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According to Article 1 of UCP 600, the rules are \u201cbinding on all parties unless expressly modified or excluded by the credit\u201d. It means that parties to the agreement may not enforced to follow UCP 600 terms and conditions and they are free to choose their own.
UCP 600. The latest (July 2007) revision of UCP is the sixth revision of the rules since they were first promulgated in 1933. It is the outcome of more than three years of work by the ICC's Commission on Banking Technique and Practice. The UCP remain the most successful set of private rules for trade ever developed.
FREE Shipping on orders over $25.00....Product information. Publisher\u200eIndependently published (January 31, 2020)Paperback\u200e79 pagesISBN-10\u200e1660774292ISBN-13\u200e978-1660774296Item Weight\u200e3.99 ounces6 more rows
An LC is a contract by which a bank agrees to pay the beneficiary upon the happening of a specific event or, in connection with the export of specific goods, against the presentation of specified documents. The use of LCs to effect payment is widespread in international trade.
However, although a voluntary code, the majority of LCs are governed by the UCP 600. They are trans-national in application and comprise of 39 articles setting out detailed requirements which govern the scope of a bank's obligations and which reflect universal custom and practice.
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UCP 600. The latest (July 2007) revision of UCP is the sixth revision of the rules since they were first promulgated in 1933. It is the outcome of more than three years of work by the ICC's Commission on Banking Technique and Practice.
First published in 1933, and revised on five occasions since, the latest version is known as UCP 600. This comprises 39 Articles, which establish the requirements necessary to regulate documentary credit operations.
Uniform Customs and Practice for Documentary Credits.
The Uniform Customs & Practice for Documentary Credits (UCP 600) is a set of rules agreed by the International Chamber of Commerce, which apply to finance institutions which issue Letters of Credit \u2013 financial instruments helping companies finance trade.
Now firmly established, the UCP remains an essential component in international trade. It establishes the conditions under which the majority of banks operate in documentary commercial credit transactions in more than 160 countries.

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