UCP 600 article 2 states that a “Complying Presentation means a presentation that is in accordance with the terms and conditions of the credit, the applicable provisions of these rules and international standard banking practice.”
Following the latest Q3 2022 edition of its quarterly letter of credit (LC) statistics for US banks, Documentary Credit World (DCW) has released its analysis of LC issuance from banks in the country.
Since the UCP 600’s adoption in 2007, concern has persisted over what the Article 35 rule actually requires of an LC issuer if documents get lost in transit between banks.