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International Standard Banking Practice (ISBP) UCP500
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ICC Publication No.: 645
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International Standard Banking Practice (ISBP)
For the Examination of Documents under Documentary Credits
Approved by the ICC Banking Commission
ICC No. 645
Paperback
5 1/4 inches x 9 1/2 inches
2003 Edition
108 pages
International Standard Banking Practice for the Examination of Documents under Documentary Credits (ISBP), explains how the practices articulated in ICC's Uniform Customs and Practice for Documentary Credits are applied in everyday practice by documentary credit practitioners around the world.
ISPB answers key questions relating to the examination of drafts, multimodal transport documents, insurance documents, certificates of origin and a range of other documents associated with letters of credit. The text is based on the official Opinions issued by the ICC Banking Commission in response to queries submitted by users of UCP 500.
Figures show that 60%-70% of letter of credit documents are rejected for discrepancies on first presentation. ISBP, by encouraging a uniformity of practice worldwide, is expected to cut these figures dramatically and, by doing so, will facilitate the flow of world trade.
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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 Transport Articles do not apply
Expressions not defined in UCP
Inconsistency in the documents
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
Name and address
Description of the goods and other general issues related to invoices
Ocean/Marine Bills of Lading (covering port-to-port shipment)
Application of UCP Article 23
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 bill of lading
Charter Party Bills of Lading
Application of UCP Article 25
Full set of originals
Signing of charter party bills of lading
On board notations
Ports of loading and ports of disharge
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
Multimodal Transport Documents
Application of UCP Article 26
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
Air Transport Documents
Application of UCP Article 27
Original air transport documents
Signing of air transport documents
Goods 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 Article 28
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 Documents
Application of UCP Articles 34-36
Issuers of insurance documents
Risks to be covered
Dates
Currency and amount
Insured party and endorsement
Certificates of Origin
Basic requirements
Issuers of certificates of origin
Contents of certificates of origin
Appendices
Appendix 1 -- UCP 500
Appendix 2 -- eUCP Supplement
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