Introduction
For many years, documentary letters of credit have been the pre-eminent way of financing 1.01 international sales. This chapter offers a centennial perspective on the UCP regime, which has long provided the framework of principles within which letters of credit operate.2 Given its centenary, it is timely to consider the impact that the UCP regime has made and may potentially continue to have in the future.
In that regard, this chapter focuses on the timeline representing the letter of credit's and the UCP regime's historical development and its potential future development. Accordingly, this chapter's tripartite structure reflects its threefold aims: to act as a reminder of the rich history underlying the UCP regime, to examine its current operation in the trade finance sphere, and to offer some perspectives upon its future prospects. In relation to the last issue, the discussion will consider both the likelihood of there being a further revision to the UCP regime and the types of issue that any revision process should address.II.
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