ICC and Documentary Credits


-----   The International Chamber of Commerce (ICC) is the World Business Organization  of non - governmental nature . It was established in the year 1919 and has its international secretariat in Paris .

-----   ICC acts to promote the greater freedom of  of world trade , to harmonize and facilitate business and trade practices and to represent the business community at international level . The ICC works towards trade liberalism bases on free and fair competition and to promote the ideals of a free enterprise . It believes in self regulation by business .

-----   The ICC being a non - governmental and independent world organization , enjoys a status of first category consultant with UN organization including its specialized agencies . In order to maintain close liaison with UN activities that directly concerns business and to ensure receipt of consideration of business view point   in UN policy formulation , ICC maintain liaison with officers in New York and Geneva also .

-----   ICC formulates business policies , mechanics of trade and various other subjects relevant to international trade and business management . For this purpose it has special commission like ICC commission on Banking Technique and Practices .

-----   In its efforts to standardize the rules governing operation of documentary credits, ICC has codified a standared  set of rules for operation of credits . These rules are known as  "Uniform Customs and Practices for Documentary Credits"  (UCPDC)  . These rules where fist codified in the year 1933 and were adopted in the same year at the Seventh Congress of ICC in Vienna . They were subsequently revised in the year by year as per need till present days .

-----   ICC as author of  UCPDC  gives its views , opinions and clarification on various quarries relating  to UCPDC  . Such opinion given by ICC Banking Commission as published in numbered brochures of ICC . The latest brochures containing ; Bankers who are associated with International Trade , particularly Documentary Credits , must keep themselves abreast of these publications . It must also be appreciated that while ICC is an author and guardian of UCPDC , its article do not intend to define the legal structure of Documentary Credits .