The screens that follow are a sample taken from an ISBP module that forms part of an extensive training suite covering basic, intermediary and advanced. interpreted the UCP + ISBP when working with a letter of credit, and if no previous jurisprudence is available (in the form of an. Opinion) they can ask the ICC. The Uniform Customs and Practice for Documentary Credits (UCP) is a set of rules on the This practice has been standardized by the ICC (International Chamber of Commerce) by application of the principles contained in the ISBP, including subsequent revisions thereof, will continue during the time UCP is in force.
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In all places where the term “multimodal transport document” is used within this document, it also includes the term “combined transport document”.
International Standard Banking Practice (ISBP) – Corrigenda
Anecdotal evidence suggests that icf objective has been partially attained. It should be noted that any term in a documentary credit which modifies or excludes the applicability of a provision of UCP may also have an impact on international standard banking practice.
Clauses or notations on charter party bills of lading which expressly declare a defective condition of the goods or packaging are not acceptable.
Facsimile signatures, perforated signatures, stamps, symbols such as chops or any electronic or mechanical means of authentication are sufficient.
Clauses or notations on multi-modal transport documents that expressly declare a defective condition of the goods or packaging are not acceptable. Since applicants’ obligations, rights and remedies depend upon their undertaking with the issuing bank, the performance of the underlying transaction and the timeliness of any objection under applicable law and practice, applicants should not assume that they may rely on these provisions in order to excuse their obligations to reimburse the issuing bank.
A requirement for an “inspection certificate” does not constitute a requirement to evidence a pre-shipment event. If a signature or endorsement is required to be on a document consisting of more than one page, the signature is normally placed on the first or last page of the document, but unless the credit or the document itself indicates where a signature or endorsement is to appear, the signature or endorsement may appear anywhere on the document.
A requirement for a full set of originals is satisfied by the presentation of a document indicating that it is the original for consignor or shipper. It eliminates certain risks, improves Cash Flow and can considerably speed up and simplify transactions.
The latest July revision of UCP is the sixth revision of the rules since they were first promulgated in This principle is implicit throughout this publication. If an agent signs the charter party bill of lading on behalf of the master captaincharterer or owner, the agent must be identified as agent of the master captaincharterer or owner. There is no requirement for a mirror image.
ISBP Online – ICC Academy
A requirement for a certificate of origin will be satisfied by the presentation of a signed, dated document that certifies to the origin of the goods. A document need not ic titled “multimodal transport document” or “combined transport document” to be acceptable under UCP article 19, even if such expressions are isnp in the credit. Multiple Pages and Attachments or Riders Charges and costs must be included within the value shown against the stated trade term in the credit and invoice. Insurance documents must appear to have been issued and signed by insurance companies or underwriters or their agents or proxies.
Copies of documents need not be signed.
If a credit does not state a notify party, the respective field on the charter party bill of lading may be left blank or completed in any manner. Transhipment is the unloading from one vessel and reloading to another vessel during the carriage from the port of loading to the port of discharge stated in the credit.
Under international standard banking practice, it is expected that documents issued by the beneficiary will be in the language of the credit.
Any signature, stamp or notation of receipt on the transport document must appear to be made either by: While the named port of discharge, as required by the credit, should appear in the port of discharge field within the bill of lading, it may be stated in the field headed “Place of final destination” or the like if it is clear that the goods were to be transported to that place of final destination by vessel and provided there is a notation evidencing that the port of discharge is that stated under “Place of final destination” or like term.
It is, of course, recognized that the law in some countries may compel results different from those stated here. Where a credit is issued subject to UCP, the credit will be interpreted in accordance with the entire set of 39 articles contained in UCP The UCP does not provide for any maximum percentage of insurance coverage.
If an agent signs a bill of lading on behalf of the carrier, the agent must be identified as agent and must identify on whose behalf it is signing, unless the carrier has been identified elsewhere on the bill of lading.
Issuing banks in such countries should make a ispb in the credit to the effect that no correction or alteration must appear in the draft. If a credit states “Freight Forwarder’s Bill of Lading is acceptable” or uses a ishp phrase, then the bill of lading may be signed by a freight forwarder in the capacity of a freight forwarder, without the need to identify itself as carrier or agent for the named carrier.
If a credit states that costs additional to freight are not acceptable, a bill of lading must isp indicate that costs additional to the freight ibp been or will be incurred. If the certification or declaration appears in another document which is signed and dated, any certification or declaration appearing on that document does not require a separate signature or date if the certification or declaration appears to have been given by the same entity that issued and signed the document.
If an agent signs the bill of lading on behalf of the master captainthe agent must be identified as agent. Such indication may be by express reference to additional costs or by the use of shipment terms that refer to costs associated with the loading or unloading of goods. The purpose of a shipping mark is to enable identification of a box, bag or package.