Commentary on UCP 600

The book "Commentary on UCP 600" is an article-by-article analysis of the Uniform Customs and Practice for Documentary Credits (UCP 600) by members of the UCP 600 Drafting Group. Here is a comprehensive overview of the book:

Key Themes

1. Article-by-Article Analysis: The book provides a detailed examination of each of the 39 articles of UCP 600, including sub-articles, to offer a thorough understanding of the rules governing documentary credits[1][4].

2. Historical Context: It discusses the prior history of each article, tracing its development through previous versions of the UCP, such as UCP 500[2][4].

3. Legal and Commercial Insights: The commentary includes references to ICC Banking Commission Opinions, legal cases from around the world, and other relevant rules of practice (like ISP98 and URDG) and legal systems (such as US UCC Article 5 and the UN LC Convention)[2][4].

4. Practical Application: The book aims to clarify the general principles underlying the UCP 600 and provides practical insights for users, making it a valuable reference for students and practitioners of documentary credits[4].

Plot Summary

The book is structured to analyze each article and sub-article under four main topics:

• Text of the Article or Sub-article: A detailed examination of the text.
• Key Changes from UCP 500: An analysis of the changes introduced in UCP 600 compared to its predecessor.
• Commentary Explaining the Rationale: An explanation of the reasoning behind the new language and changes.
• Cross References to Other Articles: Links to other relevant articles within UCP 600[4].

Critical Reception

While specific reviews are not provided in the sources, the book is described as "practical, compact, and easy to read," making it a preferred reference for users of the new UCP[4]. The drafting group's commentary is seen as providing invaluable insights into the thinking behind the new rules, addressing contentious issues such as the term "on their face," the removal of "reasonable time," and the new article on definitions[4].

Availability

The book can be ordered from Amazon, and it is noted that the writing of the commentary proved to be more challenging than drafting the rules themselves, reflecting the complexity and depth of the subject matter[5].