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Glossary

 

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UCP: Uniform Customs & Practices

(1) ICC rules governing the administration of letters of credit Current revision is UCP 600. (2) Most letters of credit state that they are to be governed by this.

 

UCP 500

Uniform Customs & Practices for Documentary Credits, Letter of Chamber of Commerce publication No. 500. This is the set of regulations for the construction and use of letters of credit, commonly agreed to among banks that engage in Letter of business. It is not law, but care should be taken in accepting a Letter of Credit that does not bear a clause stating that it is subject to the UCP 500. (All L/Cs issued in the SWIFT format are subject to UCP 500 by convention, and will not bear the “UCP Clause”).

 

UCP 600

Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce Publication No. 600. This publication outlines regulations, when approved by banks, that govern bank letter of credit transactions.

 

Unconfirmed Letter of Credit

Letter of credit forwarded to the beneficiary by the advising bank without engagement on the part of the advising bank.

 

Usance Letter of Credit

Also called a time letter of credit in the U.S.

 

URC: Uniform Rules for Collections

ICC rules governing the administration of collections. Current revision is URC 522, which replaces URC 322.

 

URC 522

Uniform Rules of Collections, International Chamber of Commerce Publication No. 522. An internationally-recognized code for the handling of collections – clean or documentary.

 

USD

United States Dollar

U.S. Agency for International Development (USAID) 

U.S. government agency that procures good and services from U.S. companies for use in developing countries. 

 

U.S. Central Intelligence Agency (CIA)

A branch of government tasked with gathering intelligence and statistics. Publishes the World Factbook, an important market research resource. 

 

U.S. Commercial Services (CS)

The trade promotion arm of the U.S. Department of Commerce's International Trade Administration. 

 

U.S. Department of Agriculture (USDA)

A branch of government responsible for developing and executing federal government policy on farming, agriculture, forestry, and food. 

 

U.S. Department of Commerce (DOC)

A branch of government responsible for promoting domestic economic growth.

 

U.S. Small Business Administration (SBA)

U.S. government agency that manages programs for U.S. exporters, including finance programs. 

 

U.S. Trade and Development Agency (USTDA)

U.S. government agency that provides grants for feasibility studies in developing countries. 

 

Usance

U.S. banking term for time allowed for payment of a bill of exchange.

 

Usance Bill

(1) A bill of exchange where payment is due at some defined future date - the buyer is given a period of credit. (2) Also known as term or tenor bill.

 

Usance Draft

Also called a time draft in the U.S.

 

Usance Letter of Credit

(1) A letter of credit where payment is due at some defined future date - the buyer is given a period of credit. (2)
Also known as term or tenor letter of credit.

 

 

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