Abstract

Certain customs and practices have been uniformly exercised in regard of the documentary credits’ transactions for more than 70 years worldwide. Since the very beginning of UCP regulations codification, they have been revised and corrected in proportion to the new needs and according to the changes made in the conditions of international business and the signs of progress made in this area once every ten years. At present, the common version of the uniform customs and practices for documentary credits is abbreviated as UCP and it is considered as the sixth revision made in the aforementioned regulations and it has been put into effect since July 2007. UCP 600, as compared to its previous version, i.e. UCP, has undergone certain changes and innovations. The collection possesses a novel structure and style and efforts have been made in its codification to write it in a simple and fluid language to the maximum extent possible so as to make it understandable and also for avoiding any ambiguity and discrepancy in its enforcement. A great many of these changes have only been made in line with clarification purposes as well as for offering ideas so as to provide the users thereof with a correct use and perception of the UCP 600’s text. The comparison of these two collections and elaboration of the differences and the reasons and effects resulting thereof are the subject matters that have been taken into consideration in the current research paper.