| UCP |
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| Uniform Customs and Practice for Documentary Credits published by the International Chamber of Commerce, Paris. The principal rulebook governing Letters of Credit. |
| UNCONFIRMED |
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| A term used in Letters of Credit meaning that documents presented will be inspected by the Issuing or Opening Bank. |
| UNDERWRITER |
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| A term widely used in lending, insurance, the stock market and other connections where a party agrees to take a risk, buy something or make sums available in the event that a certain set of circumstances does or does not take place. |
| USANCE |
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| A term used with reference to Bills of Exchange and Letters of Credit where funds are not Payable straightaway (at Sight) but at some fixed or determinable future time. |
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