Banking · Letters of Credit
With respect to the Uniform Customs and Practice for Documentary Credits (UCP 600), consider the following statements: I. UCP 600 applies automatically to all international trade transactions, irrespective of whether the parties expressly incorporate it into the Letter of Credit. II. As per UCP 600, a bank must check documents only for their facial conformity with the terms of the credit and is not responsible for the genuineness of the documents. III. The UCP 600 is an international convention ratified by the United Nations and is legally binding on all member countries. Which of the statements is/are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Only I
- 2Only II✓
- 3I and III
- 4II and III
Correct answer
Only II
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