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Glossary of Trade Terms

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UCC	(US) Uniform Commercial Code; the codification of American commercial law, followed in substantially uniform fashion by the United States. Article 5 of the UCC deals with letters of credit.
UCP500	Uniform Customs and Practice for Documentary Credits (1993 edition), ICC Publication No. 500. This is the set of rules which governs international documentary credit practice. The UCP500 is generally considered to be contractually incorporated into the documentary credit transaction by virtue of a mention in the credit application form. The UCP500 may also have additional force as a trade custom. In some countries the UCP500 is even recognised as having legal effect generally. In other countries, the UCP500 is complementary to national law and jurisprudence on documentary credits.
ULD (unit load device)	Term commonly used to refer to air freighted containers.
UNCITRAL	United Nations Commission on International Trade Law, a UN Agency based in Vienna, specialising in the development of model legal instruments and conventions in the area of international trade law. UNCITRAL’s most notable success is perhaps the so-called 1980 Vienna Convention, the Convention on the International Sale of Goods (CISG). Also, the UNCITRAL Rules for Arbitration provide a procedural framework for international commercial arbitration; however, unlike the various ICC Rules, these do not provide direct administrative supervision of the arbitral process.
UNCITRAL Convention	United Nations Convention on Independent Guarantees and Stand-by Letters of Credit, 1995.
UNCTAD	United Nations Commission for Trade and Development, a UN Agency based in Geneva , which has developed numerous international instruments as regards trade with developing or transition economics. Notably, UNCTAD houses the ITC (International Trade Centre), which is a developer of useful guides and manuals for small to medium-sized exporters.
Unfair Calling Insurance	Insurance coverage to protect principals who have issued demand guarantees or bonds against an unfair or abusive call of the bond/guarantee (i.e. one which is not truly based on non-performance by the principal).
Uniform Customs and Practice for Documentary Credits (UCP500)	Uniform Customs and Practice for Documentary Credits (1993 edition), ICC Publication No. 500. This is the set of rules which governs international documentary credit practice. The UCP500 is generally considered to be contractually incorporated into the documentary credit transaction by virtue of a mention in the credit application form. The UCP500 may also have additional force as a trade custom. In some countries the UCP500 is even recognised as having legal effect generally. In other countries, the UCP500 is complementary to national law and jurisprudence on documentary credits.
Unitisation	The practice of consolidating many small pieces of freight into a single unit.
URCB	Uniform Rules for Contract Bonds, ICC Publication No. 524.
URCG	Uniform Rules for Contract Guarantees, ICC Publication No. 325 (1978).
URDG	Uniform Rules for Demand Guarantees, ICC Publication No. 458.
Usance Draft (usance bill)	Time draft; a written demand for payment which comes due at a specified future date.

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NCUI Building 3, Siri Institutional Area, August Kranti Marg, New Delhi - 110 016
Phone : 91-11-41486013, 20863919, 20867008, 20867007