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Home > ICC eBooks > International Standard Banking Practice (ISBP) eBook
International Standard Banking Practice (ISBP) eBook
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ICC Publication No.: 681 eBook
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International Standard Banking Practice (ISBP)
For the Examination of Documents under Documentary Credits
ICC No. 681 eBook
2007 Edition
84 pages
This Publication, an update of the successful ICC publication 645, reflects international standard banking practice for all parties to a documentary credit under UCP 600.
Figures show that more than 50% of credits are rejected for discrepancies on first presentation. The new ISBP, by encouraging a uniformity of practice worldwide, should reduce that figure dramatically and, by doing so, facilitate the flow of world trade.
The 2003 publication International Standard Banking Practice (ISBP) for the examination of documents under documentary credits (ICC Publication 645) was widely acclaimed by practitioners as an essential companion to UCP 500. This revised version of the ISBP brings it into line with UCP 600.
ISBP was conceived as an intelligent checklist of procedures for document checkers to follow in examining the documents presented under letters of credit. While not a substitute for the UCP, which remains the guiding text, the ISBP demonstrates how the UCP is to be integrated into day-to-day practice.
In this volume, users will find guidance on how to deal with documents covering at least two different modes of transport (UCP 600 article 19): insurance documents and coverage (UCP600 article 28): transferable credits (UCP600 article 38) and a broad range of other issues covered in the new documentary credit rules.
Table of Contents
Foreword
Introduction
Preliminary Considerations
The Application and Issuance of the Credit
General Principles
Abbreviations
Certifications and Declarations
Corrections and Alterations
Dates
Documents for which the UCP 600 Transport Articles Do Not Apply
Expressions Not Defined in UCP 600
Issuer of Documents
Language
Mathematical Calculations
Misspellings or Typing Errors
Multiple Pages and Attachments or Riders
Originals and Copies
Shipping Marks
Signatures
Title of Documents and Combined Documents
Drafts and Calculation of Maturity Date
Tenor
Maturity Date
Banking Days, Grace Days, Delays in Remittance
Endorsement
Amounts
How the Draft is Drawn
Drafts on the Applicant
Corrections and Alterations
Invoices
Definition of Invoice
Description of the Goods, Services or Performance and other General Issues
Related to Invoices
Transport Document Covering at Least Two Different Modes of Transport
Application of UCP 600 Article 19
Full Set of Originals
Signing of Multimodal Transport Documents
On Board Notations
Place of Taking in Charge, Dispatch, Loading on Board and Destination
Consignee, Order Party, Shipper and Endorsement, Notify Party
Transhipment and Partial Shipment
Clean Multimodal Transport Documents
Goods Description
Corrections and Alterations
Freight and Additional Costs
Goods Covered by more than One Multimodal Transport Document
Bill of Lading
Application of UCP 600 Article 20
Full Set of Originals
Signing of Bills of Lading
On Board Notations
Ports of Loading and Ports of Discharge
Consignee, Order Party, Shipper and Endorsement, Notify Party
Transhipment and Partial Shipment
Clean Bills of Lading
Goods Description
Corrections and Alterations
Freight and Additional Costs
Goods Covered by more than One Bills of Lading
Charter Party Bill of Lading
Application of UCP 600 Article 22
Full Set of Originals
Signing of Charter Party Bills of Lading
On Board Notations
Ports of Loading and Ports of Discharge
Consignee, Order Party, Shipper and Endorsement, Notify Party
Partial Shipment
Clean Charter Party Bills of Lading
Goods Description
Corrections and Alterations
Freight and Additional Costs
Air Transport Document
Application of UCP 600 Article 23
Original Air Transport Document
Signing of Air Transport Documents
Good Accepted for Carriage, Date of Shipment, and Requirement for an Actual
Date of Dispatch
Airports of Departure and Destination
Consignee, Order Party and Notify Party
Transhipment and Partial Shipment
Clean Air Transport Documents
Goods Description
Corrections and Alterations
Freight and Additional Costs
Road, Rail or Inland Waterway Transport Documents
Application of UCP 600 Article 24
Original and Duplicate of Road, Rail or Inland Waterway Transport Documents
Carrier and Signing of Road, Rail or Inland Waterway Transport Documents
Order Party and Notify Party
Partial Shipment
Goods Description
Corrections and Alterations
Freight and Additional Costs
Insurance Document and Coverage
Application of UCP 600 Article 28
Issuers of Insurance Documents
Risks to Be Covered
Dates
Percentage and Amount
Insured Party and Endorsement
Certificates of Origin
Basic Requirement
Issuers of Certificates of Origin
Contents of Certificates of Origin
Afterword
Appendix
The Determination of an "Original" Document in the Context of UCP 500 sub-
Article 20 (b)
ICC at a Glance
Some ICC Specialized Divisions
Source Products for Global Business
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