ICC Publication no. 645 approx. 60 pages, 24 x13.5 cm Available now from www.iccbooks.com

Paris, 3 February 2003 - The International Chamber of Commerce has taken steps to reduce dramatically the number of letters of credit rejected on first presentation, thereby causing costly delays and slowing world trade.

The means is a guide explaining how UCP 500 - ICC's internationally used rule on documentary credits - work in day-to-day practice, and how practitioners can avoid pitfalls and misunderstandings.

International Standard Banking Practice (ISBP) for the Examination of Documents under Documentary is ICC's Book of the Month for February. It clears up uncertainties about the interpretation of UCP - the Uniform Customs and Practice for Documentary Credits.

Because letters of credit are the means used by banks to finance trade, it is of vital importance to companies trading internationally that the system should work smoothly and efficiently.

But figures show that 60% to 70% of credits are rejected on first presentation. Apparent discrepancies, personal opinions, differing interpretations - even typing errors, can cause documents to be rejected.

Sometimes the delay is justified, but often it is not. In either case, this book will help practitioners to get it right.

ISBP is the product of two years of work by the ICC Banking Commission, which is responsible for drafting the original UCP.

By encouraging uniformity of practice, ISBP is expected to reduce rejections substantially. The publication does not amend the UCP, but it does provide answers to questions that face documentary credit practitioners every day.

Here are some of those key questions:

• What constitutes an "alteration" or "addition" to a document? When and how should these be authenticated?
• How should documents be signed, if this is not explicitly stated in the credit?
• How should typing errors on documents be handled, relating to the name and address, different addresses of the same company, etc.?
  
• Must trade terms, such as Incoterms, appear on the invoice?
• What is the "face" of a transport document and should a practitioner examine the reverse side to determin e the name of carrier, description of the journey, etc.?
• What is a full set of insurance documents and the significance of a copy as opposed to an original?

The book is a must for all users of documentary credits - banks, corporations, applicants, beneficiaries and lawyers.

International Standard Banking Practice (ISBP) for the Examination of Documents under Documentary may be ordered from ICC Publishing SA in Paris and ICC national committees around the world, or online from the ICC Business Bookstore.