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International Resource Center – Glossary of Terms

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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.
 
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.
 
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
U.S. banking term for time allowed for payment of a bill of exchange.
 
Usance Draft
Also called a time draft in the U.S.
 
Usance Letter of Credit
Also called a time letter of credit in the U.S.
 
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