1. TASK: Insert the appropriate word in the text below:
aware - effect - governed - recognized
require - set out - standardize - subject
Uniform customs and practice for documentary credit
To ________ terms and procedures and avoid misunderstandings, a set of international rules for letters of credit have been developed by the International Chamber of Commerce (ICC).
Most commercial letters of credit are ________ by these rules, which are referred to as Uniform Customs and Practice for Documentary Credits (UCP). The current version of the rules is UCP 600, which came into ________ on 1 July 2007.
Because UCP 600 standards are internationally ________ it’s always best to use letters of credit that are covered by them. If you’re an importer you may well find that sellers ________ you to use UCP letters of credit.
If a letter of credit is ________ to UCP it will state this somewhere on it. It might include a statement like ‘This letter of credit is subject to the latest version of Uniform Customs and Practice for Documentary Credits published and updated by the International Chamber of Commerce’.
Be ________ that in some instances the definitions and procedures ________ in the UCPstandards may differ from the laws of a particular country.
2. CHECK YOUR SPEAKING
|
aware |
əwɛr |
розуміти, усвідомлювати |
|
effect |
əfɛkt |
дія, сила |
|
governed |
gəvərnd |
регулюватися |
|
recognized |
rɛkəgnajzd |
признається |
|
require |
rikwajər |
вимагати |
|
set out |
sɛt awt |
викладати |
|
standardize |
stændərdajz |
стандартизувати |
|
subject |
səbdʒɛkt |
підлягати |
3. SEE CORRECT ANSWER
Uniform customs and practice for documentary credit
To standardise terms and procedures and avoid misunderstandings, a set of international rules for letters of credit have been developed by the International Chamber of Commerce (ICC).
Most commercial letters of credit are governed by these rules, which are referred to as Uniform Customs and Practice for Documentary Credits (UCP). The current version of the rules is UCP 600, which came into effect on 1 July 2007.
Because UCP 600 standards are internationally recognised it’s always best to use letters of credit that are covered by them. If you’re an importer you may well find that sellers require you to use UCP letters of credit.
If a letter of credit is subject to UCP it will state this somewhere on it. It might include a statement like ‘This letter of credit is subject to the latest version of Uniform Customs and Practice for Documentary Credits published and updated by the International Chamber of Commerce’.
Be aware that in some instances the definitions and procedures set out in the UCPstandards may differ from the laws of a particular country.
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