ABSTRACT
This chapter bridges the most widely used international standard banking practice with the codification of private shipping law. It starts from observing the close interactions among commercial entities, banks and shipping industries and proving that an integral view needs to be taken in the process of codification. It then goes on to excavate the successful story behind the Uniform Customs and Practice for Documentary Credits (UCP), as a set of codified rules adopted by every single bank in the world for the operation of documentary credits, analysing what experience can be learnt for shipping unification. Lastly, but most importantly, the author examines the deficiencies of the UCP in terms of their shipping provisions and further highlight the avoidable and unavoidable problems in the process of codification and unification.
