International Commercial Terms Document - U

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Unconfirmed letter of credit: Letter of credit bearing the payment undertaking of a single bank, the Issuing bank.

Uniform Commercial Code (UCC): Rules that have been adopted by many states and countries in respect to commercial transactions.

Uniform Customs & Practices (UCP): ICC rules governing the administration of letters of credit Current revision is UCP 500. Most letters of credit state that they are to be governed by this.

Uniform Rules for Collections (URC): ICC rules governing the administration of collections. Current revision is URC 522, which replaces URC 322.