QUESTION – DLC and ICC Uniform Customs and Practice for Documentary Credits- UCP 600
With respect to the documentary letter of credit (DLC) and the UCP 600, answer both A & B immediately below.
. Some commentators suggest that the use of the DLC is the “lifeline of international commerce.” Do you agree? Explain.
. Under UCP 500, it was estimated that up to 70% of the documentary letters of credits presented risks of rejection due to documentary non-compliance, thus substantially undermining the main objective of the use of the DLC in international commerce. One of the main reasons for drafting UCP 600 was to address this problem. Do UCP 600 Articles 14, 15 & 16 help in this respect? Explain and critique.
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