At the ICC Banking Commission meeting held in Jakarta in Aril 2017, it was decided that there was no current justification for a revision of the UCP 600. The ICC has now issued a paper outlining the rationale for that decision. A copy can be obtained below.
The overwhelming response revealed that a revision of UCP 600 was not required. The prime objective of a revision is to address developments in the banking, transport and insurance industries. Significant feedback evidenced that any problems lay not with the rules themselves, but with the application, i.e. practice (“international standard banking practice”), of the rules. An analysis of the revision explanatory notes (which covered over 70 issues including comments received from National Committees) did not provide a compelling enough rationale, nor sufficient support, to justify a revision of UCP 600 at this stage