First published in 2003, the ISBP is a list of procedures for document checkers to follow in examining the documents presented under letters of credit and serves as a practical companion to Uniform Customs and Practices (UCP), ICC’s universally-used rules on documentary credits. The latest revision of these rules, known as UCP 600, took effect on 1 July 2007.
The ISBP has been updated to bring it in line with UCP 600 and reflects international standard banking practice for all parties to a documentary credit under the revised rules.
Studies show that a significant number of credits are rejected for discrepancies found in documents on first presentation. ISBP, by encouraging a uniformity of practice worldwide, should reduce that number dramatically and thereby facilitate the flow of world trade.
While not a substitute for the UCP, ISBP demonstrates how the UCP is to be integrated into day-to-day practice.
The 2007 revision of ISBP is available in hardcopy in English. It will be published in French by the end of this year and will be available as an eBook in early 2008.