A fully revised version of ISBP, ICC publication is now available, after a series of draft versions, with the first draft produced in May through to the 5th draft in November This article will highlight some of the key changes in the revised guide but it is worth emphasising why the first ISBP was produced back in , and the objectives were ;. These objectives remain very much the same today, when the powers that be were drawing up the revised guidelines. It is not intended to be a definitive guide, rather a personal interpretation of changes which, having discussed the matters with a number of my clients, are worth emphasising to ensure that documentary presentations are compliant when they are examined by banks.
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The latest revision of these rules, known as UCP , took effect on 1 July The ISBP has been updated to bring it in line with UCP and reflects international standard banking practice for all parties to a documentary credit under the revised rules. Studies show that a significant number of credits are rejected for discrepancies found in documents on first presentation. ISBP, by encouraging a uniformity of practice worldwide, should reduce that number dramatically and thereby facilitate the flow of world trade.
It will be published in French by the end of this year and will be available as an eBook in early Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website.
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ISBP: International Standard Banking Practices
The latest revision of these rules, known as UCP , took effect on 1 July The ISBP has been updated to bring it in line with UCP and reflects international standard banking practice for all parties to a documentary credit under the revised rules. Studies show that a significant number of credits are rejected for discrepancies found in documents on first presentation. ISBP, by encouraging a uniformity of practice worldwide, should reduce that number dramatically and thereby facilitate the flow of world trade. It will be published in French by the end of this year and will be available as an eBook in early Necessary cookies are absolutely essential for the website to function properly.
New edition of ISBP is published
It explains how practices articulated in UCP are to be applied by documentary credit practitioners. The incorporation of ISBP into the terms of a documentary credit is inappropriate, as the requirement to follow agreed practices is implicit in UCP Applied correctly, ISBP helps reduce the large percentage of documents refused for discrepancies on first presentation. ISBP should be a continually evolving and expanding collection of practices. There also needs to be a process whereby additional practices can be raised by national committees on a regular basis for discussion and approval, rather than waiting for a revision of the publication to occur.