• 무역상무연구
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• 제13권
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• pp.631-655
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• 2000

This article is focused on the review of the judgement standard for compliance of the documents in international standard banking practice. Since the establishment of Uniform Customs and Practice for Documentary Credits, The practices of the Credit transactions has been formed and developed with the rapidly changing progress of the international trade environment. but though the international standard banking practice have meaning to suggest a new examination standard, in practice, there are some problems on the judgement of the compliance of the documents. Therefore, for the useful judgement standard for compliance of the documents, the range of the standard should become concrete and simple so that all the related parties can forecast. and the opinions and interpretations published by ICC Banking Committee are recommended to be used, systematized and activated. and also with the change of the trade environment, the changed standard practice could be published annually for the useful use. and it will be necessary to consider to publish the publications in the form of the "White Book" Last, it is necessary to accept the changes by the needs of the times as the international standard banking practice promptly and analysis accurately its problems for the times of the electronic commerce, so that Credit systems should be settled and developed continuously as the useful means of the settlement of the proceeds conquering of the characteristics originated from the international transactions between the parties concerned.

• 무역상무연구
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• 제22권
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• pp.49-70
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• 2004

UCP 500 has introduced new words "International Standard Banking Practice" as the basis of the examination of documents under documentary credits. However, the words have caused confusion among parties concerned with letter of credits. So, at its May 2000 meeting, ICC Banking Commission established a task force to document international standard banking practice for the examination of documents presented under documentary credits(ISBP). The publication is the product of two and a half years of work by a task force of the ICC Banking Commission. It was approved by the full Commission at its meeting in Rome in October 2002. The ISBP is a practical complement to UCP 500. It explains how the rules are to be applied on a day-to-day basis. As such, it fills a needed gap between the general principles announced in the rules and the daily work of the documentary credit practitioner. But, ISBP have two problems. First, ISBP impose more responsibilities than before the ISBP existed on banks. Second, ISBP have some problematic articles like the problem of maturity, letter of credit language, term. Consequently, all parties concerned with documentary credits need to armour themselves with knowledge for ISBP. Also, it should be noted that any term in a documentary credit which modifies or affects the applicability of a provision of the UCP may also have an impact on international standard banking practice. Therefore, in considering the practices described in this publication, parties must take into account any term in a documentary credit that expressly excludes or modifies a provision in an article of the UCP.

• 무역상무연구
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• 제16권
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• pp.35-58
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• 2001

The letter of credit is quintessentially international. In the absence of international legal system, a private system based on banking practices has evolved, commanding the adherence of the international letter of credit community and providing the foundation of th reputation of this instrument. To maintain this international system, it is vital that international standard banking practice should not be subject to local interpretations that misconstrue or distort it. The UCP is a formulation of international standard banking practice. It is neither positive law nor a "contract term" in any traditional sense and its interpretation must be consonant with its character as a living repositary of international understanding in this field. As a result, the interpretation and application of specific articles of the UCP must be consistent with its evolving character and history and with the principles upon which sound letter of credit practice is predicated. This study, especially, focuses on article 13 of the UCP500 and 95UCC 5-108. Both articles introduce a standard of document examination to be used by banks to determine whether they comply facially with the terms of the credit. While, in the UCP, this standard is called international standard banking practices, in the UCC, this standard is called standard practices. I think that both standards are not same. Thus, first, this study look for categories of both standards and scope of application. the second subject is how can issuing bank act in the face of non-documentary condtion under this standard of document examination. Third is correlation between the principle of Strice Compliance and the standard.

• 무역상무연구
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• 제22권
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• pp.3-48
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• 2004

Many presentations of documents are rejected because credits have been incorrectly issued. One reason of rejecting the documents is related with error in application stage of L/C. Errors may take the form of mismatches between the terms of the sales contract and the provisions stipulated in the credit. Thus, Article 5 encourages applicants to make their contribution to the smooth running of the letter of credit process by being unambiguous and brief. Another reason that the banks reject the documents relates to the ambiguity of the term "International Standard Banking Practice" That is to say, UCP500 Art.13 introduced the term "International Standard Banking Practice"(ISBP) without the definition so that one wonder what ISBP is or how ISBP apply in daily work of bankers, examination of documents. From hence, International Chamber of Commerce(ICC) started the work to document ISBP at May 2000, finally approved the result last year and published the publication titled "International Standard Banking Practice for the examination of documents under documentary credits." By applying ISBP in document examination stage, I expect that the freqency of rejecting the documents grow less and bankers' work of examination become easy. On the other hand, ISBP is supplement to UCP500 so that the interpretation of ISBP is made on the basis of understanding of UCP and its underlying principles. So, I reviewed each paragraphs of ISBP on this basis and tried to indicate contradiction between ISBP and UCP500. But because of reading not enough, I failed to search the connotative sense many paragraphs have.

• 무역상무연구
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• 제13권
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• pp.495-513
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• 2000

In this paper, I examined the terms of letter of credit and standard for examination of documents. In connection with the test of standard, I reviewed the bank's reasonable care, inconsistence and linkage between documents, non-documentary conditions and the treatment of discrepant documents. Traditionally credit law is founded on two principles such as the standards of strict of compliance and substantial compliance, but these standards are not consistency. Moreover although the Uniform Customs and Practice for Documentary Credits(UCP) introduces a new standard for examination of documents by incorporating international banking practice, the standards for documentary compliance have created ambiguity. Accordingly, I suggest that the standard requires strict compliance between party concerned in letter of credit transactions but only requires international standard banking practice in customer relationship. Therefore the standard and the specific guideline should be prescribed in the next version of the UCP.

• 무역상무연구
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• 제37권
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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.

• 무역상무연구
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• 제45권
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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.

• 무역상무연구
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• 제20권
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• pp.317-341
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• 2003

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.

• 통상정보연구
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• 제5권2호
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• pp.227-243
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• 2003

ISBP(International Standard Banking Practice for the Examination of Documents under Documentary Letters of Credit) was approved in Rome in October 2002 and was published in January 2003. ISBP was already stipulated on the article 13(a) of UCP 500 as the basis of examination of documents. But there was no specific contents on what is ISBP. So, by using the ISBP of the ICC, bank practitioners can bring their practices in line with these followed by their colleagues worldwide. In this Article, the writer will compare with UCP 500 and ISBP and korea banks' practice and consider the possibility of conflict among them. To the conclusion, It is recommended to reestablish the relations between UCP 500 and ISBP. And It is also required to maintain the consistency in using the terms calculation the period and using the reserving wordings.

• 무역상무연구
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• 제9권
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• pp.5-44
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• 1996