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What is UCP 500 Documentary Credit Rules about?

This document presents the UCP 500 Rules, which establish the rules and uniform practices related to documentary credits. It defines documentary credits and standby letters of credit, and sets forth articles on the scope of application, the independent nature of credits with respect to other contracts, the obligations of issuing, confirming, and advising banks, and the characteristics of credits as revocable and irrevocable.

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