Historically, the commercial parties, particularly banks, have developed the techniques and methods for handling letters of credit in international trade finance.
It was in that spirit that the UCP were first introduced – to alleviate the confusion caused by individual countries' promoting their own national rules on letter of credit practice.
The universal acceptance of the UCP by practitioners in countries with widely divergent economic and judicial systems is a testament to the rules' success.
During the revision process, notice was taken of the considerable work that had been completed in creating the International Standard Banking Practice for the Examination of Documents under Documentary Credits (ISBP),[5] ICC Publication 745.
It is the expectation of the Drafting Group and the Banking Commission that the application of the principles contained in the ISBP, including subsequent revisions thereof, will continue during the time UCP 600 is in force.
At the time UCP 600 is implemented, there will be an updated version of the ISBP (the most recent one being the 2013 revision) to bring its contents in line with the substance and style of the new rules.
The eUCP was developed as a supplement to UCP due to the sense at the time that banks and corporates together with the transport and insurance industries were ready to use electronic commerce.