11.2 Definition in UCP 600《跟单信用证统一惯例》中的概念
Most documentary credits are governed by rules promulgated by the International Chamber of Commerce known as Uniform Customs and Practice for Documentary Credits(UCP).UCP 600,the latest version of this document,defines a credit as any arrangement,however named or described,that is irrevocable and thereby constitutes a definite undertaking of the issuing bank to honor a complying presentation,in which honor means either one of the following three behaviors of the bank:
(1)to pay at sight if the credit is available by sight payment.
(2)to incur a deferred payment undertaking and pay at maturity if the credit is available by deferred payment.
(3)to accept a bill of exchange(draft)drawn by the beneficiary and pay at maturity if the credit is available by acceptance.