 percent of international trade transactions use the UCP 600 in regulating letters of credit. This book endeavors to illustrate the role that the UCP plays in trade history, and to clarify the issues surrounding the use of the UCP as a means for regulating letters of credit in world trade. William Banks Sutton, originally from Missouri, achieved a B. A. in Anthropology and a J. D. of Law in Texas. He has gained a wealth of corporate, business and management experience through different positions he held for over 10 years in legal, IT and management areas in the US. In 2004, he came to Germany, where he studied for his Master and Doctor in Law, focusing in particular on international trade and finance law. Since 2008, he runs a company together with his wife, offering services in trade consultation, translation and book production.