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International Standard Banking Practice: International Chamber of Commerce (Icc)

The document outlines international standard banking practices that are consistent with UCP 600 and ICC Banking Commission opinions and decisions, with two exceptions. It explains how UCP 600 is applied in practice by banks but does not amend UCP 600. The practices aim to provide guidance but cannot anticipate all terms or situations, and local laws may require different practices. It also notes that credit terms modifying UCP 600 may impact standard practices.

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Christous Pk
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71 views1 page

International Standard Banking Practice: International Chamber of Commerce (Icc)

The document outlines international standard banking practices that are consistent with UCP 600 and ICC Banking Commission opinions and decisions, with two exceptions. It explains how UCP 600 is applied in practice by banks but does not amend UCP 600. The practices aim to provide guidance but cannot anticipate all terms or situations, and local laws may require different practices. It also notes that credit terms modifying UCP 600 may impact standard practices.

Uploaded by

Christous Pk
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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INTERNATIONAL STANDARD BANKING PRACTICE

The international standard banking practices documented in this


publication are consistent with UCP 600 and the Opinions and
Decisions of the ICC Banking Commission, with the exception of
Opinions R751 and R766 for which ICC will make a separate
announcement.
It is important to note that this document does not amend UCP
600. It explains how practices articulated in UCP 600 are to be
applied by documentary credit practitioners. This publication and
the UCP should be read in their entirety and not in isolation. To
emphasize this point, paragraph i. of Preliminary Considerations
reads “This publication is to be read in conjunction with UCP 600
and not in isolation.” It is, of course, recognized that the law in
some countries may compel a different practice than those
stated here.
No single publication can anticipate all the terms or the
documents that may be used in connection with documentary
credits or their interpretation under UCP 600 and the standard
practice it reflects. However, the Drafting Group have reviewed
7

and revised this publication to conform to UCP 600.


It should be noted that any term in a documentary credit that
7 Table of contents

modifies or excludes the applicability of a provision of UCP 600


may have an impact on international standard banking practice.
Paragraph ii. of Preliminary Considerations emphasizes this point
“The practices described in this publication highlight how the
articles of UCP 600 are to be interpreted and applied, to the
extent that the terms and conditions of the credit, or any
amendment thereto, do not expressly modify or exclude an
applicable article in UCP 600.” This principle is implicit throughout
this publication. Where examples are given, these are solely for the
purpose of illustration and are not exhaustive.
In a similar vein, ISBP cannot anticipate situations created by
poorly or inappropriately drafted credits and the Drafting Group
have been diligent in not condoning such issues. The need for care
at the application and issuance stage under Preliminary
Considerations and the paragraphs covering “Expressions not
defined in UCP 600” have been extended and refined.
This publication reflects international standard banking practice
for all parties to a documentary credit. Since applicants’
obligations, rights and remedies depend upon their undertaking
with the issuing bank, the performance of the underlying
transaction and the timeliness of any objection under applicable
law and practice, applicants should not assume that they may rely
on these provisions in order to excuse their obligations to
reimburse the issuing bank.

10 | INTERNATIONAL CHAMBER OF COMMERCE (ICC)

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