Since its initial publication in 2002 (Publication 645), International Standard Banking Practice (ISBP) has become an invaluable aid to trade finance professionals when creating documents for presentation under, or for the examination of documents presented under, a documentary credit. It comprises a compilation of banking practices that are to be applied when working with documentary credits that are subject to UCP 600. ISBP demonstrates how the principles and content of UCP 600 should be integrated into day-to-day practice by providing readers with detailed practices that are to be considered and applied when working with different trade documents (invoices, transport documents, insurance documents, certificates of origin…). ISBP also provides coverage of documents which are not specifically mentioned in UCP.
New to this edition
The 2023 edition of ISBP covers, practices identified from Opinions approved by ICC national committees since 2013, and clarifies amongst others:
- Terminology
- Preliminary conditions
- Signatures and signs
- Multimodal transport document
- Insurance documents
International Standard Banking Practice — 2023 edition is the most up to date guide for the examination of documents under documentary credits reflecting practices agreed by ICC national committees. It also serves as an aid to a beneficiary of a documentary credit in its creation and presentation of documents to a nominated bank or issuing bank. The publication should always be read in conjunction with UCP 600.
In order to help drafting documentary credits subject to eUCP 2.1 the ICC Global banking commission commercialisation group prepared recommendations for MT700 field specifications which can be accessed here.
Kindly note that the English-German version of ISBP 821 is also available:
https://www.iccgermany.de/produkt/isbp-821-ed-print/
https://www.iccgermany.de/produkt/isbp-821-ed-ebook/
| Code ISBN : | 978-92-842-0646-9 |
| Weight : | 0.1500 kgs |
| Number of pages : | 75 |
| Publishing date : | 2023 |
| Language : | English |
| Format in cm : | 13.5*23 |
Introduction
Preliminary considerations
Scope of the publication
The credit and amendment application, the issuance of the credit and any amendment thereto
General principles
Abbreviations
Certificates, certifications, declarations and statements
Copies of transport documents covered by UCP 600 articles 19-25
Correction and alteration (“correction”)
Courier receipt, post receipt and certificate of posting in respect of the sending of documents, notices and the like
Dates
Documents and the need for completion of a box, field or space
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
Non-documentary conditions and conflict of data
Originals and copies
Shipping marks
Signatures
Title of documents and combined documents
Drafts and calculation of maturity date
Basic requirement
Tenor
Maturity date
Banking days, grace days, delays in remittance
Drawing and signing
Amounts
Endorsement
Correction and alteration (“correction”)
Drafts drawn on the applicant
Invoices
Title of invoice
Issuer of an invoice
Description of the goods, services or performance and other general issues related to invoices
Instalment drawings or shipments
Transport document covering at least two different modes
of transport (“multimodal or combined transport document”)
Application of UCP 600 Article 19
Issuance, carrier, identification of the carrier and signing of a multimodal transport document
On board notation, date of shipment, place of receipt, dispatch, taking in charge, port of loading or airport of departure
Place of final destination, port of discharge or airport of destination
Original multimodal transport document
Consignee, order party, shipper and endorsement, and notify party
Transhipment, partial shipment and determining the presentation period when multiple sets of multimodal transport documents are presented
Clean multimodal transport document
Goods description
Indication of name and address of delivery agent at destination
Corrections and alterations (“corrections”)
Freight and additional costs
Release of goods with more than one multimodal transport document to be surrendered
Bill of lading
Application of UCP 600 Article 20
Issuance, carrier, identification of the carrier and signing of a bill of lading
On board notation, date of shipment, pre-carriage, place of receipt and port of loading
Port of discharge
Original bill of lading
Consignee, order party, shipper and endorsement, and notify party
Transhipment, partial shipment and determining the presentation period when multiple sets of bills of lading are presented
Clean bill of lading
Goods description
Indication of name and address of delivery agent at port of discharge
Corrections and alterations (“corrections”)
Freight and additional costs
Release of goods with more than one bill of lading to be surrendered
Non-negotiable sea waybill
Application of UCP 600 Article 21
Issuance, carrier, identification of the carrier and signing of a non-negotiable sea waybill
On board notation, date of shipment, pre-carriage, place of receipt and port of loading
Port of discharge
Original non-negotiable sea waybill
Consignee, order party, shipper, and notify party
Transhipment, partial shipment and determining the presentation period when multiple sets of non-negotiable sea waybills are presented
Clean non-negotiable sea waybill
Goods description
Indication of name and address of delivery agent at port of discharge
Corrections and alterations (“corrections”)
Freight and additional costs
Charter party bill of lading
Application of UCP 600 Article 22
Signing of a charter party bill of lading
On board notation, date of shipment, pre-carriage, place of receipt and port of loading
Port of discharge
Original charter party bill of lading
Consignee, order party, shipper and endorsement, and notify party
Partial shipment and determining the presentation period when multiple sets of charter party bills of lading are presented
Clean charter party bill of lading
Goods description
Corrections and alterations (“corrections”)
Freight and additional costs
Release of goods with more than one charter party bill of lading to be surrendered
Charter party contracts
Air transport document
Application of UCP 600 Article 23
Issuance, carrier, identification of the carrier and signing of an air transport document
Goods accepted for carriage, date of shipment and requirement
for an actual date of shipment
Airports of departure and destination
Original of an air transport document
Consignee, order party and notify party
Transhipment, partial shipment and determining the presentation period when multiple air transport documents are presented
Clean air transport document
Goods description
Corrections and alterations (“corrections”)
Freight and additional costs
Road, rail or inland waterway transport documents
Application of UCP 600 Article 24
Carrier, identification of the carrier and signing of a road, rail or inland waterway transport document
Place of shipment and place of destination
Original and duplicate of a road, rail or inland waterway transport document
Consignee, order party and notify party
Transhipment, partial shipment and determining the presentation period when multiple road, rail or inland waterway transport documents are presented
Clean road, rail or inland waterway transport document
Goods description
Corrections and alterations (“corrections”)
Freight and additional costs
Insurance document and coverage
Application of UCP 600 Article 28
Issuer, signing and original of an insurance document
Dates
Amount of cover and percentage
Risks to be covered
Insured party and endorsement
General terms and conditions of an insurance document
Insurance premium
Certificate of origin
Basic requirement and fulfilling its function
Issuer of a certificate of origin
Content of a certificate of origin
Packing list, note or slip (“packing list”)
Basic requirement and fulfilling its function
Issuer of a packing list
Content of a packing list
Weight list, note or slip (“weight list”)
Basic requirement and fulfilling its function
Issuer of a weight list
Content of a weight list
Beneficiary’s certificate
Basic requirement and fulfilling its function
Signing of a beneficiary’s certificate
Content of a beneficiary’s certificate
Analysis, inspection, health, phytosanitary, quantity, quality
and other certificates (“certificate”)
Basic requirement and fulfilling its function
Issuer of a certificate
Contents of a certificate
ICC Banking Commission at a glance
About ICC
Trade finance publications and the ICC Digital Library
● Gary Collyer, Collyer Consulting
● Manuel José Giao Sánchez, Banco Santander
● Mohammad Imam, Jordan Islamic Bank
● Birgit Karpp, LBBW
● A. T. M. Nesarul Hoque, Mutual Trust Bank
● Glenn Ransier, Wells Fargo
● Kim Sindberg, Nordea
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