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For The Examination of Documents Under Documentary Credits: International Chamber of Commerce (Icc)

This document provides an introduction to the revised International Standard Banking Practice (ISBP) publication. It discusses how the original ISBP from 2002 helped decrease rejection rates in letter of credit transactions. The ISBP was updated in 2007 to align with changes made to the Uniform Customs and Practice for Documentary Credits (UCP 600) in 2006. The introduction to the UCP 600 recognized the importance of the ISBP and expected its application to continue. This revised version of the ISBP aims to maintain consistency with UCP 600, with some practices unchanged from the original 2002 publication.

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61 views1 page

For The Examination of Documents Under Documentary Credits: International Chamber of Commerce (Icc)

This document provides an introduction to the revised International Standard Banking Practice (ISBP) publication. It discusses how the original ISBP from 2002 helped decrease rejection rates in letter of credit transactions. The ISBP was updated in 2007 to align with changes made to the Uniform Customs and Practice for Documentary Credits (UCP 600) in 2006. The introduction to the UCP 600 recognized the importance of the ISBP and expected its application to continue. This revised version of the ISBP aims to maintain consistency with UCP 600, with some practices unchanged from the original 2002 publication.

Uploaded by

Christous Pk
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Introduction

Introduction

International Standard Banking Practice (ISBP) first approved by


the ICC Banking Commission in 2002 (Publication 645) and
updated in 2007 (Publication 681), has developed into an
invaluable aid to banks, corporates, logistics specialists and
insurance companies alike, on a global basis. Participants in ICC
seminars and workshops continue to indicate that rejection rates
have decreased over the past 11 years, and it would be appropriate
to acknowledge that a major contributing factor is the application
7

of the practices detailed in ISBP.


7 Table of contents

At the time ISBP Publication 645 was approved by the Banking


Commission it was stated by a number of national committees that
its application had no relationship with UCP 500, mainly due to
UCP 500 having been implemented some 8 years previous. With
the approval of UCP 600 in October 2006, it became necessary to
provide an updated version of the ISBP. It is emphasized that this
was an updated version as opposed to a revision of ICC Publication
645. This publication is the first revision of Publication 645.
As a means of overcoming the concerns expressed for Publication
645, and to create a relationship between the UCP and ISBP, the
introduction to UCP 600, states: “During the revision process,
notice was taken of the considerable work that had been
completed in creating the International Standard Banking Practice
for the Examination of Documents under Documentary Credits
(ISBP), ICC Publication 645. This publication has evolved into a
necessary companion to the UCP for determining compliance of
documents with the terms of letters of credit. It is the expectation
of the Drafting Group and the Banking Commission that the
application of the principles contained in the ISBP, including
subsequent revisions thereof, will continue during the time UCP
600 is in force. At the time UCP 600 is implemented, there will be
an updated version of the ISBP to bring its contents in line with
the substance and style of the new rules.”
The comments appearing in the introduction to UCP 600 have
equal value today with this revision of the ISBP. A number of the
practices that are described herein have not changed, materially
or at all, since their inclusion in Publication 645.

INTERNATIONAL CHAMBER OF COMMERCE (ICC) | 9

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