Response, "with Modifications To The Ucp And The Laws Of China

Uniform Customs and Practice for Commercial Documentary Credits (hereafter shortened as UCP ) formulated by the international chamber of commerce has played an important role in the practice concerning credits since its coming into being. Hence, UCP boosts the accounts settlement of credits so that it promotes the development of international trade more than other customs and practices. However, with the rapid development of communication, transportation, insurance, electronic information technology and banking transaction, the drawback of Uniform Customs and Practice for Commercial Documentary Credits (hereafter shortened as UCP500) which is emended in 1993 coming into force in 1994 has been emerging. Additionally, some clauses of UCP500 fail to meet the demand from practices. Therefore, the international chamber of commerce in 2003 commenced emending the 6^th amendment to UCP. Finally, Uniform Customs and Practice for Commercial Documentary Credits of 2007 amendment (hereafter shortened as UCP 600) in Paris Assembly was approved in October 2006.The amendment is to the content and frame of UCP500 in a large degree. But, in China, the current law concerning of credits is in line with it, which has an effect to the practical operation of Commercial Documentary Credits. Hereby, it is of great importance to study and analyze the UCP600. In my dissertation, on the base of research of the advantage and drawback in UCP600, the gap between current law of credit letters in China and UCP600 is analyzed in order to come up with sufficient theory for legal countermeasures in China.There are 5 chapters in my dissertation. Chapter One,the general introduction, presents the background of the topic selection, the research significance, the research status, the research focus and approaches. In Chapter Two, the discussion is on the appearance, amendment development, legal status, and the principle of transaction which it stipulates and the objects of adjustment on the base of the definition of credits, the source of law and the legal nature, the historical background and the rudimentary content of the amendment to UCP is introduced in Chapter Three, with a focus on the comparison between UCP500 and UCP600 which is by virtue of the frame and content of UCP600 to compare the improvement and changes to UCP500. The advantages and the drawback of UCP emended are analyzed, and enlightenment is from the consummation of credit letters law in many countries in Chapter Four. In Chapter Five, the concerning law of Commercial Documentary Credits in China, which is a starting point, is compared with UCP600. Therefore, the gap between the law in China and UCP600 is demonstrated. As a result, the legal counter measures in China are put forward.