uniform commercial code (UCC)

Definitions (2)
Popular Terms
1. International trade: Documentation standards defined by the International Chamber Of Commerce (ICC) in 1933 and revised periodically thereafter. These standards are followed by practically every organization involved in foreign trade and (when not in contravention of local laws) are binding on all parties using letters of credit. Also called uniform customs and practice for documentary credit (UCP).
2. In the US: Standardized state laws governing commercial transactions, including real estate deals and insurance contract.

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