Commentary on UCP 600 is the latest version of ICC’s universally used rules on documentary credits. Members of the Drafting Group that developed the new UCP have produced an article-by-article Commentary on the rules that came into effect on July 1, 2007.

“The aim has been to provide a Commentary that enlightens practitioners as to the thought processes behind the changes in each article and to explain why a change was introduced and, in some cases, why no change was made.” - Gary Collyer, Chair of the UCP 600 Drafting Group

Commentary on UCP 600, which reflects the Group’s personal views*, explains the rationale behind the changes in the rules and clarifies the general principles that underlie them. The Drafting Group’s Commentary on UCP 600 examines each of the 39 articles of the new UCP. Each article and sub-article is analyzed under four different topics: