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UCP 600 refers to the Uniform Customs and Practice for Documentary Credits (UCP), which is a set of rules established by the International Chamber of Commerce (ICC) governing the use of letters of credit in international trade. UCP 600 is the latest revision of these rules, which came into effect on July 1, 2007, replacing the previous version, UCP 500. Key Points about UCP 600: 1. Standardization: UCP 600 provides a standardized framework for banks, importers, exporters, and other parties invol

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