International Standard Banking Practice-ISBP 745

The ISBP is an ICC publication which provides important guidance to documentary credit examiners and practitioners relating to the examination of documents presented against Letters of Credit. It is important to note that the ISBP cannot, in any way, change the UCP 600 rules which apply to Letters of Credit, but the ISBP is a valuableĀ  supplementary guide to UCP.As of July 2013 International Standard Banking Practice – ISBP 2013 is the latest and the most comprehensive guide to handling and examining trade documents under letters of credit. ISBP 2013 published by ICC with the ICC Publication No. 745. The first draft was produced in May 2011 through to the 5th draft in November 2012. Approval was finally achieved for the revised publication in April 2013, with the ICC publishing the guide in June/July 2013. This revised guide is a substantial update to the former version and includes a number of new interpretations and new chapters, so it is an absolutely essential publication for anyone who is involved in Letters of Credit. There are now 15 sections/chapters in the revised version of ISBP that covers preliminary considerations, general principles, drafts and calculation of maturity date, invoices, transport documents covering at least two different modes of transport, Bills of Lading Charter Party Bill of Lading, Air Transport Document, Road, Rail or Inland Waterway Transport Documents, Insurance Document and coverage and Certificate of Origin with new sections relating to guidance on practices relating to Non-Negotiable Sea Waybill, Packing List, Note or Slip Weight List, Note or Slip, Beneficiary’s Certificate, Analysis, Inspection, Health Phytosanitary, Quantity Quality and Other Certificates. Use of ISBP has significantly reduced discrepancies for documentary credits and is regularly used by banking, logistics, insurance, legal and corporate professionals and academics worldwide.

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