ICC launches 2013 edition of International Standard Banking Practice
The International Chamber of Commerce (ICC) today introduced the 2013 edition of International Standard Banking Practice (ISBP), the most up-to-date guide for examination of documents under documentary credits.
This revised guide
details banking practices to be applied when working with documentary credits
that are subject to Uniform Customs and Practice for Documentary Credits,
UCP 600 - ICC’s most recent rulebook on documentary credits used for letter
of credit transactions worldwide.
new edition of ISBP does not amend UCP 600 but moreover demonstrates how its
principles and content should be integrated into day-to-day practice. It
achieves this by providing readers with detailed practices to be considered and
applied when working with different trade documents including invoices,
transport documents, insurance documents, and certificates of origin. It also
provides coverage of documents which are not specifically mentioned in UCP.
to this edition
2013 edition of ISBP covers, among others, practices identified from Opinions
approved by ICC national committees since 2007, and also features the following
documents which were not previously covered:
Inspection, Health, Phytosanitary, Quantity and Quality certificates
publication is the first complete revision of the ISBP guide, which was first
approved and published by the ICC Banking Commission in 2002, following an
update in 2007.
Senechal, ICC Senior Policy Manager and Banking Commission Executive Secretary
guide has developed into an invaluable aid to banks, corporates, logistics
specialists and insurance companies alike, on a global basis, when creating
documents for presentation, or for the examination of documents presented
under, a documentary credit.”
also assists recipients of a documentary credit in its creation and
presentation of documents to a nominated bank or issuing bank.
Collyer, Chair of the Drafting Group for
the revision of ISBP, said: “Rejection
rates have decreased since the original launch of the ISBP guide in 2002 and it
is acknowledged that a major contributing factor to this is the application of
the practices detailed in ISBP.”
Get your copy of 2013
edition of International
Standard Banking Practice (ISBP)
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