Negotiation LC

The authority here is named, and its text is not free. Instruments of this kind are governed in practice by the ICC’s Uniform Customs and Practice for Documentary Credits, UCP 600, referred to by the International Chamber of Commerce on the page cited. The ICC publishes those rules as a paid edition, so no rule or article is quoted on this page and the definition above is this lexicon’s working summary. A credit or collection is in any case subject to whichever rules the instrument itself incorporates, and to the terms the bank issues — read those, not a glossary.