• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.38
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• pp.97-121
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• 2008

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.

• International Commerce and Information Review
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• v.16 no.5
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• pp.87-114
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• 2014

The Uniform Customs and Practice for Documentary Credits (UCP) is a set of rules on the issuance and use of letters of credit. Historically, the commercial parties, particularly banks, have developed the techniques and methods for handling letters of credit in international trade finance. This practice has been standardized by the ICC (International Chamber of Commerce) by publishing the UCP in 1933 and subsequently updating it throughout the years. The ICC has developed and moulded the UCP by regular revisions, the current version being the UCP600. This latest version, called the UCP600, formally commenced on 1 July 2007. During the revision process, notice was taken of the considerable work that had been completed in creating the International Standard Banking Practice for the Examination of Documents under Documentary Credits (ISBP), ICC Publication 745. This publication has evolved into a necessary companion to the UCP for determining compliance of documents with the terms of letters of credit. It is the expectation of the Drafting Group and the Banking Commission that the application of the principles contained in the ISBP, including subsequent revisions thereof, will continue during the time UCP 600 is in force. This paper focuses on documents including various certificates, Packing List, Weight List, Beneficiary's Certificate, Analysiis, Inspection, Health, Phytosanitary, Quantity and Quality Certificates, Courier Receipts, Shipping Advice etc. and suggests some implications in the field.

• International Commerce and Information Review
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• v.15 no.3
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• pp.177-197
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• 2013

The updated International Standard Banking Practice(ISBP), International Chamber of Commerce Publication No. 745, was published to bring its contents in line with UCP 600. The ISBP 745 has dealt with A-Q 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 745 involved aligning it with UCP 600, making certain technical adjustments in expression of words such as "in conflict" instead of "inconsistent", etc. Despite the updated ISBP 745, 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 ISBP 745 and the articles of UCP 600 in order to acquire the documents preparation and examination facilitating the parties to minimize discrepancies.

• International Commerce and Information Review
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• v.16 no.3
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• pp.203-221
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• 2014

ICC Banking Commission have approved the new version of ISBP for UCP 600(Publication 745) on April 17, 2013. This is called the ISBP 745. This revised version of ISBP includes a lot of shipping documents including bill of exchange. These shipping documents stated in the ISBP 745, especially the certificate of origin is the document necessary for carrying out the customs formalities in FTA era. Particularly, practitioners such as bankers, buyers and sellers, lawyers, freight forwarders and carriers in import and export transactions have to know the UCP 600 and ISBP 745 (2013) thoroughly in order to avoid the disputes due to discrepancies of the documents with the terms and conditions of the credit. The purpose of this article is to reduce the disputes occurred in the credit transaction by providing the examination criteria and case study of the certificate of origin in ISBP 745.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.37
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• pp.89-106
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• 2008

Since the implementation of International Standard Banking Practice(ISBP) in 2003, ICC Publication No. 645 has become an invaluable help to the documentary credit practitioners including banks, companies, transportation and insurance companies etc. However, with the approval of UCP 600 in October 2006, it has become necessary to provide an updated version of the ISBP. It should be emphasized that this ISBP is an updated version as opposed to a revision of ICC Publication No. 645. The new ISBP has been implemented concurrently with UCP 600 since July 1st, 2007. The first necessity was to replace UCP 500 article numbers with those of UCP 600. Second, where it was felt proper, the contents of some paragraphs that appear in ICC Publication No. 645 and that have been covered in UCP 600 have been removed from the updated version of the ISBP. This explains the reduction in the number of paragraphs from 200 to 185. The international standard banking practices documented in the new ISBP are consistent with UCP 600. This ISBP does not amend UCP 600. It explains how the practices articulated in UCP 600 are applied by documentary practitioners. The new ISBP and the UCP 600 should be read in their entirety and not in isolation. It should be kept in mind that any terms in a documentary credit which modifies or excludes the applicability of a provision of UCP 600 may also have an impact on the international standard banking practices. Consequently, when parties concerned must take into account any terms in a documentary credit that expressly modifies or excludes a rule contained in UCP 600.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.45
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• pp.111-136
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• 2010

Bill of lading means the transport document ("marine", "ocean" or "port-to-port" or similar), however named, covering sea shipment only. Data in a bill of lading, when read in context with the credit, the document itself and international standard banking practice, need not be identical to, but must not conflict with, data in that document, any other stipulated document or the credit, according to UCP 600 and ISBP. This article has provided the general guideline of the discrepancies on the basis of UCP 600, ISBP 681 and the ICC Banking Commission Opinions, for the solution of the unpaid problems of the credit transactions. I have studied especially the ICC Banking Commission Opinions and the DOCDEX Decisions on the bill of lading after UCP 600, the international standard banking practice (ISBP 681), and the recent Korean cases. As such, this article would fill a need gap in the market between the general principles in the UCP provisions and the daily job of the practitioner. The credit practitioners are suggested to this resulting guidance whenever doubts arise as to how to check the credit documents in daily practice.

• International Commerce and Information Review
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• v.15 no.2
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• pp.261-283
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• 2013

ISBP745 has new provisions about sea waybill, road, rail or inland waterway transport documents which ISBP681 did not have provisions about. The main revisions of ISBP745 which were not existent or different from ICC Opinion are as follows: First, where B/L is required when multimodal transport is used as a modes of transport, the revisions stipulates that it is subject to UCP600 article19. this differs from previous ICC Opinion. Second, when a credit requires a transport document to indicate the name, address and contact details of a delivery agent, for the place of final destination or port of discharge, the address need not be one that is located at the place of destination or port of discharge or within the same country as that of the place of destination or port of discharge. Third, in case there exist a number of shippers and a consignee, multiple transport documents are issued. This rule has a clear stipulation on this case. Transport industry regards the indication of "LCL/FCL" or "CFS/CY" common in this case as that requiring multiple transport documents. However, ISBP745 does not regard it the case as that requiring multiple transport documents. This may cause some confusion in examination of documents. Forth, when partial shipment is allowed, and more than one set of original transport documents are presented as part of a single presentation made under one covering schedule and incorporate different dates of shipment, the earliest of these dates is to be used of the calculation of an presentation period.