Negotiation

As per UCP-600
Negotiation means
the purchase by the nominated bank of drafts (drawn on a bank other than the nominated bank) and/or documents under a complying presentation, by advancing or agreeing to advance funds to the beneficiary on or before the banking day on which reimbursement is due to the nominated bank.

Honour

As per UCP-600
Honour means:
a. to pay at sight if the credit is available by sight payment.
b. to incur a deferred payment undertaking and pay at maturity if the credit is available by deferred payment.
c. to accept a bill of exchange ('draft') drawn by the beneficiary and pay at maturity if the credit is available by acceptance.

Complying Presentation

As per UCP-600
Complying Presentation means a presentation that is in accordance with the terms and conditions of the credit, the applicable provisions of these rules (UCP-600) and international standard banking practice (ISBP).

Credit as per UCP-600

Credit means any arrangement, however named or described, that is irrevocable and thereby constitutes a definite undertaking of the issuing bank to honour a complying presentation.

UCP-600 summary

UCP stands for Uniform Customs and Practice for Documentary Credit

There are 39 articles

Article 1: Application of UCP
Article 2: Definitions of Advising bank, Application, Banking day, Beneficiary, Complying presentation, Confirmation , Confirming bank, Credit, Honour, Issuing bank, Negotiation,  Nominated Bank, Presentation, Presenter.