The ISBP is a checklist of best practices worldwide for checking documents under the UCP, ICC’s universally used rules on letters of credit.
Because the UCP rules are general in nature, it was necessary to define in greater detail the term “international standard banking practice”, first found in UCP 500 sub-article 13 (a), the previous version of the UCP.
The ISBP, which was revised in 2007 as ISBP 681, is credited with dramatically reducing the number of discrepancies between banks dealing with documentary credits. The ISBP addresses a range of subjects, for example, typing errors, mathematical calculations, drafts and how they are drawn, description of the goods in invoices and signing of bills of lading, among others.
In light of comments from users, the Banking Commission has decided to both update and expand the current ISBP to take in a range of new topics ‒ such as transfer, amendments, etc., that are not covered in ISBP 681. The new revision will relate to ICC's latest revision of the UCP, UCP 600.
The course is designed to enhance the knowledge and skills of documentary credit professionals. This course includes expert commentary on the ISBP, related UCP 600 articles, sample document extracts and ICC Opinions that help to provide context/reasoning on an ISBP provision.
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International Standard Banking Practice - ISBP 2013 is the most up to date, comprehensive guide to handling and examining trade documents under documentary credits.
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