The magazine leads with a look back at the UCP drafting process by Gary Collyer, head of the drafting group that developed the rules. In a frank appraisal, Mr Collyer cites the obvious advantages of the new UCP – an easier-to-read text and a simplified structure, among others. He also cites some of the issues that were not completely addressed, including corporate-issued letters of credit and how to deal with inconsistent data among documents in a presentation.
The autumn issue continues with a special section containing analysis by ICC Banking Commission members:
- Pradeep Taneja of Bahrain says the UCP 600 “restores the credibility of L/Cs”
- Frank Reynolds of the US presents a trader’s view of the text
- Jeremy Smith of the UK claims the rules were “a major opportunity missed”’
- David Meynell, also of the UK, says that the UCP, like all rules, “needed to be reinvigorated”
- Peter Holst of BIMCO gives a shipping association’s view
- William Cameron of Canada balances the pluses and minuses of the revision
Says Pradeep Taneja of BankMuscat International and ICC Bahrain: “DCInsight is the place to go for an analysis of the new UCP, and the autumn issue — with perceptive articles by bankers, traders and shippers — is particularly helpful.”
DCInsight, now in its 12th year of publication, provides the most comprehensive commentary yet on the UCP text. Future issues will include a wide range of analysis by other members of the ICC Banking Commission.