It will provide Bankers, Lawyers, Buyers and Sellers, Freight Forwarders and Carriers, in import and export transactions a comprehensive clarification on key principles of document preparation and detailed rules for the examination of documents. What was previously considered as a discrepancy is now no longer valid discrepancies for an Issuing Bank to reject payment. The revision contains major changes to rules which govern billions of dollars each year in letter of credit transactions. ISBP is the most up to date, comprehensive guide to handling and examining trade documents under documentary credits. An invaluable source of practical information for trade finance professionals and academics, this revised edition of ISBP provides readers with the latest ICC approved guidelines for all parties to documentary credits.
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One problem with the UCP rules is that they are written in a general manner, which means that they are not detailed enough to cover the day-to-day practice. So ISBP was born. UCP was the latest version of the rules, which were governing the documentary letters of credit, at the time of ISBP was being prepared. Another aim of the drafting commission of the ISBP was to achieve internationally accepted standards for examination of documents under documentary letters of credit. In order to succeed on this aim commission asked various ICC national committees and members to send checklists on how documents were examined in their organizations.
After 14 meetings and 4 different drafts, the ISBP was finally put into its final shape. UCP replaced the previous rules. ICC publication number is ISBP consists of 10 chapters and consecutive paragraphs. Headings of the ISBP chapters are given below. Under each chapter, very detailed explanations can be found relating to the specific subject.
International Standard Banking Practice — ISBP is the latest and the most comprehensive guide to handling and examining trade documents under letters of credit. Use of ISBP has significantly reduced international discrepancies for documentary credits and is regularly used by banking, logistics, insurance, legal and corporate professionals and academics worldwide.
It is a great companion book with UCP All professionals, banking, logistics, insurance, legal and corporate professionals and academics worldwide, who deal with documentary credits can use International Standard Banking Practice — ISBP as a 1st reference book on their daily routine.
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ISBP: International Standard Banking Practices
International Standard Banking Practice (ISBP 2013)
Ucp 600 & New Isbp 2013- Oct