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of Documents under UCP Interna tional S tandard Banking Practic e. ISBP At the time ISBP Publication was approved by the Banking . April The International Chamber of Commerce (ICC) today introduced the edition of International Standard Banking Practice (ISBP), the most. Responses to Specific ISBP Provisions. (The following information supplements “ISBP One Year Later: LC Specialists. Surveyed” by Kent Zimmerman.

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Effective since July The revision contains major changes to rules which govern billions of dollars each year in letter of credit transactions.

UCP has new provisions you and your colleagues will need to know:.

ICC launches 2013 edition of International Standard Banking Practice

Banking Course Series www. Which supplements lsbp clarifies the UCP further with the latest ISBP clarifiying key principles of documents preparation, detailed rules for the examination of documents.

What was previously considered as a discrepancy is now no longer valid discrepancies for an Issuing Ispb to reject Payment. Definition of when an Incoterm must be reflected in the documents What documents need to be dated and signed?


Understanding the UCP & ISBP |

What is the latest rule on iabp starting date of a days sight draft if the presented documents are discrepant? Must title of a document be identical with that stipulated in an LC’? What is the difference between “invoice in one copy” and “a copy of invoice”? Must all bills of lading be marked “originals”?

How to handle misspelling, typing errors and address different from an LC? Is shipment of additional goods free of charge or over-insurance a discrepancy? What do “stale documents and third party document acceptable “exactly mean”?

How to interpret partial and late shipment under sea, air sibp land transport documents? Many more practical and invaluable advice on air waybill, charter party bill of lading, forwarders cargo receipts and insurance documents that you must know and be familiar with.

Relevant for Customer service staff, order processing staff, shipping and logistics staff handling import and export documentation. ISBP is the most up to date, comprehensive guide to handling and examining trade documents under documentary credits. An invaluable source of practical information for trade finance professionals and academics, this revised edition of ISBP provides readers with the lates ICC approved guidelines for all parties to documentary credits.


Because the UCP rules are general in nature, it was necessary to define in greater detail the term “international standard banking practice”, first found in UCP sub-article 13 athe previous version of the UCP.

The ISBP addresses a range of subjects, for example, typing errors, mathematical calculations, drafts and how they are drawn, description of the goods in invoices and signing of bills of lading, among others. In light of comments from users, the banking commission has decided to both update and expand the current ISBP to take in a range of new topics such as transfer, amendments, etc.