Deutsche Bank pioneers UCP 600 workshop series in Sri Lanka

Through these intensive sessions, Deutsche Bank updated clients on the latest changes to the UCP and helped them identify any potential impact on their business. Held over two days on from January 16-17, the workshops were tailored specifically to the needs of Deutsche Bank’s financial institutions and corporate clients in Sri Lanka, the Bank said in a press release.

Deutsche Bank pioneered a series of workshops on the latest revisions to the Uniform Customs and Practice for Documentary Credits (UCP) for clients in Sri Lanka.

Through these intensive sessions, Deutsche Bank updated clients on the latest changes to the UCP and helped them identify any potential impact on their business. Held over two days on from January 16-17, the workshops were tailored specifically to the needs of Deutsche Bank’s financial institutions and corporate clients in Sri Lanka, the Bank said in a press release.

UCP 600 is a set of regulations approved by the International Chamber of Commerce (ICC), Banking Commission on the standard procedures for handling Letters of Credit (LC). ICC is an international organization that promotes and supports global trade and globalization.

UCP is at the forefront of ICC’s ruling on the conduct of trade by adopting a uniform guide to handle disputes pertaining to LC and documents presented. The latest revision aims to ensure the continued relevance of LC as a trade risk mitigation tool and to address frequent queries around the elements of interpretation, limiting potential litigation and unjustified discrepancies by the banks.

The main revisions reflected in UCP 600 include new definitions and interpretations, expansion of the process for handling of discrepant documents, re-addressing the standard for examination of documents, discount of deferred payment undertakings and other documentary issues.