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UCP 500:

: A booklet published by the INTERNATIONAL CHAMBER OF COMMERCE (ICC) titled Uniform Customs and Practice for Documentary Credits, UCP 500.

The "500" refers to the publication number.  All ICC booklets and pamphlets are numbered.  A mere 100 pages long, the booklet is a standardization for customs and practices when issuing and using DOCUMENTARY CREDITS.

It covers such topics as Liabilities and Responsibilities, Documents that are required for presentation in order for the credit to be paid, General Provisions and Definitions, and acceptable formats for Documentary Credits.  

:  First off, the UCP500 does not refer in any way to NON-CIRCUMVENTION NON-DISCLOSURE AGREEMENTS (NCND's).  Any such referral is a red flag that the person using this reference in a NCND does not know what he is talking about and is most likely a member of the UNDERGROUND NETWORK.

Secondly, and even more importantly, financial swindlers peddling Letter of Credit, STANDBY LETTERS OF CREDIT, and BACK-TO-BACK LETTERS OF CREDIT will dissuade their targets, who may want to know more about such documents, from purchasing the UCP500 by stating that it is hundreds of pages long and extremely expensive.  It is in fact short and cheap, even though the above credits are standardized separately - each under its own numbered publication.  (Standby Letters of Credit are covered in the ICC Publication International Standby Practices ISP98, Back-to-Back Letters of Credit are covered in the UCP 500 and the ICC Guide to Documentary Credit Operations)

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