UCP Rules definition

UCP Rules means the ICC Uniform Customs and Practices for Documentary Credits, 2007 Revisions (UCP 600) and all subsequent revisions thereof unless otherwise stated. Reference to any article is reference to such article in the UCP Rules or, where relevant, the equivalent article in any subsequent revisions of the UCP Rules.
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UCP Rules is defined in Section 10.9.
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UCP Rules has the meaning set forth in Section 1.13(b) of the Agreement.
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Examples of UCP Rules in a sentence

  • Each of the Seller and LC Bank agrees to be bound by (i) the terms of the Letter of Credit Application, (ii) by the LC Bank’s interpretations of any Letter of Credit issued for the Seller, (iii) by the LC Bank’s written regulations and customary practices relating to letters of credit, though the LC Bank’s interpretation of such regulations and practices may be different from the Seller’s own and (iv) as applicable, UCP Rules and ISP98 Rules.

  • The Beneficiary, after receiving written consent of the Issuer and the Applicant (such consent not to be unreasonably withheld), may transfer and assign all its rights and obligations under the Connection Charge Bond and Article 38 and 39 of the UCP Rules is hereby expressly excluded to the extent that it precludes such an assignment.

  • The Beneficiary, after receiving written consent of the Issuer and the Applicant (such consent not to be unreasonably withheld), may transfer and assign all its rights and obligations under the MEC Capacity Bond and Article 38 and 39 of the UCP Rules is hereby expressly excluded to the extent that it precludes such an assignment.

  • Except as otherwise expressly stated, each Letter of Credit is subject to the current Uniform Customs & Practice for Documentary Credits of the International Chamber of Commerce, as amended from time to time (the "UCP Rules") or in the case of a Demand Guarantee, the Letter of Credit is subject to the terms and conditions of the current "Uniform Rules for Demand Guarantees" of the ICC.

  • If the provisions of this Agreement conflict with the UCP Rules, the provisions of this Agreement shall prevail.


More Definitions of UCP Rules

UCP Rules. Deleted: ¶ ¶ means the ICC Uniform Customs and Practices for Documentary Credits, 2007 Revisions (UCP 600) and all subsequent revisions thereof unless otherwise stated. Reference to any article is reference to such article in the UCP Rules or, where relevant, the equivalent article in any subsequent revisions of the UCP Rules.
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