A Study on the Key-points of the ISBP and Some Problems under its Practical Application

ISBP(신용장 국제표준은행관습(信用狀 國際標準銀行慣習))의 주요내용(主要內容)과 적용상(適用上)의 문제점(問題點)에 관한 연구(硏究)

The publication International Standard Banking Practice for the Examination of Documents under Documentary Letters of Credit (ISBP) is the product by a task force of the ICC Banking Commission. The ISBP is a practical complement to UCP 500, ICC’s universally used rules on documentary credits. The ISBP does not amend the UCP. It explains, in explicit detail, how the rules are to be applied on a day-to-day basis. It fills a needed gap between the general principles announced in the rules and the daily work of the documentary credit practitioner. By using the ISBP, document checkers can bring their practices in line with those followed by their colleagues worldwide. The result should be a significant reduction in the number of documents refused for discrepancies on first presentation.