Review on the Updated ISBP 2007

2007 국제표준은행관행에 반영된 업데이트 내용의 검토

The updated International Standard Banking Practice(ISBP), International Chamber of Commerce Publication No. 681, was published to bring its contents in line with UCP 600. The ISBP 681 has dealt with 185 paragraphs from paragraphs 200 of ISBP 645 that are commonly arising in the credit transactions and also explains in detail some of the articles of UCP 600 with the proper interpretation. The updated version ISBP 681 involved aligning it with UCP 600, making certain technical adjustments in expression of words such as "in conflict" instead of "inconsistent", etc. Also descriptions of goods in commercial invoice to be altered the words into "services or performance" in addition to "goods". Despite the updated ISBP 681, there remains a question. Where the words "from" or "after" are used in regard to something other than a period of shipment or the maturity date of drafts, there is no guidance from the UCP as to its meaning. The party concerned in credit transactions is also required to have a full understanding of the paragraphs of ISBP 681 and the articles of UCP 600 in order to acquire the documents preparation and examination facilitating the parties to minimize discrepancies.