Unconfirmed letter of credit

Letter of credit bearing the payment undertaking of a single bank, the Issuing bank.

Uniform Customs & Practices (UCP)

ICC rules governing the administration of letters of credit. Current revision is UCP 600.

Most letters of credit state that they are to be governed by this.

Uniform Rules for Collections (URC)

ICC rules governing the administration of collections. Current revision is URC 522, which replaces URC 322.

Usance letter of credit, usance bill

A letter of credit or bill of exchange where payment is due at some defined future date - the buyer is given a period of credit.

Also known as term or tenor letter of credit (or bill)